Industrial metrology is a growing sector in many parts of the world. It measures the functionality of instruments in various industries. It is used in the quality assurance and validation process. Many technologies are used in this area. It is widely used in designing, testing, production in large industries. Industrial Metrology plays a key role in risk management.
Market Scope and Structure Analysis
Industrial metrology is utilized to guarantee that instruments utilized in a wide assortment of ventures are working appropriately. It additionally guarantees the propriety of estimation instruments, including the upkeep, quality control, and legitimate adjustment of these instruments. Measurement standards are applied to manufacturing cycles to guarantee quality just as the precision of the produced parts and segments. An arrangement of expert parts, checks, and single-use machines worked when a whole item was delivered in a solitary processing plant. Modern-day supply chains need an alternate framework. Metrology can be utilized for various capacities, contingent upon numerous factors including the reason for the examination or undertaking. Ordinarily, the idea of metrology is used to qualify, confirm and approve test information. Metrology is frequently miscommunicated as just the study of estimation.
COVID-19 Impact analysis
- COVID-19 pandemic has shut down and limited the supply chains and affected the Industrial metrology market. This has hampered the growth of the manufacturing industry from the last few months and is likely to continue during 2021.
- COVID-19 has already affected the revenue from the manufacturing market in the first quarter of 2021 and is anticipated to impact the market growth throughout the year.
- The major demand for industrial metrology in the manufacturing sector was previously noticed from giant manufacturing countries including the U.S., Germany, Italy, UK, and China, which are negatively affected by the spread of the coronavirus, thereby declining the demand.
- Further, the potential impact of the lockdown is currently vague and the financial recovery of companies is based on its cash reserves. For instance, various players in the market halted their production activities for several weeks to reduce the expenses. Whereas few players also adopted employee lay-offs to sustain during the COVID-19 health crisis.
- During the COVID-19 recession, companies focusing on developing new technologies for cost-efficient and quick solutions to meet the requirements of clients.
Top Impacting Factors
Rise in demand in the defense sector, aerospace industry, construction industry are the major factors driving the growth of the industrial metrology market. Awareness in the automotive sector with high demand for reliable and quality processes, increase in electric vehicles in the future demand for industrial metrology in the vehicle manufacturing sector also boost the market growth. Similarly, the evolution of fire detection systems overcoming the previous issues which can now detect fires without flames. These innovations can create significant opportunities for the market. Smart city initiatives by the government are also driving the growth of the industrial metrology market. Moreover, a lack of industrial metrology awareness and skilled labor limit the market growth.
Market Trends
- New products that contain improved capabilities have been launched by leading market players. For instance, Nikon launched its new product named NEXIV VMZ S3020 in November 2020, a video measuring system that helps in measuring mechanical and electrical components.
- Similarly, competitors in the industrial metrology market adopted acquisition as their key developmental strategy to expand their geographical foothold and upgrade their product technologies. For instance, Jenoptic has acquired 75% of Troptics, a German-based company in September 2020. It is the supplier of test equipment and manufacturing systems for optical components.
Key Benefits of the Report
- This study presents the analytical depiction of industrial metrology along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of industrial metrology share.
- The current market is quantitatively analyzed to highlight the industrial metrology market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed industrial metrology market analysis based on competitive intensity and how the competition will take shape in the coming years.
Key Market Segments
- By Offering
- Hardware
- Software
- Services
- By Equipment
- Optical Digitizer and Scanner (ODS)
- Measuring Instruments
- X-Ray and Computed Tomography
- Coordinate Measuring Machine (CMM)
- Others
- By Application
- Reverse Engineering
- Mapping and Modeling
- Quality Control & Inspection
- Others
- By End User Industry
- Aerospace & Defense
- Automotive
- Semiconductor
- Manufacturing
- Others
- By Region
- North America
- Europe
- France
- Germany
- Italy
- UK
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Market Players
- Mitutoyo Corporation
- Creaform
- Renishaw plc.
- KEYENCE
- Jenoptik
- Nikon
- Carl Zeiss
- FARO Technologies
- KLA Corporation
- Hexagon