The global Metrology Services Market is estimated to witness a healthy CAGR during the forecast period, according to a report available on Million Insights. Metrology refers to scientific high precision way of measuring geometrical properties of assemblies and components being produced by manufacturing facilities. Technologically advanced machines are used to perform accurate measurement of the object for assembling, testing, profiling, design, and reverse engineering of components.
Rising demand for design accuracy and product quality among manufacturing companies to control operational cost is anticipated to propel metrology services market growth. High quality finished goods are going to reduce possibilities to product recall, which will eventually reduce additional operational expenses for manufacturers. Advent of portable metrology equipment and software-based process automation is also expected to impel market growth. Moreover, increasing use of cloud enabled metrology software packages such as point cloud, on-machine, geometric dimensioning will drive the metrology services industry over the forecast period.
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Manufacturing companies are investing in R&D to develop innovative products that can perform according to quality standards being adopting by end-use industries. For instance, in May 2019, API launched portable arm coordinate measuring machine (PCMM). The arm’s features include internal counterbalance for operator’s comfort and automatic detection of tactile probe diameter. In addition, this 7-axis arm includes blue laser scanner to perform accurate, fast, and flexible scanning of complex components. It offers a scanning speed of 600,000 points per second and laser line width of 200mm.
Product Insights:
Based on product, the metrology services market can be categorized into coordinate-measuring machine (CMM) and optical digitizer and scanner (ODS). ODS segment is anticipated to witness highest CAGR over the forecast period. Laser scanners have ability to capture overall geometry for engineering and inspection purposes. They offer high speed and accuracy in real-time operations. In addition, increasing use of ODS in applications including automotive component inspection, surface analysis, and powertrain components will drive segment’s growth in coming years.
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Application Insights:
In terms of application, the metrology services industry can be categorized into aerospace, automotive, industrial, power generation, and others. Automotive segment is expected to witness significant growth over the forecast period owing to rising focus on safety and comfort. Growing adoption of laser trackers, portable coordinate measurement system for three-dimensional (3D) inspection in automobile manufacturing facilities is driving segment’s growth. In addition, rising demand for luxury and fuel-efficient vehicles will drive segment’s growth over the forecast period.
Regional Insights:
Regional segmentation includes Europe, North America, Asia Pacific, and Rest of World (RoW). Asia Pacific is expected to witness highest CAGR over the forecast period owing to growth of industrialization and urbanization in developing economies including India and China. China is expected to be the leading producer of steel, chemical, iron, food, and transportation equipment. Thereby, increasing number of manufacturing facilities is driving demand for metrology services in the country. In addition, growth of aerospace and defense industry is expected to impel demand for technologically advanced measuring techniques. Aircraft manufacturers are focusing more on interiors to reflect luxury and lifestyle as never before. Rising focus on safety of passengers through high-precision measurement of aircraft components will drive regional market growth.
Some of the key players in metrology services market are Renishaw PLC, Hexagon AB, Nikon Metrology NV, Carl Zeiss Corporation; and Trescal SA. Companies are following business strategies such as new product launch and target marketing to expand their product portfolio. In addition, companies are also looking for mergers and acquisitions to gain competitive edge. For instance, Zeiss Industrial Quality Solutions has recently acquired GOM. The merger is aimed to expand applications and capabilities of optical digitization systems. It will strengthen the leading technological position of Zeiss in the market. In addition, combination of existing solutions and products along with joint innovations will create new business opportunities for the company in coming years.
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