Dublin, March 21, 2024 (GLOBE NEWSWIRE) -- The "Global Industrial Metrology Market by Offering (Hardware, Software, Services), Equipment (CMM, ODS, X-ray, CT), Application, End-User Industry (Aerospace & Defense, Automotive, Manufacturing, Semiconductor) and Region - Forecast to 2029" report has been added to ResearchAndMarkets.com's offering.
The global industrial metrology market is on the rise, with predictions to expand from USD 14.9 billion in 2024 to USD 20.6 billion by 2029, marking a significant growth rate of 6.7% within this period. This upward trajectory is attributed to the market's extensive applications across various sectors, such as aerospace, defense, and manufacturing, which require rigorous maintenance and adherence to precise specifications for performance and safety.
Service Offerings to Witness Robust Growth
Within the market's offerings, the service segment is projected to experience the highest Compound Annual Growth Rate (CAGR) during the forecast period. This surge stems from services' inherent advantages, providing cost efficiency, adaptability, and access to specialized proficiencies that allow businesses to address their metrology needs with heightened efficacy.
ODS Equipment to Dominate Growth Rate
The report highlights the Optical Digitizer and Scanner (ODS) equipment as expected to register the most significant growth in the coming years. These systems are lauded for their non-contact measurement capabilities, speed, precision, and compatibility with advanced software and other metrology technologies.
Asia Pacific to Lead Regional Market Expansion
A key finding from the analysis indicates that the Asia Pacific region is likely to witness the highest CAGR. Key market players in the region, expanding manufacturing technology frontiers, and rising quality standards are key drivers for this growth. The amplified demand in the Asia Pacific underscores the increasing need for precision and quality assurance in manufacturing processes.
Expert Insights from Industry Leaders
The research draws on evaluations from various industry participants, ranging from suppliers to major OEMs. This diverse input offers a well-rounded perspective of the sector's current state and future trajectories.
Extensive Research Coverage
The report segments the market by offering, application, equipment, end-user industry, and region, providing a comprehensive analysis of these categories. It also covers the supply chain, market drivers, restraints, opportunities, and challenges, as well as detailed competitive assessments of leading market players.
Key Market Highlights
- Analytical insight into pivotal market drivers and restraints, alongside potential opportunities and challenges.
- In-depth focus on innovation and market development, with extensive geographical market analysis.
- Exhaustive information on market diversification strategies, including new product lines and recent developments.
- Competitive evaluations of market shares and growth strategies from top players in the industrial metrology industry.
This report offers vital resources for stakeholders, investors, product managers, marketing executives, and other professionals seeking a detailed overview of current trends and long-term forecasts in the industrial metrology market. With rigorous research and analysis, it provides the tools needed for informed decision-making in a domain critical for manufacturing precision and technological advancement.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 306 |
| Forecast Period | 2024 - 2029 |
| Estimated Market Value (USD) in 2024 | $14.9 Billion |
| Forecasted Market Value (USD) by 2029 | $20.6 Billion |
| Compound Annual Growth Rate | 6.7% |
| Regions Covered | Global |
Companies Mentioned
- Hexagon Ab
- Nikon Corporation
- Faro
- Carl Zeiss AG
- Keyence Corporation
- Kla Corporation
- Mitutoyo Corporation
- Jenoptik
- Renishaw PLC
- Creaform
- Accuscan
- Carmar Accuracy Co. Ltd.
- Baker Hughes Company
- Cyberoptics
- Cairnhill
- Att Metrology Solutions
- Sgs Société Générale De Surveillance SA
- Trimet
- Automated Precision Inc (API)
- Applied Materials, Inc.
- Perceptron, Inc.
- Shining3D
- Intertek Group PLC
- Bruker
- Metrologic Group
For more information about this report visit https://www.researchandmarkets.com/r/p726ls
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