Coordinate Measuring Machine (CMM) Market by Type (Bridge, Cantilever, Articulated Arm, Handheld) worth $4.1 billion by 2023
[147 Pages Report] The CMM market is expected to grow from USD 2.8 billion in 2018 to USD 4.1 billion by 2023, at a CAGR of 8.00% during the forecast period.The study involved 4 major activities in estimating the current size of the coordinate measuring machine (CMM) market. Exhaustive secondary research has been done to collect information about the market, the peer market, and the parent market. To validate these findings, assumptions, and sizing with industry experts across the value chain through primary research has been the next step. Both top-down and bottom-up approaches have been employed to estimate the complete market size. After that, the market breakdown and data triangulation methods have been used to estimate the market size of segments and subsegments.
The CMM market is expected to grow from USD 2.8 billion in 2018 to USD 4.1 billion by 2023, at a CAGR of 8.00% during the forecast period. The coordinate measuring machine (CMM) market is growing rapidly and mainly focusses on quality control to capture large volumes of three-dimensional (3D) data for modeling and analysis. The captured data are then shared with production scheduling, design, purchasing, and many other manufacturing company functions to ensure the accuracy of manufactured products. Other drivers of the CMM market include growing interest in Industrial Internet of Things (IIoT) and superior quality inspections.
CMM market for portable CMMs to grow at highest CAGR during forecast period
Automotive and aerospace & defense are the key industries for the CMM market, and these industries have started to adopt portable systems such as articulated arm and handheld laser scanners for measuring manufactured spare parts and key components that are used in vehicles or airplanes. The rate of adoption of portable CMMs is expected to increase during the forecast period owing to the ease of operation and high accuracy depicted by them.
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CMM market for electronics industry to grow at a significant rate during the forecast period
CMMs are used for monitoring high-paced production and in-depth investigation of a wide range of electronic products, such as silicon wafers, liquid crystal displays (LCD), microelectromechanical systems (MEMS), microelectronics, optoelectronics, and electronic devices mounted on multilayer PCBs. As electronic components become smaller and more intricate, the need to ensure specific measurements is necessary, along with quality control.
Reverse engineering a significant share of CMM market in 2018
Industries such as automotive, aerospace & defense, and manufacturing have started adopting CMMs for design modification of actual objects to produce customized cars, spare parts, and other parts whose production had been discontinued. The modification of various objects is easily possible if reverse engineering process is followed. Areas where reverse engineering is used also include turbine blades, car body parts, engine parts, gears, antennae, boat parts, and medical implants. Hence, during the forecast period, the adoption rate of CMMs in energy & power and medical industries (apart from automotive) is expected grow significantly owing to the ability of CMMs to generate 3D models of the objects being measured.
Major players in the CMM market include Hexagon AB (Sweden), Faro Technologies (US), Nikon Corporation (Japan), Keyence Corporation (Japan), Carl Zeiss (Germany), Mitutoyo Corporation (Japan), GOM (Gesellschaft für Optische Messtechnik) (Germany), Perceptron (US), Creaform, Inc. (Canada), International Metrology Systems (UK), Metronor (Nesbru), Trimek (Spain), Applied Automation Tech (US), Wenzel (Germany), N. J. Metrology (UK), Avon-Dynamic (UK), Eley Metrology Limited (UK), The Sempre Group (UK), Apex Metrology Ltd (UK), and Tokyo Seimitsu Co., Ltd. (Japan).
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Mr. Shelly Singh
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
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