The global Metrology Services Market is estimated to witness a healthy CAGR during the forecast period, according to a report available on Million Insights. Metrology refers to a scientifically high precise way of measuring geometrical properties of assemblies and components being produced by manufacturing facilities. Technologically advanced machines are used to perform accurate measurements of the object for assembling, testing, profiling, design, and reverse engineering of components.
Rising demand for design accuracy and product quality among manufacturing companies to control operational cost is anticipated to propel metrology services market growth. High-quality finished goods are going to reduce possibilities to a product recall, which will eventually reduce additional operational expenses for manufacturers. The advent of portable metrology equipment and software-based process automation is also expected to impel market growth. Moreover, increasing the use of cloud-enabled metrology software packages such as point cloud, on-machine, geometric dimensioning will drive the metrology services industry over the forecast period.
Manufacturing companies are investing in R&D to develop innovative products that can perform according to quality standards being adopted by end-use industries. For instance, in May 2019, API launched a portable arm coordinate measuring machine (PCMM). The arm’s features include an internal counterbalance for the operator’s comfort and automatic detection of tactile probe diameter. In addition, this 7-axis arm includes a blue laser scanner to perform accurate, fast, and flexible scanning of complex components. It offers a scanning speed of 600,000 points per second and a laser line width of 200mm.
Product Insights:
Based on product, the metrology services market can be categorized into coordinate-measuring machines (CMM) and optical digitizers and scanners (ODS). ODS segment is anticipated to witness the highest CAGR over the forecast period. Laser scanners have the ability to capture overall geometry for engineering and inspection purposes. They offer high speed and accuracy in real-time operations. In addition, increasing use of ODS in applications including automotive component inspection, surface analysis, and powertrain components will drive the segment’s growth in coming years.
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Application Insights:
In terms of application, the metrology services industry can be categorized into aerospace, automotive, industrial, power generation, and others. The automotive segment is expected to witness significant growth over the forecast period owing to the rising focus on safety and comfort. The growing adoption of laser trackers, portable coordinate measurement systems for three-dimensional (3D) inspection in automobile manufacturing facilities is driving the segment’s growth. In addition, rising demand for luxury and fuel-efficient vehicles will drive the segment’s growth over the forecast period.
Regional Insights:
Regional segmentation includes Europe, North America, Asia Pacific, and the Rest of the World (RoW). Asia Pacific is expected to witness the highest CAGR over the forecast period owing to the growth of industrialization and urbanization in developing economies including India and China. China is expected to be the leading producer of steel, chemical, iron, food, and transportation equipment. Thereby, an increasing number of manufacturing facilities is driving demand for metrology services in the country. In addition, the growth of the aerospace and defense industry is expected to impel the demand for technologically advanced measuring techniques. Aircraft manufacturers are focusing more on interiors to reflect luxury and lifestyle as never before. Rising focus on the safety of passengers through high-precision measurement of aircraft components will drive regional market growth.
Some of the key players in the metrology services market are Renishaw PLC, Hexagon AB, Nikon Metrology NV, Carl Zeiss Corporation; and Trescal SA. Companies are following business strategies such as new product launches and target marketing to expand their product portfolio. In addition, companies are also looking for mergers and acquisitions to gain a competitive edge. For instance, Zeiss Industrial Quality Solutions has recently acquired GOM. The merger is aimed to expand the applications and capabilities of optical digitization systems. It will strengthen the leading technological position of Zeiss in the market. In addition, a combination of existing solutions and products along with joint innovations will create new business opportunities for the company in the coming years.
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