Global Metrology Services Market (2021 to 2029) - Featuring Hexagon, Carl Zeiss and Renishaw Among Others - ResearchAndMarkets.com

The "Metrology Services Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2021 to 2029" report has been added to ResearchAndMarkets.com's offering.

The global metrology services market is expected to expand at a CAGR of 7.9% from 2021 to 2029, exceeding US$ 1451.89 Mn by 2029.

The resurgence in the industrial sector post economic slowdown coupled with the growing trend towards automated manufacturing units is instrumental in driving demand for metrology solutions and services. Furthermore, advancements in measurement technologies and mounting preference for portable metrology solutions have further fueled market momentum. These factors are expected to contribute towards a compounded annual growth rate (CAGR) of 7.9% during the forecast period 2021 - 2029. However, issues such as lack of product differentiation and the requisite expertise to efficiently operate metrology solutions may pose moderate challenge to the growth prospects over the forecast period.

This report analyzes the global metrology services market in terms of product type, end-use application, and geography. On the basis of product type, the market is segmented into Coordinate Measuring Machines (CMM) and Optical Digitizers and Scanners (ODS). Similarly, on the basis of end-use application, the market for metrology services is further classified into industrial manufacturing, automotive, electrical and electronics, aerospace, and energy and power among others. The geographical distribution of the global metrology services market considered in this study encompasses regional markets such as North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Companies Mentioned

  • Hexagon AB
  • Carl Zeiss AG
  • Renishaw Plc.
  • Mitutoyo Corporation
  • Nikon Metrology Inc.
  • Danish Micro Engineering A/S
  • Optical Gaging Products Inc.
  • Trescal SA
  • Optical Metrological Services
  • Faro Technologies Inc.
  • Perceptron Inc.
  • GE Measurement & Control Solutions Inc.

On the basis of product type, the global metrology services market is categorized into following segments:

  • Coordinate Measuring Machines (CMM)
  • Articulated Arm Machines
  • Horizontal Arm Machines
  • Gantry Machines
  • Bridge Machines
  • Optical Digitizers And Scanners (ODS)
  • 3D Laser Scanners And Trackers
  • White Light Scanners

In terms of revenue, optical digitizers and scanners comprising 3D laser scanners, laser trackers, and while light scanners dominated the global metrology services market in the base year of 2020. The segment accounted for over 55% of the global metrology services market revenue in the same year. The segment is expected to witness comparatively higher growth than coordinate measuring machines during the forecast period 2021 - 2029. Growing demand for precise, accurate and 3D measurements is favoring demand for optical digitizers and scanners across the globe. On the other hand, the growing preference for optical digitizers and scanners is expected to coincide with the revenue decline in the coordinate measuring machine segment. While the metrology service market for coordinate measuring machines is witnessing sluggish growth, the demand for articulated arm metrology services is on an upsurge and is estimated to witness steady growth during the forecast period.

Growing end-use consumption owing to ever rising population has put pressure on manufacturers to supply quality turn-key products in shorter lead times. Metrology services help manufacturers to enhance and improve manufacturing processes by allowing minute measurements and inspection of every element involved. Thus, metrology solutions are increasingly finding adoption across varied industry verticals.

On the basis of end-use application, the global metrology services market is categorized into following segments:

  • Industrial Manufacturing
  • Automotive
  • Aerospace
  • Energy and Power
  • Electronics and Electrical
  • Other End-use Applications (Healthcare, etc.)

As of 2020, the global metrology services market was led by the industrial manufacturing segment. The segment accounted for over 28% of the global metrology services market revenue in the same year and is expected to exhibit robust growth during the forecast period. The growing trend towards complete automation in manufacturing facilities bodes well for market growth in this segment. The automotive was the second largest end-use application market, which accounts for around one-fourth of the global market revenue. The market for automotive metrology services is expected to be driven by growing demand and production of automobiles across the globe.

On the basis of geography, the global metrology services market is segmented into following regions and countries.

  • North America
  • U.S.
  • Canada
  • Europe
  • United Kingdom
  • France
  • Germany
  • Rest of Europe
  • Asia Pacific
  • Japan
  • China
  • India
  • Rest of Asia Pacific
  • Rest of the World
  • Latin America
  • Middle East and Africa

In the base year of 2020, Asia Pacific was the largest metrology services market in terms of revenue. The region is also poised to exhibit strong growth during the forecast period led by demand from India and China. The dominance and anticipated growth in the region can be majorly credited to growing demand for high-precision components in multiple industries including automotive, semiconductors and power generation among others. The trend is expected to continue and the region is poised to retain its leading position throughout the forecast period 2021 - 2029. The demand for metrology solutions and services in the region is also attributed to increasing automation of industrial manufacturing units.

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