Metrology Services Market expands as industries demand precise measurement and quality assurance solutions.

AUSTIN, TEXAS, UNITED STATES, May 27, 2024 /EINPresswire.com/ -- Market Scope and Overview

The SNS Insider report highlights a promising outlook for the Metrology Services Market. The market size was valued at USD 771.3 Million in 2023 and is expected to reach USD 1.2 Billion by 2031, reflecting a Compound Annual Growth Rate (CAGR) of 5.9% during the forecast period 2024-2031.

The Metrology Services Market is experiencing significant growth due to a rise in outsourcing for dimensional inspection tasks. As manufacturers strive for consistent quality and cost-efficiency, they are increasingly turning to external metrology service providers. These services offer access to advanced equipment at affordable costs, allowing manufacturers to maintain high standards without the hefty upfront investment in equipment and expertise. Additionally, untapped opportunities exist in the medical device sector, where manufacturers traditionally rely on in-house solutions. Metrology services can cater to their specific needs while adhering to strict quality control regulations.

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Some of the Major Key Players Studied in this Report are:

➤ KLA Corporation
➤ Hexagon AB
➤ Jenoptik
➤ SGS Group
➤ Intertek Group
➤ Renishaw PLC
➤ Carl Zeiss AG
➤ Sasco Metrology Services
➤ Faro Technologies
➤ Metrologic Group
➤ Others

Segmentation Analysis

On the basis of product, the Coordinate Measuring Machine (CMM) segment dominates the market due to its versatility in measuring geometric features of complex objects. Within CMMs, gantry machines hold a leading position due to their high accuracy and large measurement volume.

For application, the industrial sector currently holds the largest market share. This dominance stems from the wide range of manufacturing processes that utilize metrology services for quality control and process optimization. The automotive and aerospace industries are close contenders, each requiring highly precise measurements for safety-critical components.

Market Segmentation and Sub-Segmentation Included Are:

On The Basis of Product:

➤ CMM
◇ Gantry Machines
◇ Bridge Machines
◇ Articulated Arm Machines
◇ Horizontal Arm Machines

➤ ODS
◇ 3D Laser Scanners
◇ White Light Scanners
◇ Laser Trackers

On The Basis of Application:

➤ Automotive
➤ Aerospace
➤ Industrial
➤ Power Generation
➤ Others

Impact of Global Disruptions

The ongoing Russia-Ukraine war has disrupted supply chains for crucial metrology equipment components, leading to potential delays and price fluctuations. Additionally, economic slowdowns may lead to reduced capital expenditure by manufacturers, impacting their spending on metrology services. However, the long-term demand for quality control and precision manufacturing is expected to remain robust.

Regional Development

North America is anticipated to maintain its leading position throughout the forecast period. This dominance is driven by the region's established industrial base with robust demand for metrology services in aerospace and industrial applications.

Asia-Pacific region is projected to exhibit the fastest growth rate due to its rapidly developing automotive and manufacturing sectors, coupled with a growing focus on medical device production.

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Recent Developments

In November 2021: Renishaw signed an agreement with Verisurf Software Inc. to synchronize measuring machine (CMM) software, enhancing data integration capabilities.

In June 2021: FARO Technologies' acquisition of HoloBuilder exemplifies the growing integration of 3D technologies with metrology services.

Key Takeaways

➤ The report highlights the rising trend of manufacturers outsourcing metrology services to ensure product quality and cost optimization.

➤ The medical device manufacturing industry presents a lucrative opportunity for metrology service providers due to growing complexity and stringent regulations.

➤ Future market expansion will be fueled by advancements in automation, robotics, and cloud-based data management solutions for metrology services.

The future of the Metrology Services Market hinges on technological advancements. The integration of automation and robotics with metrology equipment is expected to streamline processes and enhance efficiency. Additionally, the adoption of cloud-based data management solutions will facilitate real-time data analysis and better decision-making for manufacturers.

Table of Contents- Major Key Points

1. Introduction

2. Research Methodology

3. Market Dynamics
3.1. Drivers
3.2. Restraints
3.3. Opportunities
3.4. Challenges

4. Impact Analysis
4.1. Impact of Ukraine- Russia war
4.2. Impact of Ongoing Recession on Major Economies

5. Value Chain Analysis

6. Porter’s 5 Forces Model

7. PEST Analysis

8. Metrology Services Market Segmentation, by Product
8.1. CMM
8.2. ODS

9. Metrology Services Market, by Application
9.1. Automotive
9.2. Aerospace
9.3. Industrial
9.4. Power Generation
9.5. Others

10. Regional Analysis
10.1. Introduction
10.2. North America
10.3. Europe
10.4. Asia-Pacific
10.5. The Middle East & Africa
10.6. Latin America

11. Company Profile

12. Competitive Landscape
12.1. Competitive Benchmarking
12.2. Market Share Analysis
12.3. Recent Developments

13. USE Cases and Best Practices

14. Conclusion

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