Metrology Market Expected to Reach $720M by 2018
ALBANY, N.Y., Aug. 28, 2013 — The global metrology services market will reach $720.3 million in five years, growing at a compound annual growth rate of 8.2 percent from 2012 to 2018, according to a new market report.
The report, "Metrology Services Market — Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2012-2018," published by Transparency Market Research, says increased focus on manufacturing precision has led many industries to use multiple measurement technologies to ensure accuracy. As a result, the metrology market has witnessed strong growth from end users such as the automotive, aerospace and power-generation industries.
The global metrology services market is segmented into two major categories: coordinated measuring machines (CMM) and optical digitizers and scanners (ODS). The CMM market is expected to grow at a compound annual growth rate of 7.2 percent from 2012 to 2018. Increased demand for machine installation, calibration, retrofitting and repairing is supporting this need. ODS, the largest and fastest-growing segment, is expected to grow at a rate of 8.9 percent from 2012 to 2018, reaching market size of $435.8 million by 2018. Demand for 3-D laser scanners is the primary reason for this prediction, as the technology offers precise measurement of difficult geometries with the help of touch-probe technology. 3-D laser scanners accounted for 35.1 percent of the total ODS market in 2012.
Among end-user industries, processing and metal fabrication are the largest contributors to the global metrology services market. This industry accounted for 28 percent of the total metrology services market in 2012. The automotive industry is expected to be the fastest-growing end-user segment, projected to grow at a compound annual growth rate of 8.7 percent from 2012 to 2018.
The survey cites Europe as the leading regional market in 2012, accounting for 31 percent of the market. Increased demand for metrology of industrial and aerospace applications was primarily responsible for this lead. Fueled by demands from a booming automotive industry, Asia-Pacific is expected to grow at a rate of 9.2 percent from 2012 to 2018, surpassing Europe and North America by 2013 to become the leading regional market for metrology services.
Hexagon was the market leader in global metrology services market in 2012, followed by Carl Zeiss. Other leading players include Mitutoyo Corp., Nikon Corp., Renishaw and Faro Technologies.
For more information, visit: www.transparencymarketresearch.com
- The science of measurement, particularly of lengths and angles.
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