The Global Metrology Service Market Size accounted for USD 905.6 Million in 2021 and is projected to achieve a market size of USD 1,546.1 Million by 2030 rising at a CAGR of 6.2% from 2022 to 2030. Metrology services are the scientific study of measurements that are commonly used by manufacturing industries to standardize machinery. During the forecast period, the global metrology services market is expected to grow due to the increasing adoption of CAD/CAM and world class standards.
Metrology Service Market Report Statistics
Global Metrology Service Market Dynamics
Metrology Service Market Report Coverage
|Market||Metrology Service Market|
|Metrology Service Market Size 2021||USD 905.6 Million|
|Metrology Service Market Forecast 2030||USD 1,546.1 Million|
|Metrology Service Market CAGR During 2022 - 2030||6.2%|
|Metrology Service Market Analysis Period||2018 - 2030|
|Metrology Service Market Base Year||2021|
|Metrology Service Market Forecast Data||2022 - 2030|
|Segments Covered||By Product, By Application, And By Geography
|Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||Danish Micro Engineering A/S, Renishaw PLC., Hexagon AB, Carl Zeiss AG, Renishaw plc, Nikon Metrology Inc., Carl Zeiss Corporation; Optical Metrology Services Ltd, FARO Technologies Inc., and Metrology Services, Inc.|
||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
Metrology Service Market Growth Factors
Growing demand for exact estimation of parts and segments from automotive, electronics, and power generation industries is relied upon to goad market over the coming year. High essentialness in various different applications, for example, mining and overwhelming modern creation, producing, manufacture, refineries, to material investigation has prompted development of metrology administrations showcase. Additionally, other modern applications, for example, break and disappointment examination, grain estimating, cast press modulatory and drop investigation, and surface investigation are foreseen to drive showcase development over the coming years.
Metrology Service Market Insights
Metrology services are utilized in main shaft, tops-off alignment, turbines, horizontal machine bearing, casting, scroll case geometry and assembly, and other power generation applications. They utilize most recent laser innovation and convenient arrange estimation arms, and extensive volume scanners in such application may increase demand in coming years.
Market is gaining prominence due to expanded need crosswise over automotive, industrial, and power generation among opposite end-use segments. This ascent popular can be ascribed to developing adherence to worldwide quality norms for better administrations. Ascend in universal quality standard for accuracy the executives over the whole business area has energized interest for metrology hardware and administrations. This appropriation is foreseen to multiply over the forecast period.
Market for Coordinate Measuring Machine (CMM) is relied upon to witness a significant CAGR of 8.5% by 2026. Optical Digitizer and Scanner (ODS) based metrology items represented greatest income generation in 2018. Europe was noticeable market for metrology benefits and produced income worth USD 189.3 million out of 2016. Metrology administrations advertise for mechanical application was esteemed at USD 145.7 million of every 2016 and is relied upon to keep extending at a consistent CAGR over the coming years.
Metrology Service Market Segmentation
The global metrology service market is segmented based on product, application, and geography.
Metrology Service Market By Product
According to the metrology service industry analysis, optical digitizer and scanner (ODS) sub-segment generated the largest revenue in 2021 and is expected to continue its trend during the projected timeframe 2022 to 2030. With touch probe accuracy, ODS provides greater precision for measuring difficult geometries. Because of their high accuracy and precision, 3D laser scanners are in high demand among all ODS products. On the other hand, coordinate measuring machine (CMM) is expected to grow with significant growth rate in the coming years. The ability of CMMs to provide positional, dimensional, and surface measurement in a single system is expected to be the primary driving force in this segment.
Metrology Service Market By Application
According to the metrology service market forecast, automotive occupied significant market share throughout 2022 to 2030. The segment's rapid growth can be attributed to technological advancements in automobiles, which have resulted in increased component precision. To promote passenger safety, comfort, and satisfaction, every door, seat, panel, and component in an automobile must be precisely aligned. However, aerospace sub-segment would witness a noteworthy CAGR during the forecast timeframe from 2022 to 2030.
Metrology Service Market Regional Outlook
The Middle East & Africa
Metrology Service Market Regional Analysis
North America will have a significant market share in 2021 due to rising population demand for electric, hybrid, and luxury vehicles, as well as increased mechanization in the agricultural sector in this region.
Asia-Pacific is expected to witness quickest developing region over the forthcoming years. Industrial and power generation segment is projected to drive the market for metrology benefits in Asia-Pacific. 3D scanner-based metrology administrations utilized in various power age applications are foreseen to drive local development. Dimensional metrology applications in power age industry can additionally goad territorial development over the forecast period.
Europe was the captures the noteworthy market share worth around USD 190.3 million in 2018. This development can be credited to presence of automotive producers. Metrology service are for the most part utilized in car ventures for investigation in a pilot plant for vehicle get together to maintain a strategic distance from quality issues at the season of new vehicle generation.
Metrology Service Market Players
Some of the main businesses present in the area Danish Micro Engineering A/S, Renishaw PLC., Hexagon AB, Carl Zeiss AG, Renishaw plc, Nikon Metrology Inc., Carl Zeiss Corporation; Optical Metrology Services Ltd, FARO Technologies Inc., and Metrology Services, Inc. Significant strategic initiatives undertaken by global businesses include partnerships, new product launch, and acquisitions.
The market size of metrology service market in 2021 was accounted to be USD 905.6 Million.
The projected CAGR of metrology service market during the analysis period of 2022 to 2030 is 6.2%.
The prominent players of the global metrology service payments transaction market include Danish Micro Engineering A/S, Renishaw PLC., Hexagon AB, Carl Zeiss AG, Renishaw plc, Nikon Metrology Inc., Carl Zeiss Corporation; Optical Metrology Services Ltd, FARO Technologies Inc., and Metrology Services, Inc.
North America held the dominating metrology service during the analysis period of 2022 to 2030.
Asia-Pacific region exhibited fastest growing CAGR for metrology service during the analysis period of 2022 to 2030.
Growing adoption of smart automation, increasing safety and security concerns, and rising need for effective product measuring solutions drives the growth of global metrology service market.
Based on product, optical digitizer and scanner (ODS) segment is expected to hold the maximum share metrology service market.