San Francisco, Dec. 23, 2015 (GLOBE NEWSWIRE) -- The global metrology services market is anticipated to reach USD 824.6 million by 2020, according to a new study by Grand View Research, Inc. Increasing demand amongst end-users in different industries for precise components with low tolerance limits such as power generation, electronics, and automotive is anticipated to drive growth.
Technological innovation in the field of metrology is expected to positively impact growth. The advancements further influence growth pattern and stimulate new product/software developments for industry players. Consequently, demand for advanced measurement tools & services are expected to aid manufacturers in competently tapping data such as 3-D modeling and measurements.
However, lack of product differentiation by service providers owing to the existence of substantial players has led to increased bargaining power of buyers and lack of universal system solutions would also impact growth prospects over the forecast period.
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Further key findings from the study suggest:
- Optical Digitizer and Scanners ODS market is expected to have a substantial share, accounting for over 59% of the overall revenue by 2020, primarily owing to greater precision and accuracy offered as compared to CMM products. Articulated arm machine is expected to emerge as the leading CMM product segment witnessing a growth of over 7% by 2020. Growing demand from automotive, aerospace, power generation and industrial sectors is expected to increase the demand for articulated arm type CMM. Laser trackers are also anticipated to witness a growth rate of over 8%, which can be indicated as their enhanced accuracy and high-speed of operation.
- Industrial applications are anticipated to emerge by 2020, witnessing a growth rate of CAGR of over 8%. The segment is expected to witness significant growth owing to an increased level of precision in components as a consequence of technological developments. Additionally, use of metrology services in crucial operations including quality control, inspection, and mechanical design are some of the other factors influencing demand.
- Asia Pacific is expected to have a considerable revenue share over the next six years and is expected to contribute 31% to the global industry by 2020, primarily due to growing automotive industry along with other end-use industries including medical and manufacturing
- Key companies operating in the market include Renishaw Plc., Carl Zeiss Corporation, Hexagon AB, Nikon Metrology Inc., Danish Micro Engineering A/S, Optical Gaging Products Inc., Trescal SA, Optical Metrological Services, and FARO Technologies Inc. among others.
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Grand View Research has segmented the global metrology services market on the basis of product, application, and region:
Metrology Services Product Outlook (Revenue, USD Million, 2012 – 2020)
- Coordinate Measuring Machines (CMM)
- Gantry Machines
- Bridge Machines
- Articulated Arm Machines
- Horizontal Arm Machines
- Optical Digitizers and Scanners (ODS)
- 3D Laser Scanners
- White Light Scanners
- Laser trackers
Metrology Services Application Outlook (Revenue, USD Million, 2012 – 2020)
- Power Generation
Metrology Services Regional Outlook (Revenue, USD Million, 2012 – 2020)
- North America
- Asia Pacific
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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Source:Grand View Research