Coordinate Measuring Machine Market to Reach $5.34 Bn, Globally, by 2026 at 8.3% CAGR, Says Allied Market Research
Rising adoption of CAD/CAM and international quality standards, shortage of skilled precision machine operators, and lack of applicability of existing measuring equipment drive the growth of the global coordinate measuring machine market
PORTLAND, Oregon, Dec. 16, 2019 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Coordinate Measuring Machine Market by Offering (Product and Services), Product Type (Stationary and Portable), Application (Inspection and Reverse Engineering), and End User (Automotive, Aerospace & Defense, Energy & Power, Electronics, and Others): Global Opportunity Analysis and Industry Forecast, 2019–2026". According to the report, the global coordinate measuring machine industry was pegged at $2.74 billion in 2018 and is projected to reach $5.34 billion by 2026, registering a CAGR of 8.3% from 2019 to 2026.
Chief reasons for market fluctuations
Rising adoption of CAD/CAM and international quality standards, shortage of skilled precision machine operators, and lack of applicability of existing measuring equipment have boosted the growth of the global coordinate measuring machine market. Moreover, demand to capture large volumes of 4D data for modeling & analysis supplemented the market growth. However, lack of a universal system that can be applied across different sectors and high risk of changes in regional market growth trends and potential hamper the market. On the contrary, growing outsourcing trends for dimensional inspection in the medical sector and market development in emerging economies are expected to create lucrative opportunities in the near future.
Reverse engineering segment to manifest the fastest growth
The reverse engineering segment is expected to portray the fastest CAGR of 14.7% during the forecast period, owing to development of various software and its application. However, the inspection segment held the largest share in 2018, accounted for more than four-fifths of the market, as CMM is mainly used for dimension measurement and inspection of goods products.
The electronics segment held the largest share in 2018, contributing to nearly one-fourth of the market, as CMM finds use in measurement of electronic components. However, the aerospace & defense segment is projected to portray the fastest CAGR of 10.9% during the forecast period, owing to the use of CMM for maintaining accuracy in production of ships and airplanes.
Asia-Pacific held the largest share, followed by Asia-Pacific
The market across the Asia-Pacific region held the lion's share in 2018, contributing to around half of the market, owing to presence of large number of industries involved in manufacturing and production in the region that demand the use of CMM. Moreover, the region is anticipated to register the fastest CAGR of 9.3% during the forecast period. The market across North America held the second-largest share in 2018.
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