Coordinate Measuring Machine Market Set for Significant Growth
The CMM market size is expected to grow from USD 2.8 billion in 2021 to USD 4.3 billion by 2026; it is expected to grow at a CAGR of 8.8% from 2021 to 2026. The key factors driving the growth of the market growing use of 3D data in modeling and analytical applications, increasing R&D spending on developing metrology products, and thriving automotive sector.
Key Trends Driving the CMM Market
Technological Advancements:
- Automation and Integration: Modern CMMs are increasingly integrated with automated systems and software solutions, enhancing their efficiency and accuracy. Automation reduces human error and speeds up the measurement process, making CMMs indispensable in high-volume production environments.
- Enhanced Probing Systems: Innovations in probing technologies, such as laser and optical probes, have improved the accuracy and versatility of CMMs. These advanced probes allow for non-contact measurement, which is particularly useful for delicate or complex surfaces.
Industry 4.0 and Smart Manufacturing:
- Data-Driven Insights: The integration of CMMs with Industry 4.0 technologies enables real-time data collection and analysis, facilitating predictive maintenance and quality control. Smart factories leverage this data to optimize production processes and reduce downtime.
- Connectivity and IoT: The Internet of Things (IoT) is transforming CMMs into connected devices that can communicate with other machinery and systems. This connectivity enhances coordination across the manufacturing floor, leading to more streamlined operations and improved productivity.
Rising Demand in Key Industries:
- Automotive: The automotive industry relies heavily on CMMs for ensuring the precision and quality of critical components. As automotive manufacturing becomes more complex with the advent of electric and autonomous vehicles, the demand for advanced CMMs is expected to rise.
- Aerospace: Aerospace manufacturing requires extremely tight tolerances and high-quality standards. CMMs are essential for verifying the dimensional accuracy of aerospace components, from engines to fuselage sections.
- Electronics: The miniaturization of electronic components necessitates highly accurate measurement solutions. CMMs are used to inspect intricate parts and assemblies, ensuring they meet design specifications.
Emphasis on Quality Control:
- Regulatory Compliance: Stringent quality and safety regulations in industries such as aerospace, automotive, and medical devices are driving the adoption of CMMs. These machines help manufacturers comply with international standards by providing precise and reliable measurement data.
- Customer Expectations: In an increasingly competitive market, manufacturers are under pressure to deliver high-quality products. CMMs play a crucial role in maintaining product quality and meeting customer expectations for precision and reliability.
- CMM Market Insights
Global Market Growth:
- The global CMM market is projected to experience substantial growth over the next decade. Factors such as technological advancements, increased automation, and rising demand in key industries are contributing to this growth.
- North America and Europe are the leading regions in the CMM market, driven by their strong manufacturing sectors and emphasis on quality control. However, the Asia-Pacific region is expected to witness the fastest growth due to rapid industrialization and the expansion of manufacturing activities in countries like China and India.
Competitive Landscape:
- The CMM market is characterized by the presence of several key players, including Hexagon AB, Zeiss International, Mitutoyo Corporation, and Nikon Metrology. These companies are investing heavily in research and development to introduce innovative products and maintain their competitive edge.
- Collaborations and partnerships between CMM manufacturers and software providers are becoming increasingly common. These alliances aim to enhance the capabilities of CMMs through advanced software solutions, offering comprehensive measurement and analysis tools to end-users.
Challenges and Opportunities:
- Challenges: Despite the positive outlook, the CMM market faces challenges such as high initial costs and the need for skilled operators. Additionally, economic uncertainties and fluctuations in manufacturing activities can impact market growth.
- Opportunities: The growing trend towards smart manufacturing and the adoption of Industry 4.0 present significant opportunities for CMM manufacturers. By developing advanced, automated, and connected CMMs, companies can tap into the increasing demand for efficient and accurate measurement solutions.
- Major players involved in the CMM market include Zeiss Group (Germany), FARO Technologies (US), Hexagon (Sweden), Nikon Corporation (Japan), Mitutoyo (Japan), Tokyo Seimitsu (Japan), Keyence Corporation (Japan), Creaform (Canada), Perceptron (US), and Wenzel Group (Germany).
- Know more Information @ https://www.marketsandmarkets.com/Market-Reports/coordinate-measuring-machine-market-153666711.html
- About MarketsandMarkets™
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the ’GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.
Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
No comments: