The Next Generation Industrial Metrology and Inspection Market size is expected to reach $16,10 billion by 2030, from $8.12 billion in 2020, registering a CAGR of 6.9% from 2021 to 2030. Industrial metrology means the applications of manufacturing science to manufacturing and quality control, and inspection practices gets involved in manufacturing process. Industrial metrology has higher precision technology. It has features such as reducing operating cost, maximize accuracy and productivity, and higher inspection quality.
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A rise in adoption of industrial metrology practices in various industries such as aerospace, automotive, and other manufacturing sector drives the growth of the next generation industrial metrology and inspection market. Major players such as Nikon Metrology, FARO Technologies and others adopting product launch as a key developmental strategy to improve the product portfolio of metrology products. For instance, in June 2021, Nikon Metrology launched a new CNC video measurement system named as NEXIV VMZ -S4540. It is best suitable for automotive, and transportation industries. It has features such as fully automatic, and higher performance. It has dimensions of 3000 X 3000 mm. A rise in need of big data analytics is rising in the metrology industry, to maximize productivity and accuracy. In addition, growing demand for precision inspection services and rise in focus on quality control in manufacturing industries, fuels the growth of the market.
Moreover, the development of software led process metrology equipment, and process automation for industry specific services drives the growth of the market. Industrial metrology uses cloud-based devices, robotics technology, automated devices, laser scanning technologies and multi-sensor technology, is expected to drive the next generation industrial metrology and inspection market growth.
However, high cost associated with implementation of industrial metrology system in manufacturing industries, and lack of skilled professional to handle metrological data is anticipated to hampers the growth of the market. Furthermore, adoption of cloud-based services in manufacturing industries is anticipated to provide lucrative opportunities for growth of the next generation industrial metrology.
COVID-19 pandemic halted the manufacturing facility for a short-term owing to prolonged lockdown implemented in countries such as Japan, U.S., China, India, and others. In addition, COVID-19 pandemic has shut-down, construction activities, owing to the prolonged lockdown in major countries such as the U.S., China, Japan, India, and Germany. This hampered the growth market significantly in 2020. Further, this pandemic situation directly impacted on the sales of industrial metrology and inspection companies. For instance, the sales of Hexagon AB dropped by 1.5% from January 2020 to December 2020.
The report analyzes the next generation industrial metrology and inspection industry is segmented based on offering, equipment, application, and region. Based on offering, the market is divided into hardware, software, and services. By equipment, the market is divided into Coordinate measuring machine, measuring instruments, optical digitizer and scanner, and others. Based on application, the market is divided into automotive and transportation, aerospace and defense, semiconductor & electronics, industrial machinery, and others.
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