The emerging trend in 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 back into the process through a variety of techniques, including direct machine tool feedback. The increasing trend of factory automation and robotic automation also drives the industrial metrology market.
The industrial metrology market is expected to be valued at 12.97 billion by 2023, growing at a CAGR of 6.2% between 2018 and 2023. The growing big data analytics market and increasing demand for inspection services from the precision manufacturing drive the growth of industrial metrology market. Moreover, increasing focus on quality control in various industries also contributes to the growth of this market.
On the basis of offering, the market for solutions is expected to grow at the highest CAGR during the forecast period. Manufacturers today face various challenges such as turbulent economy, aging workforces, and huge data generation. Moreover, the regulatory and compliance requirements, and the constant pressure to innovate and stay ahead of the competition make it difficult for manufacturing plants to achieve and maintain profitability. The cloud-based automation solutions can help manufacturers succeed in terms of economic, social, and performance or operational aspects.
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Among the industrial metrology equipment, the market for coordinate measuring machine (CMM) is expected to grow at the highest CAGR during the forecast period. The rising need for precision dimensional analysis and validation of geometric accuracy in the manufacturing, automotive, and aerospace and defense industries contribute to the largest share of the CMM in the market.
The market for the quality control and inspection application is expected to grow at the highest CAGR during the forecast period. Industries such as automotive and aerospace face increasing demand for intense quality control and inspection; not meeting quality standards can hamper their reputation and, ultimately, their brand and business. Thus, industries are prominently adopting industrial metrology for quality control and inspection application.
The market for the automotive industry is expected to grow at the highest CAGR during the forecast period. The shift in preference from off-line quality inspection to near-line or in-line measurement techniques in the automotive industry, which enables higher sampling rates and shorter inspection times, drives the growth of the industrial metrology market for this industry. Moreover, the growing demand for automobiles in developing countries, such as India and China, is expected to fuel the growth of industrial metrology market in the near future.
The market in APAC is expected to grow at the highest CAGR during the forecast period. The growth in APAC is attributed by growing automotive and manufacturing plants in this region. Moreover, large funding from governments of various APAC countries in research and development, and extensive industrial base are the major contributors to the industrial metrology market in APAC, with China, South Korea, and Japan being the major countries contributing to the growth. Also, continuous technological advancements propel the growth of this market.