The optical measurement market is projected from USD 3.68 billion in 2018 to USD 5.14 billion by 2023, at a CAGR of 6.87% between 2018 and 2023
NEW YORK, April 26, 2018 /PRNewswire/ -- Optical measurement market to grow at a CAGR of 6.87% between 2018 and 2023
The optical measurement market is projected from USD 3.68 billion in 2018 to USD 5.14 billion by 2023, at a CAGR of 6.87% between 2018 and 2023. Factors such as growing demand for 3D metrology services, increasing adoption of advanced optical measurement solutions, and rising R&D spending are driving the growth of the optical measurement market. High price of measurement solutions is restraining the growth of the optical measurement market.
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Automotive vertical held largest market share in 2017
Optical measuring systems are required in the automotive industry for inspection, measurement, and quality checking of various components.The automotive industry has been increasingly using optical measurement solutions for improving safety and comfort level in vehicles.
These factors have contributed to the increased adoption of optical measurement in the automotive vertical. Therefore, in 2017, the automotive vertical has the largest market for optical measurement.
Optical measurement market in APAC expected to grow at highest CAGR during forecast period
This report covers the optical measurement market in North America, Europe, APAC, and RoW.The optical measurement market in APAC is expected to grow at the highest CAGR between 2018 and 2023.
The growth of the optical measurement market in APAC can be attributed to the increasing adoption of precision measurement advfanced technology by manufacturers with a focus on accuracy and reliability of the manufactured products in APAC.
Breakdown of profiles of primary participants:
• By Company Type: Tier 1 = 30%, Tier 2 = 35%, and Tier 3 = 35%
• By Designation: C-Level Executives = 35%, Directors = 40%, and Others = 25%
• By Region: North America = 35%, Europe = 30%, APAC = 30%, and RoW = 5%
Hexagon (Sweden), Faro Technologies (US), Jenoptik (Germany), Keyence (Japan), Mitutoyo (Japan), Nikon (Japan), Vision Engineering (UK), Zygo (US), GOM (Germany), and Carl Zeiss (Germany) are the key players in the optical measurement market profiled in this report.
Research Coverage:
The report provides a comprehensive analysis of the optical measurement market segmented based on offering, equipment, vertical, and geography.This report aims to estimate the size and future growth potential of the optical measurement market across the above mentioned segments.
The report also includes an in-depth analysis of key players in this market, along with their company profiles, product offerings, recent developments, and key market strategies.
Reasons to Buy the Report:
• Major drivers, restraints, challenges, and opportunities for the growth of the optical measurement market have been analyzed in this report.
• Illustrative segmentation, analysis, and forecast by offering, equipment, vertical, and geography have been performed to provide an overall view of the optical measurement market.
• This report will help stakeholders better understand their competitors and gain insights on ways to improve their position in the business. The competitive landscape section includes competitor ecosystem, product launches, and mergers & acquisitions.
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