Adherence to international quality standards for high-precision components in key end-use industries is expected to drive market demand over the forecast period
San Francisco, California (PRWEB) September 03, 2014
The global metrology services market is expected to reach USD 824.6 Million by 2020, according to a new study by Grand View Research, Inc. Increasing demand for high-precision components in key end-use industries such as automotive, electronics and power generation is expected to drive the market over the forecast period. Development of metrology software packages such as Geometric Dimensioning and Tolerancing, Robotic Metrology among others is expected to ease the implementation of metrology services in manufacturing industries. Integration issues, emerging as a result of the lack of a universal system, are expected to pose a challenge to the growth of this market. Additionally, increased bargaining power of buyers may hinder industry growth.
The report “Metrology Services Market Analysis By Product (CMM, ODS), By Application (Automotive, Aerospace, Industrial, Power Generation) And Segment Forecasts To 2020,” is available now to Grand View Research customers at http://www.grandviewresearch.com/industry-analysis/metrology-services-market
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Further key findings from the study suggest:
- Optical Digitizer and Scanners (ODS) dominated the metrology services market, accounting for over 55% of the overall revenue in 2013, primarily due to greater precision and accuracy offered as compared to Coordinate Measuring Machines (CMM). Bridge machines emerged as the leading CMM product segment in 2013, accounting for over 30% of the overall market revenue in 2013. Bridge machines are better suited for repeated measurements and are easy to calibrate. Laser trackers generated the highest revenue among ODS products, which can be attributed to their enhanced accuracy and high speed of operation.
- Industrial applications emerged as the leading segment in 2013, accounting for over 25% of the overall market revenue. This is primarily due to the use of metrology services in crucial operations, including quality control, inspection and mechanical design among others. Automotive applications are expected to witness significant growth due to an increased level of precision in components as a consequence of technological developments in automobiles.
- North America metrology services market revenue is expected to reach USD 244.4 million by 2020, growing at a CAGR of 8.2% from 2014 to 2020.
- Asia Pacific is expected to be the market leader over the next six years and contributed over 30% of the global market revenue in 2013, mainly on account of booming automotive industry along with other end-use industries including medical and manufacturing.
- Key companies operating in the market include Nikon Metrology Inc., Carl Zeiss Corporation, Optical Meteorological Services, Hexagon AB, Danish Micro Engineering A/S, Renishaw PLC., Optical Gaging Products Inc., Trescal SA and FARO Technologies Inc.
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For the purpose of this study, Grand View Research has segmented the global metrology services market on the basis of product, application and region:
- Metrology Services Product Outlook (Revenue, USD Million, 2012 – 2020)
- Coordinate Measuring Machines (CMM)
- Gantry Machines
- Bridge Machines
- Articulated Arm Machines
- Horizontal Arm Machines
- Optical Digitizers and Scanners (ODS)
- 3D Laser Scanners
- White Light Scanners
- Laser trackers
- Metrology Services Application Outlook (Revenue, USD Million, 2012 – 2020)
- Power Generation
- Metrology Services Regional Outlook (Revenue, USD Million, 2012 – 2020)
- North America
- Asia Pacific
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About Grand View Research
Grand View Research, Inc. is a market research and consulting company that provides off-the-shelf, customized research reports and consulting services. To help clients make informed business decisions, we offer market intelligence studies, ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and energy. With a deep-seated understanding of varied business environments, Grand View Research provides strategic objective insights. For more information, visit http://www.grandviewresearch.com/
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Grand View Research, Inc
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