Metrology Market Outlook 2018
Metrology Market Growth
The Global Metrology market is seeing extreme growth with the increasing need for precise measurement and compliance in products and manufactured technology. Metrology is a scientific study of measurement with respect to various units of parameters and industry standards. Metrology is divided into three basic overlapping activities. The first being the definition of units of measurement, second the realization of these units of measurement in practice, and last traceability, which is linking measurements made in practice to the reference standards. These overlapping activities are used in varying degrees by the three basic sub-fields of Metrology.
The changing consumer demand for industrial products, the more stringent requirements for compliance and uniformity, and the growing technological advancement in measurement techniques have developed the need for more precise and accurate industrial products. To provide products with assured quality and longer durability, automotive, aerospace, energy & power, consumer electronics and manufacturing industries are implementing metrology solutions.
The use of technically advanced devices for measurement is also one of the key factor driving the metrology market.The study reveals that emerging high tech robots serviceable in automation, energy harvesting, and semiconductor wafer inspection is also responsible for the positive growth of metrology market. Lack of skilled labour to operate precision equipment such as CMM is restraining the metrology market. Also, the poor utility value of implemented machines is aiding the market growth of metrology measurements. The Metrology market is ripe for growth in areas of innovation, technology and robotic process automation.
The Global Metrology market has reached USD 607.9 million in 2016 and is projected to exhibit USD 1255.5 million by the end of 2027 with a growing CAGR of 6.82%. The major growth driver of Metrology Market includes growing demand for measurement components from sectors such as automotive and energy and power sectors, and growing outsourcing trends in healthcare sector among others.
Major Key Metrology Market Companies:
- Hexagon AB (Sweden)
- Carl Zeiss (Germany)
- Mitutoyo Corp.(U.S)
- Nikon metrology (Belgium)
- Renishaw (U.K.)
- metrology software product Ltd.(U.K.)
- Pantec metrology (Germany)
- Perceptron Inc.(U.S.)
- 3D Digital Corporation (U.S.)
- Faro Technologies (U.S.)