Growing Demand for Coordinate Measuring Machine Services - Market 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.
CMM market for reverse engineering applications to grow at the highest CAGR during 2018–2023
Industries such as automotive, aerospace & defense, and heavy machinery have started adopting CMMs for the design modification of actual objects to produce customized cars, spare parts, and other parts whose production had been discontinued. High precision, faster product analysis, and the ability to make changes in original products are contributing to the growth of the CMM market for reverse engineering application.
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CMM market for heavy machinery industry is expected to grow rapidly during the forecast period
Major advantages of using CMMs are the measurement of soft or fragile parts and detection of many points can be done in a very brief time. As CMM can provide an onsite dimensional measurement for manufacturers of heavy equipment including earthmoving, excavation, and agricultural machinery, the adoption of CMM in heavy machinery industry is expected to grow significantly during the forecast period.
APAC to hold a major share of the CMM market in 2018
Funding for research and development, and extensive industrial base are the major factors that make APAC a dynamic region for the CMM market, with China and Japan being the major contributors. China is one the major manufacturing hubs with immense potential for CMMs. The national plan “Made in China 2025” is being designed to make China a world manufacturing power. The continual need to increase automation has been recognized by Chinese industries and the government. Moreover, the entry of a number of automobile manufacturers in this region has increased the demand for CMMs, which is propelling the growth of the CMM market in APAC.
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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