Metrology Services Market Gains Sizable Sales Prospects Due to Expansion of Automotive Industry, States TMR Study

  • The global metrology services market is projected to reach US$ 1.1 Bn by 2031

  • Surge in automation and increase in use of obedient metrology are driving growth avenues in the metrology services market

ALBANY, N.Y., March 24, 2022 /PRNewswire/ — The global metrology services market is projected to register growth at a CAGR of 5.7% during the forecast period of 2021 to 2031, notes a study by Transparency Market Research (TMR).

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Metrology services are being utilized in companies from different industry verticals such as aerospace, automotive, power generation, and manufacturing. The rise in the use of these services can be ascribed to their ability to offer different advantages, including increasing the efficiency by enhancing productivity with no need for disturbing resource requirements.

In the automotive sector, metrology services find use in a wide range of applications such as laser trackers, portable coordinate measurement system, robotic equipment adjustment, jig examination, hinge lines alignment, and portable coordinate measuring arms for the 3D review for process development of panels, and measurement of assembled body panels. Hence, the expansion of the automotive sector is positively impacting on the expansion of the global metrology services market.

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At present, there are a wide range of metrology products available in the market that are being utilized individually or in combination for different purposes such as 3D measurement, quality control and inspection, reverse engineering, and product quality optimization in the production processes. This wide range of application is projected to help the global metrology services market to expand and gain the valuation of US$ 1.1 Bn by 2031, note TMR analysts.

In the metrology services, optical digitizers and scanners (ODS) and coordinated measuring machines (CMM) are widely utilized products. Of these, ODS are gaining prominence, owing to their ability to offer high level of precision in measuring critical geometries with touch probe precision. Moreover, players operating in the global metrology services market are observing a surge in the demand for 3D laser scanners due to their high level of precision.

The metrology services market in Asia Pacific is prognosticated to gain sizable business opportunities during the forecast period, owing to surge in industrialization and robust automotive industry in the region.

Metrology Services Market: Key Findings

  • In the recent years, companies from different industry verticals such as the power generation industry, electronics industry, and automotive industry are increasingly focusing on the use of accurately measured components. This factor is resulting in profitable opportunities in the global metrology services market.

  • Rise in penetration of the Industrial Internet of Things (IloT) has led to increase in the use of obedient metrology and automation across different industry verticals globally. As a result, the global metrology services market is experiencing sizable sales prospects.

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Metrology Services Market: Growth Boosters

  • Increase in use of metrology services by automakers across the globe is leading to revenue-generation opportunities in the global market

  • Surge in incorporation of smart automation and technological advancements are expected to offer growth avenues to the global metrology services market players during the forecast period

Metrology Services Market: Competition Landscape

  • Major leading enterprises in the global metrology services market are using strategies such as acquisitions and partnerships in order to improve their market position

  • Companies operating in the global metrology services market are increasing R&D activities in order to develop cost-effective services, thereby expanding customer base

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Metrology Services Market: Key Players

Some of the key players profiled in the report are:

  • Hexagon AB

  • KLA Corporation

  • SGS Group

  • Jenoptik

  • Renishaw PLC

  • Intertek Group Plc.

  • Sasco Metrology Services

  • Carl Zeiss AG

  • Metrologic Group

  • Faro Technologies

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Metrology Services Market Segmentation

Product

  • CMM

  • ODS

  • End-use Industry

  • Region

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Transparency Market Research is a global market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. Our experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyse information.

Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.

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SOURCE Transparency Market Research


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