3D metrology market projected to grow at 9.3% CAGR during 2018–2024

The 3D metrology market was valued at USD 9.5 billion in 2018 and is expected to reach USD 16.2 billion by 2024, at a CAGR of 9.3% from 2018 to 2024. The major driving factors for the 3D metrology market are the highly accurate inspection owing to 3D data for modelling and analysis, focus on quality control, and increase in R&D spending. However, the lack of expertise to efficiently handle 3D metrology systems and high cost incurred for setting up the 3D metrology facility are expected to limit the growth of this market.

Today, an emerging trend in the automation incorporates metrology solutions for absolute measurement and inspection in the factory. By automating the inspection task, companies can benefit from higher repeatability in their inspection process, increased inspection frequencies, and faster response in the process through a variety of techniques including direct machine tool feedback. Factory automation and robotic automation propel the market for 3D metrology.

Know More : Download PDF Brochure @ 

https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=203080758

Increasing adoption of CMM in industries such as aerospace & defense, automotive, medical, electronics, energy & power, and heavy machinery to maintain product quality is the major driver for the growth of the hardware market. High precision and accurate measurements can be achieved by CMM. Increased flexibility, reduced set-up time, improved accuracy, and enhanced productivity are the major advantages of CMM over conventional gaging methods.

3D metrology market for the automotive industry to grow at a significant rate from 2018 to 2024. 3D metrology is required in the automotive industry for inspection, measurement, and quality checking of various components. The automotive industry is increasingly using optical measurement systems and CMM instead of conventional strain gauges, accelerometers, transducers, and extensometers for improving the safety and comfort level of a vehicle.

APAC continues to grow at a high rate, which can be attributed to the high economic growth witnessed by major countries such as China and Japan in this region. The key countries contributing to the growth of the 3D metrology market in APAC include Japan, China, India, and South Korea. Remaining countries contributing to the market are considered in the Rest of APAC; these countries are Australia, New Zealand, Taiwan, Singapore, Indonesia, and the Philippines. Automobile and electronics manufacturers use 3D metrology systems during the production process for quality inspections; as the number of automobile manufacturing plants is more in APAC than other regions, the demand for 3D metrology offerings is expected to grow rapidly in this region.

Cloud computing services offer effective cost and time saving. Rise in demand for Industry 4.0 and upsurge in demand for 3D metrology services are the major opportunities companies have in the 3D metrology market. Every business aims to lower its operating cost and maximize its profit margins. Cloud storage evades large capital expenditure of buying servers and physical hard drives. Also, Industry 4.0 or smart factory is a new phase of industrial revolution, linking the manufacturing industry and information technology, as well as all associated activities. It is being adopted in manufacturing facilities with an objective to improve productivity by maximizing asset utilization, minimizing downtime, and improving labor efficiency.

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:
Mr. Shelly Singh
MarketsandMarkets™ INC. 
630 Dundee Road 
Suite 430 
Northbrook, IL 60062 
USA : 1-888-600-6441