Dublin, Aug. 14, 2020 (GLOBE NEWSWIRE) -- The "Industrial Metrology Market - Growth, Trends, Forecasts (2020-2025)" report has been added to ResearchAndMarkets.com's offering.

The Global Industrial Metrology Market is expected to register a CAGR of 6% over the forecast period, 2020-2025.

The growing big data analytics market and increasing demand for inspection services from the precision manufacturing is driving the growth of industrial metrology market.

Market Highlights

• Growing focus on quality control in various industries, rising demand for automobiles in developing countries and developing big data analytics market have been driving the global industrial metrology market. Companies such as Faro (US), Carl Zeiss (Germany), Nikon Metrology (Belgium) are offering big data analytics, data management, data security, and mobile app solutions for the metrology market.
• Moreover, the growing global concerns regarding the efficient use of energy is leading to the firms in the automotive and aerospace and defense industry to utilize lightweight material in the production of vehicle and aircraft respectively that are required to be comprehensively tested, thus fueling the growth of the market.
• Industries, such as automotive, electronics, and power generation, require components with high precision and low tolerance limits.Additionally, rise in the international quality standards for precision management across the entire industry domain is inducing the demand for metrology equipment and services.
• The development of 3D measurement solution, portable CMM, robot-mounted optical CMM scanner, cloud-based software application platform, and dimensional metrology services led to the high growth in the market.
• The usage of cloud enabled metrology software packages such as geometric dimensioning and tolerance, on-machine, point cloud, robotic metrology, laser scanning technology, automated, and multisensory metrology software is expected to enhance the market growth in the industrial manufacturing industries.
• Due to COVID-19 outbreak, the work environments are redesigned with fewer workers spending less time collaboratively due to physical-distancing requirements.This creates an acute need for industries to be more agile.Hence the need for Industrial Metrology is expected to increase globally.The worldwide impact of this virus is pushing to virtual and online tools which will further boost the growth of software metrology market.

Market Trends

The Automotive Industry is Expected to Hold the Largest Share

• Automotive sector is expected to witness a major evolution during the forecasted period as automobile manufacturing is quickly moving to automated facilities.The need for highly reliable and quality processes, and rising demand for electric vehicles are expected to drive major growth.
• Moreover, the rising need for inspection, measurement, and quality check of various components in automotive sector is driving the growth.The automotive industry has been increasingly using optical measurement systems and coordinates measuring machines (CMM), instead of conventional strain gauges, accelerometers, transducers, and extensometers for improving the safety and comfort level of vehicles.
• Owing to technological advancements in automobiles resulting in increased level of precision of components. Every seat, door, panel, and component in an automobile must be precision aligned to promote passenger safety, comfort, and satisfaction. The necessity of tolerancemeasurement to inspect and assess equipment alignment on machinery is also driving the demand for metrology services.
• The shift in preference from off-line quality inspection to near-line or in-line measurement techniques, enabling higher sampling rates and shorter inspection times in automotive sector, drives the growth of the industrial metrology market for the automotive industry.

Asia-Pacific to Execute the Fastest Growth

• Asia-Pacific is expected to account for the largest share in the industrial metrology market during the forecast period. The growth in APAC is attributed by growing automotive and manufacturing plants in this region. Also, continuous technological advancements by companies in the region is propelling the growth of this market.
• Moreover, large funding from governments of various APAC countries in research and development and extensive industrial base are the major contributors to the industrial metrology market in APAC, with China, South Korea and Japan being the major countries contributing to the growth of the market in the region.
• The industrial and power generation applications are expected to drive the metrology services market in Asia-Pacific as metrology services are used in different power generation include horizontal machine bearing, main shaft, casting, turbines, tops-off alignment, scroll case geometry and assembly, and other applications.

Competitive Landscape

The Industrial Metrology Market is competitive with the presence of many players in the market. The market is moderately concentrated with the major players applying strategies, like product innovation and mergers and acquisitions. Also companies are involved in several growth and expansion strategies to gain a competitive advantage in the market. Some of the key developments are:

• November 2019 - Hexagon AB broadened its smart factory solutions portfolio with the acquisition of volume graphics, a market leader in the industrial computed tomography (CT) software industry.

Key Topics Covered

1 INTRODUCTION
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Rise in Big Data Analytics
4.2.2 Adoption of Cloud Services to Integrate the Metrological Data
4.2.3 Rising Demand for Automobiles in Developing Countries
4.3 Market Restraints
4.3.1 High Cost of Setting Up Metrology Facility
4.3.2 Lack of Expertise for Efficient Handling of Metrological Systems
4.3.3 Integrating in-line inspection with current manufacturing processes
4.4 Industry Value Chain Analysis
4.5 Industry Attractiveness - Porter's Five Forces Analysis
4.6 Assessment of Impact of COVID-19 on the Industrial Metrology Market

5 MARKET SEGMENTATION
5.1 Type
5.1.1 Hardware
5.1.2 Software
5.1.3 Services
5.2 Equipment
5.2.1 Coordinate Measuring Machine
5.2.2 Optical Digitizer and Scanner
5.2.3 Measuring Instrument
5.2.4 X-Ray and Computed Tomography
5.2.5 Automated Optical Inspection
5.2.6 2D Equipment
5.3 Application
5.3.1 Reverse Engineering
5.3.2 Quality Control and Inspection
5.3.3 Mapping and Modelling
5.3.4 Other Applications
5.4 End-user
5.4.1 Aerospace and Defense
5.4.2 Automotive
5.4.3 Manufacturing
5.4.4 Semiconductor
5.4.5 Other End-users
5.5 Geography
5.5.1 North America
5.5.2 Europe
5.5.3 Asia-Pacific
5.5.4 Rest of the World

6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Hexagon AB
6.1.2 Renishaw PLC
6.1.3 Carl Zeiss AG
6.1.4 FARO Technologies
6.1.5 Nikon Metrology
6.1.6 Jenoptik AG
6.1.7 Perceptron
6.1.8 Automated Precision Inc.
6.1.9 KLA Corporation
6.1.10 Applied Materials Inc.

7 INVESTMENT ANALYSIS

8 MARKET OPPORTUNITIES AND FUTURE TRENDS

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