The surface roughness measurement (SRM) market is expected to reach was valued at USD 76628 million in 20189 and is projected to reach USD 998 million by 2025; it is estimated to record a CAGR of 4.5%
NEW YORK, June 6, 2019 /PRNewswire/ -- The surface roughness measurement market projected to grow at a CAGR of 4.5% during 2019-2025
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The surface roughness measurement (SRM) market is expected to reach was valued at USD 76628 million in 20189 and is projected to reach USD 998 million by 2025; it is estimated to record a CAGR of 4.5% from 2019 to 2025. The growth of the SRM market can be attributed to the growing requirement for improving product quality and manufacturing processes and increasing expenditure on research and & development activities. However, the dearth of skilled workforce and inclination toward conventional measuring solutions are the major restraints for the growth of the SRM market. Rising adoption of noncontact measurement techniques is the key growth opportunities for the growth of the SRM market. Major challenges faced by the SRM market is the integration of operations due to the implementation of IoT.
The surface roughness measurement market by component for software to grow at a higher CAGR during forecast period
Surface roughness measurement equipment are increasingly gaining popularity due to lower hardware costs and the availability of faster processors, but it requires a complete, scalable software that provides all elements necessary for deploying and developing the images of surface profiles and makes the quality assurance possible.These factors made software the second-largest segment (with a share of ~19%) of the SRM market, based on component, in 2018.
The SRM market for software was valued at USD 135 million in 2018 and is projected to reach USD 220 million by 2025; it is expected to grow at the highest CAGR of 7.1% from 2019 to 2025 .
The automotive vertical is expected to hold the largest share of the market in 2018
The automotive vertical held the largest share ~31% of the surface roughness measurement(SRM) market in 2018. The SRM market for the automotive vertical was valued at USD 232 million in 2018 and is projected to reach USD 305 million by 2025; it is expected to grow at a CAGR of 3.9% from 2019 to 2025. 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. Surface roughness measurement machines (SRMMs) are required in the automotive industry for inspection, measurement, and quality checking applications of various components . The automotive industry has been increasingly using optical measurement systems and SRMMs instead of conventional strain gauges, accelerometers, transducers, and extensometers for improving the safety and modifying vehicle design.
North America to dominate the surface roughness measurement market in 2018
North America is expected to dominate the surface roughness measurement (SRM) market, in terms of size, during the forecast period.Increased funding toward research and development activities and extensive industrial base are the major factors that make North America a dynamic region in the SRM market, with the US being the major contributor.
APAC is expected to hold the second-largest share~30%, in terms of value, in 2018. According to the Organisation Internationale des Constructeurs d'Automobiles (OICA), in 2017, ~44 million passenger cars were manufactured in APAC, a growth of 2.5% than that of in 2016. The high rate of technological developments in the automotive and aerospace & defense industries is the key factor driving the growth of the market in APAC. The high rate of adoption of surface roughness measurement machines (SRMMs) for quality control and inspection applications in the automotive and aerospace & defence industries in US; is the key factor that has helped North America in holding the leading position in the SRM market
In the process of determining and verifying the market size for several segments and sub segments gathered through the secondary research, extensive primary interviews have been conducted with key industry experts in the surface roughness measurement market space. 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 surface roughness measurement market with their respective market ranking analysis. Prominent players profiled in this report are Carl Zeiss AG (Germany), Mitutoyo Corporation (Japan), Taylor Hobson (UK), Mahr (Germany), Tokyo Seimitsu Co., Ltd. (Japan), Hexagon AB (Sweden), Faro Technologies (US), Nikon Corporation (Japan), KEYENCE Corporation (Japan), Taylor Hobson (UK), Mitutoyo Corporation (Japan), EXTECH (US), Wenzel (Germany), Starrett (US), JENOPTIK AG(Germany), The Sempre Group (UK), Alicona Imaging GmbH (Austria), Kosaka laboratory Ltd (Japan), KRÜSS GmbH(Germany), The Sempre Group (UK), Zygo Corporation (US), Horiba Ltd. (Japan) and Fowler (US)
Research Coverage:
This research report categorizes the global surface roughness measurement market on the basis of component, surface type, technique, vertical, and geography. The report describes the major drivers, restraints, challenges, and opportunities pertaining to the surface roughness measurement market and forecasts the same till 2025.
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 surface roughness measurement 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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