Coordinate measuring machine (CMM) market projected to grow at a CAGR of 8.00%
LONDON, Nov. 26, 2018 /PRNewswire/ -- Coordinate measuring machine (CMM) market projected to grow at a CAGR of 8.00% from 2018 to 2023
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The CMM market is expected to grow from USD 2.8 billion in 2018 to USD 4.1 billion by 2023, at a CAGR of 8.00% during the forecast period. Highly accurate inspection owing to three-dimensional (3D) data for modeling and analysis and growing interest in Industrial Internet of Things (IIoT) and superior quality inspections are a few key factors driving the CMM market growth. However, high cost incurred for setting up coordinate measuring machine facility still act as key restraining factors for the market growth.
Quality control & inspection applications to hold largest share of CMM market in 2018
Quality control & inspection applications to hold largest share of CMM market in 2018.The growth of the CMM market for quality control & inspection application can be attributed to the increase in adoption of new inspection techniques such as computer tomography and optical inspection using CMM and optical scanners in automotive and aerospace & defense industries.
However, the market for reverse engineering application is expected to grow at the highest CAGR during the forecast period.
Automotive industry dominated CMM market during forecast period
Automotive industry to hold the largest share of the CMM market throughout the forecast period.The automotive industry has been increasingly using optical measurement systems and CMMs, instead of conventional strain gauges, accelerometers, transducers, and extensometers for improving the safety and comfort level of a vehicle.
Growing demand for vehicles, especially from developing countries, has encouraged automotive manufacturers and OEMs to opt for automation to increase production volume and meet the market demand. However, the market for heavy machinery industry is expected to grow at the highest CAGR during the forecast period.
CMM market in APAC to grow at highest CAGR during forecast period
APAC to hold the largest share of the CMM market in 2018 and is expected to grow at the highest CAGR during the forecast period.This high growth of APAC is expected to be led by the increasing demand for CMMs in China and Japan, especially for industries such as electronics, automotive, and heavy machinery.
These countries are home to several SMEs engaged in manufacturing processes across said industries and also making significant investments for automating their production processes, which adds to the growth of the CMM market.
In the process of determining and verifying the market size for several segments and subsegments gathered through the secondary research, extensive primary interviews have been conducted with key industry experts in the CMM marketspace. The break-up of primary participants for the report has been shown below:
• By Company Type: Tier 1 -- 35%, Tier 2 -- 45%, and Tier 3 -- 20%
• By Designation: C-level Executives -- 40%, Directors -- 20%, and Others -- 40%
• By Region: North America -- 25%, Europe -- 20%, Asia Pacific -- 40%, and RoW -- 15%
The report profiles key players in the CMM market with their respective market ranking analysis. Prominent players profiled in this report are Hexagon AB (Sweden), Faro Technologies (US), Nikon Corporation (Japan), Keyence Corporation (Japan), Carl Zeiss (Germany), Mitutoyo Corporation (Japan), GOM (Gesellschaft für Optische Messtechnik) (Germany), Perceptron (US), Creaform, Inc. (Canada), International Metrology Systems (UK), Metronor (Nesbru), Trimek (Spain), Applied Automation Tech (US), Wenzel (Germany), N. J. Metrology (UK), Avon-Dynamic (UK), Eley Metrology Limited (UK), The Sempre Group (UK), Apex Metrology Ltd (UK), and Tokyo Seimitsu Co., Ltd. (Japan).
Research Coverage:
This research report categorizes the global CMM market on the basis of type, application, industry, and geography. The report describes the major drivers, restraints, challenges, and opportunities pertaining to the CMM market and forecasts the same till 2023.
Key Benefits of Buying the Report
The report would help leaders/new entrants in this market in the following ways:
1. This report segments the CMM market comprehensively and provides the closest market size projection for all subsegments across different regions.
2. The report helps stakeholders understand the pulse of the market and provides them with information on key drivers, restraints, challenges, and opportunities for market growth.
3. This report would help stakeholders understand their competitors better and gain more insights to improve their position in the business. The competitive landscape section includes competitor ecosystem, product developments and launches, partnerships, and mergers and acquisitions.
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