Optical Measurement Market by Vertical (Industrial, Automotive), and Geography - Global Forecast to 2023
The optical measurement market was valued at USD 3.39 Billion in 2017 and is expected to reach USD 5.14 Billion by 2023, at a CAGR of 6.87% during the forecast period. Growing demand for 3D metrology services, increasing adoption of advanced optical measurement solutions, and increasing in R&D spending are driving the growth of the optical measurement market. For this study, the base year considered is 2017, and the market forecast is provided for 2018–2023.
This report provides a detailed analysis of the optical measurement market segmented based on offering, equipment, vertical, and geography (North America, Europe, APAC, and RoW). The report provides detailed information regarding major factors (drivers, restraints, opportunities, and challenges) influencing the growth of the market. The report also profiles key players and comprehensively analyzes their market ranking and core competencies, along with details of competitive landscape of market leaders.
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Video measuring machine (VMM) is expected to grow at highest rate between 2018 and 2023
The market for video measuring machines (VMMs) is expected to grow at the highest CAGR between 2018 and 2023. VMM is an emerging measurement solution among industries as it enables manufacturers to monitor the quality and efficiency of components required to build desired industrial products. This system has gained tremendous popularity in recent years because of its features such as improved speed, greater accuracy, and the availability of customization based on application.
Industrial vertical is expected to grow at highest CAGR between 2018 and 2023
The market for industrial vertical is expected to grow at the highest CAGR between 2018 and 2023. Manufacturing industry continues to focus on delivering machinery parts with high quality on time. Optical measurement solutions are used to inspect and measure integrate data in production processes, enabling smarter decision-making, quality control, and ensuring complete maintenance for productions in general manufacturing and precision machining.
Optical measurement market in APAC to grow at highest CAGR between 2018 and 2023
The optical measurement market in APAC is expected to grow at the highest CAGR between 2018 and 2023. The wide-scale adoption of optical measurement technologies for industrial applications is the key factor supporting the growth of the market in this region. The increasing adoption of precision measurement advanced technology by manufacturers with a focus on accuracy and reliability of the manufactured products is further expected to propel the growth of the optical measurement market in APAC.
Key players in the ecosystem of the optical measurement market profiled in this report are Hexagon (Sweden), Faro Technologies (US), Jenoptik (Germany), Keyence (Japan), Mitutoyo (Japan), Nikon (Japan), Vision Engineering (UK), Zygo Corporation (US), GOM (Germany), and Carl Zeiss (Germany).
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