The Metrology Market was at US$ 9.5 Billion in 2021 and is growing to approx US$ 15.75 Billion by 2030, with a CAGR growth of 6.10% between 2022 and 2030.

SANDY, UTAH, UNITED STATES, January 2, 2023 /EINPresswire.com/ -- According to the study, The Global Metrology Market was estimated at USD 9.5 Billion in 2021 and is anticipated to reach around USD 15.75 Billion by 2030, growing at a CAGR of roughly 6.10% between 2022 and 2030.

Metrology Market: Overview

The study of measurement is known as metrology. It facilitates a shared understanding of units and is crucial for tying together human endeavors. Metrology enforces, validates, and confirms defined traceability, accuracy, and reliability criteria. These elements are significant because they affect the reliability of the measurements. Since these criteria may differ significantly, the government and the relevant authorities have enforced them. As a result, calibration laboratories validate and evaluate these standards about a recognized quality system. Since they are centered on accuracy, industries, including the production of medical devices, the automobile, and the aerospace sectors, have a high adoption of metrology equipment. Systems for measuring dimensions reduce the likelihood of minor damage and significantly reduce manufacturing time and expense.

Metrology Market: Growth Drivers

The development of portable metrology equipment and software-driven process automation for industry-specific bespoke services has accelerated market expansion. The need for Computer-Aided Manufacturing (CAM) and Computer-Aided Designed (CAD) based processes is expected to increase because of the demand for high precision and fewer tolerance limitations in the automotive, aerospace, medical, electronics, and other industrial sectors. Power generation, electronics, and the automobile industries all need components with tight tolerances and high accuracy. The need for metrology equipment and services is also being driven by an increase in the global quality requirements for precise management throughout the industry.

Service providers offer metrology services, which are measurement services, for a range of end-use industries, including automotive, aerospace, manufacturing, and power generation, among others. Over the forecasted period, it is predicted that the global market for metrology services will overgrow as more applications are being developed in various end-use industries. These services assist in boosting efficiency by increasing production while maintaining the exact resource requirements.

To perform tasks like quality control and inspection, 3D measurement, product quality optimization, reverse engineering, etc., throughout the manufacturing process, several types of metrology products may be used singly or as a component of an integrated system. However, high-precision equipment is expensive, making it difficult for producers to maintain their inventory consistently. Due to this, the service sector has emerged, allowing manufacturers to use outside vendors for their measurement needs.

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Key Insights:

A) As per the analysis shared by our research analyst, the Metrology market is estimated to grow annually at a CAGR of around 6.10% over the forecast period (2022-2030).
B) In terms of revenue, the Metrology market size was valued at around USD 9.5 Billion in 2021 and is projected to reach USD 15.75 Billion by 2030. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
C) Based on product segmentation, the coordinate measuring machine segment is estimated to hold the largest market share during the forecast period.
D) Based on end-user segmentation, the aerospace segment is the leading revenue-generating category during the forecast period.
E) Based on geography/region, the Asia-Pacific region was the leading revenue generator in 2021.

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Regional Landscape

The Asia-Pacific region held the most significant market share in the metrology industry. This is because the area produces defense aircraft, which is anticipated to increase the number of 3D metrology inspection applications in the aerospace and defence industry.

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Key Players

Carl Zeiss AG
Pollen Metrology
Cairnhill Metrology
Faro Technologies
Pantac Metrology
Exact metrology Inc.
Jenoptik AG
Automated Precision
Mitutoyo Corporation
Nikon Corporation
Renishaw PLC
Perceptron Inc.
Precision Products
CARMAR ACCURACY
JLM Advanced Technical Services

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The Metrology Market is segmented as follows:

By Product

CMM
ODS

By End User

Automotive
Aerospace
Industrial
Power Generation
Others

By Geography

North America

The USA
Canada
Mexico
Europe
The UK
Germany
France
Italy
Russia
Rest of Europe

Asia Pacific

China
India
Japan
South Korea
Malaysia
Philippines
Rest of Asia-pacific

Latin America

Brazil
Rest of Latin America
Middle East and Africa
GCC
North Africa
South Africa
Rest of Middle East & Africa

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