Metrology Services Market is Expected to Reach USD 720.3 Million Globally in 2018: Transparency Market Research
ALBANY, New York, August 26, 2013 /PRNewswire/ --
According to a new market report published by Transparency Market Research "Metrology Services Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2012 - 2018," the global metrology services market is expected to reach USD 720.3 million by 2018, growing at a CAGR of 8.2% from 2012 to 2018. Increased focus on precision and accuracy in manufacturing processes has led to the growth of metrology services market. Considering the complexity of the manufactured parts, it is important to have one or more measurement technologies to ensure accurate measurements in order to improve/maintain quality of the product. Metrology services market is witnessing strong growth from end user industries such as automotive sector, aerospace, and power generation industry.
Browse the full report at http://www.transparencymarketresearch.com/metrology-services-market.html
The global metrology services market is segmented by product type into two major categories as coordinated measuring machines (CMM) and optical digitizers and scanners (ODS). Metrology services market for CMM is expected to grow at a CAGR of 7.2% from 2012 to 2018. Increasing demand for CMM related services such as machine installation, calibration, retrofitting, and repairing among others is supporting the growth of metrology services market. ODS, which is the largest and fastest growing segment, is expected to grow at a CAGR of 8.9% from 2012 to 2018 and reach the market size of USD 435.8 million by 2018. Among all the product segments of ODS, the demand for 3D laser scanners is highest as it offers measurement with precision of difficult geometries with the help of touch probe technology. 3D laser scanners accounted for the total share of around 35.1% of the total ODS market in 2012.
Among the end user industries, industrial segment that comprises processing industries, metal fabrication industry, and others is the largest contributor to the global metrology services market. This segment accounted for around 28% share of the total metrology services market in 2012. Automotive industry is expected to be the fastest growing end user segment and is expected to grow at a CAGR of 8.7% from 2012 to 2018. Technological advancement in automotives has increased the level of precision of the parts and components, thus creating the demand for metrology products and services.
Europe was the leading regional market in 2012 and accounted for around 31% share of the global metrology services market. Increased demand for metrology services in industrial and aerospace applications in Europe was majorly responsible for its leading share in global market. Asia Pacific is expected to grow at a CAGR of 9.2% from 2012 to 2018 and surpass Europe and North America by 2013 to become the leading regional market for metrology services. This growth is mainly fuelled by the demand from booming automotive industry in Asia Pacific along with other end use industries including manufacturing, medical, and others.
Some of the leading players in metrology services market include Hexagon AB, Carl Zeiss, Mitutoyo Corporation, Nikon Corporation, Renishaw, Faro Technologies, and others. Hexagon was the market leader in global metrology services market in 2012 followed by Carl Zeiss.
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The global metrology services market is segmented as below:
Metrology Services Market
By product type
Coordinated measuring machines (CMM)
- Gantry machines
- Bridge machines
- Articulated arm machines
- Horizontal arm machines
Optical digitizers and scanners (ODS)
- 3D laser scanners
- White light scanners
- Laser trackers
By end use industry
- Power generation
- Others (electronics, heritage preservation, animation applications, so on)
- North America
- Asia Pacific
- Rest of the World (RoW)
Browse all Energy Market Research Reports @ http://www.transparencymarketresearch.com/energy-market-reports-3.html
Transparency Market Research is a global market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. We are privileged with highly experienced team of Analysts, Researchers, and Consultants, who use proprietary data sources and various tools and techniques to gather, and analyze information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
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