A new report published by Allied Market Research, titled, " Coordinate Measuring Machine Market by Offering, Product Type, Application, and End User: Global Opportunity Analysis and Industry Forecast, 2019-2026," projects that the global coordinate measuring machines market size is estimated to reach $5.34 billion by 2026. In 2018, Asia-Pacific dominated the market, contributing around 50% share of the overall revenue, followed by North America. A coordinate measuring machinery is used for measuring the geometrical characteristics of a physical object. These can be manually controlled or can be controlled by computer programming and instructions.
Coordinate measuring machine are a form of metrological instrument for high precision measuring capabilities. The coordinate measuring machine can be operated and controlled manually or through computers. CMM measures the shape of the objects by recognizing the discrete points on the surface of the object with a probe. The various types of probes that are used in coordinate measuring machine are laser, optical, mechanical, and others.
In CMM market, coordinate measuring machines are used to test components or assembly against the design fixed in manufacturing and assembly process. The application of CAD in the coordinate measuring machine uses the software developed by the computer to carry out advanced measurement test. Nano precision configuration of CMM has a strong function of CAD software which import the CAD model to be measured. The advancement of industrial application requires highly precise and accurate measurement that uses CMM. 3D model is a great tool that is adopted by designers and manufacturers for creating 3D designs and models. This saves capital of industrialists and creates a physical model for testing. The physical model created is tested by the coordinate measuring machines that are programmed for autonomous operations, which drives the CMM market.
According to coordinate measuring machine market, the inspection segment accounted for a significant share of the overall Coordinate measuring machines market in 2018. This is attributed to increase in demand for physical measurement of products and equipment in various industrial applications. However, reverse engineering segment is estimated to grow significantly at a CAGR of 8.20% during the forecast period, owing to increase in its application in automotive aerospace & defense and other industry vertical, which provides lucrative coordinate measuring machine market opportunity globally.
Among various regions, Asia-Pacific is expected to be the major revenue generator in coordinate measuring machine market in 2019 and maintain its dominance in the future. This is attributed to rise in industrial sector and its automation.
Asia-Pacific is projected to grow at the fastest rate throughout the Coordinate Measuring Machine Market analysis period. China witnessed the highest demand for coordinate measuring machines in this region due to presence of semiconductor companies in the country and stringent government regulations associated with measurement industries. Moreover, enhancement in industrial autonomy and increase in expenditure in the emerging markets such as Latin America and the Middle East to meet demand for exponentially growing economies in these countries have strengthened the market growth. Furthermore, technological advancements for high precision applications in these nations offer lucrative opportunity for the expansion of the coordinate measuring machines industry.
Coordinate measuring machine market size is segmented on the basis of offering, product type, application, end user, and region. Based on offering, it is categorized into products and services. By product type, it is bifurcated into stationary and portable. Stationary segment is further categorized into bridge, cantilever, horizontal arm, and gantry. Portable is sub-segmented into articulated arms and handheld. On the basis of application, it is bifurcated into inspection and reverse engineering. Based on end user, it is segregated into automotive, aerospace & defense, energy & power, electronics, and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key Findings of the Coordinate Measuring Machine Market :
- The inspection segment accounted for the highest coordinate measuring machine market share in 2018 with $417.1 million, growing at a CAGR of 14.70% from 2019 to 2026.
- The inspection generated the highest revenue, accounting for $2,318.40 million in 2018.
- Asia-Pacific is expected to dominate the Coordinate Measuring Machine Market, garnering 50% of the share in the coordinate measuring machine industry during the forecast period.
The key players profiled in the Coordinate Measuring Machine Market forecast include Carl Zeiss AG, Creaform Inc., Eley Metrology, FARO Technologies, Inc., Hexagon AB, Keyence Corporation, Metronor, Mitutoyo Corporation, Nikon Metrology, and Tokyo Seimitsu Co. Ltd.