The 3D metrology market was valued at USD 9.5 billion in 2018 and is expected to reach USD 16.2 billion by 2024, at a CAGR of 9.3% from 2018 to 2024
NEW YORK, Feb. 4, 2019 /PRNewswire/ -- 3D metrology market projected to grow at 9.3% CAGR during 2018–2024
The 3D metrology market was valued at USD 9.5 billion in 2018 and is expected to reach USD 16.2 billion by 2024, at a CAGR of 9.3% from 2018 to 2024. The major driving factors for the 3D metrology market are the highly accurate inspection owing to 3D data for modelling and analysis, focus on quality control, and increase in R&D spending. However, lack of expertise to efficiently handle 3D metrology systems and high cost incurred for setting up the 3D metrology facility are expected to limit the growth of this market.
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Hardware segment to hold largest market share among other offerings in 2018
Increasing adoption of 3D metrology equipment in industries such as aerospace & defense, automotive, architecture and construction, medical, electronics, energy & power, and heavy machinery to maintain product quality is the major driver for the growth of the hardware market.Also, the growing market for CMM drives the growth of hardware offering in the 3D metrology market.
CMM is required in the automotive industry for inspection, measurement, and quality checking of various components. 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.
3D AoI to grow at highest CAGR from 2018 to 2024
3D AoI inspection technology serves as an effective tool for volumetric and co-planarity inspections. It also provides details on height information of lead tips, BGAs, chip components, and reflowed solder fillets, as well as critical dimensional information of any height-sensitive component.
Reverse engineering continues to grow at significant rate during forecast period
Reverse engineering is used in industries for 3D modelling, reconstruction from the scanned data, and data for digital simulation.Both CMMs and 3D scanners are used for reverse engineering.
However, using 3D scanners is advantageous as the measurement of soft or fragile parts, and detection of a large number of points can be done in a short time. Reverse engineering is used in areas such as turbine blades, car body parts, engine parts, gears, antennas, boat parts, and medical implants.
Aerospace & defense industry is among major contributors in 3D metrology market
Manufacturing and assembling of an aircraft require a high level of accuracy in which 3D metrology plays a vital role.In the aerospace industry, 3D metrology processes are used for making precision parts such as frames, wings, sub-assemblies, simulators, test beds, and engines.
In 3D metrology, laser trackers and portable arm coordinate measuring machines are used to ensure that the calibration of the equipment meets the quality standards and regulations for critical aerospace and aeronautic components.
North America to witness highest growth during forecast period
The large market share is owing to the growing aerospace and automotive industries in North America and the presence of a large number of distributors for metrology equipment.The continuous technological advancements and financial support from the government further propel the growth of this market.
Also, the presence of a number of automobile manufacturers and research institutes in this region has increased the demand for 3D metrology equipment, which is fuelling the growth of the North American 3D metrology 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 3D metrology marketspace. The break-up of primary participants for the report has been shown below:
• By Company Type: Tier 1 – 40%, Tier 2 – 25%, and Tier 3 – 35%
• By Designation: C-level Executives – 45%, Directors – 25%, and Others – 30%
• By Region: North America – 55%, Europe – 20%, APAC – 15%, and RoW – 10%
The major players in the 3D metrology market include Hexagon AB (Sweden), Carl Zeiss AG (Germany), FARO Technologies (US), Mitutoyo Corporation (Japan) Nikon Corporation (Japan), KLA-Tencor (US), Jenoptik (Germany), Keyence (Japan), Perceptron (US), Creaform (Canada), GoM (Germany), Automated Precision (US), 3D Digital Corp (US), 3D System Corp (US), and Applied Materials (US).
Research Coverage:
This research report categorizes the global 3D metrology on the basis of offering, product, application, end-user industry, and geography. The report describes the major drivers, restraints, challenges, and opportunities pertaining to 3D metrology market and forecasts the same till 2024.
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 3D metrology 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. The report helps stakeholders to understand the value-chain of 3D metrology market along with recent case studies.
4. 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 product launch, acquisition, collaboration, expansion, and partnership.
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