NEW YORK, Dec. 7, 2023 /PRNewswire/ — The metrology services market by application (heavy equipment, automotive, aerospace and defense, and others), product (coordinate measuring machines (CMM), optical digitizers, and scanners (ODS)), and geography (Europe, APAC, North America, South America, and Middle East and Africa) – Forecast and Analysis 2024-2028 report has been added to Technavio offering. With ISO 9001:2015 certification, Technavio has proudly partnered with more than 100 Fortune 500 companies for over 16 years. The potential growth difference for the metrology services market between 2023 and 2028 is USD 1.20 billion.
Technavio has announced its latest market research report titled Global Metrology Services Market 2024-2028
The growing adherence to global quality standards drives the market growth. The increasing adherence to global quality standards is leading to manufacturers measuring every stage of their processes, including those stages that may not have been considered necessary previously. As a result, there is an increase in demand for metrology services. Hence, such factors drive the market growth.
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Market Challenge –
An inadequate number of service providers that offer comprehensive metrology services is a challenge that hinders market growth. The presence of a large number of players leads to a fragmented market. However, only a few metrology service providers deliver comprehensive services, such as everything from comparing a manufactured part or tool with its CAD model, to reverse engineering, 3D modeling, and calibration of industrial robots. Hence, such factors negatively impact the market which in turn hinders the market growth.
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The metrology services market is segmented by application (heavy equipment, automotive, aerospace and defense, and others), product (coordinate measuring machines (CMM), and optical digitizers and scanners (ODS)), and geography (Europe, APAC, North America, South America, and Middle East and Africa).
The market growth of the heavy equipment segment is significant during the forecast period. This segment comprises onsite dimensional measurement services for the manufacturers of heavy equipment utilized in sectors such as oil and gas and power generation, earthmoving, excavation, and agricultural machinery. In addition, these are used for the measurement and calibration of tools, fixtures, jigs, gauges, dies, manufactured components, and machinery which drives the market growth during the forecast period.
Europe accounts for 29% of the market growth during the forecast period. The presence of automotive suppliers, machine tools, and industrial robots in the automobile industry in Europe is responsible for the high demand for metrology services in the region. Hence, such factors are driving the market growth in Europe during the forecast period.
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Key Companies in the Metrology Services Market:
AMETEK Inc., Apex Metrology Ltd, Atlas Copco AB, ATT Metrology Services, Automated Precision Inc., Avon Dynamic Calibration Ltd., Carl Zeiss AG, FARO Technologies Inc., Hexagon AB, In Place Machining Company LLC, Intertek Group Plc, Keyence India Pvt. Ltd., KLA Corp., Mitutoyo Corp., Nikon Corp., Optical Metrology Services Ltd, Optimax Imaging Inspection and Measurement Ltd, Quality Vision International Inc., Renishaw Plc, and Trescal International SAS
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Metrology Services Market Scope |
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Report Coverage |
Details |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 14.72% |
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Market Growth 2024-2028 |
USD 1.20 billion |
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Market structure |
Fragmented |
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YoY growth 2022-2023 (%) |
14.22 |
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Regional analysis |
Europe, APAC, North America, South America, and Middle East and Africa |
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Performing market contribution |
Europe at 29% |
ToC:
Executive Summary
Market Landscape
Market Sizing
Historic Market Sizes
Five Forces Analysis
Market Segmentation by Application
Market Segmentation by Product
Market Segmentation by Geography
Customer Landscape
Geographic Landscape
Drivers, Challenges, & Trends
Company Landscape
Company Analysis
Appendix
About Technavio
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SOURCE Technavio