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Driven by Rising Adoption of CAD/CAM, Metrology Services Market Poised to Grow at Impressive 8.2% CAGR
Metrology Services Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2012 - 2018. Global Metrology Services Market to Reach US$720.3 mn by 2018
Published 02 December 2015
In the last couple of years, there has been an increasing need for more accurate and reliable measurements, not only in the domains of national and international trade and manufacturing but also in sectors such as environment protection, human health and safety, communication, and across diverse fields of engineering and science. The enhanced need for a universal, comparable, and traceable measurement standard in different realms of society has emerged as a significant factor driving the demand for metrology services across the globe.
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Transparency Market Research, a leading U.S.-based market intelligence research agency, recently conducted a research study on the global metrology services market. The survey revealed that the global metrology services market, which stood at US$448.6 million in 2012, is likely to reach an estimated value of US$720.3 million by the end of 2018. Growth of the market is predicted at an impressive 8.2% CAGR.
Significance of Metrology Services in Manufacturing
Metrology services have crucial applications across multiple industry verticals. With consistent technological evolution, the market for metrology services has become more dynamic. The services benefit manufacturers by inducing better efficiency in production and optimizing industrial output, without any adverse effects on the resource requirement. Several options with respect to metrology products are available in the market at present, which can be rendered either an independent component or as inbuilt systems used for functions such as inspection and quality control, measurement, optimizing product quality, reverse engineering, reducing the need for reworks, and minimizing the generation of waste products during the process of manufacturing.
High Cost of Precision Equipment to Turn Industries in Favor of Outsourcing
However, such precision equipment comes at a high cost, which makes it financially challenging for producers to ensure that their inventories are at par with the latest technological scenario. This has created a relatively new service sector, wherein the functions pertaining to instrumentation and measurements are outsourced to a third-party vendor. In terms of product types, the metrology services market can be broadly classified into optical digitizers and scanners (ODS) and coordinate measuring machines.
Market Segmentation: In terms of Products, End User, and Geography
The market for optical digitizers and scanners is further subdivided into laser scanners, 3D laser scanners, and white light scanners. ODS enjoys a dominant position in the market and is also expected to register the fastest growth at 8.9% CAGR in the foreseeable future. This segment is projected to be worth US$435.8 million by the end of 2018. 3D laser scanners offer precise measurements and touch probe technology, owing to which the segment led the market in 2012, accounting for 35.1% of the overall market. Meanwhile, the demand for coordinate measuring machines has been significantly progressing at a 7.2% CAGR.
On the basis of end-use segments, the global metrology services market can be segmented into medical, industrial, electronics, automotive, aerospace, and power generation. Of these, the industrial application segment accounted for 28% of the overall market in 2012. The automotive sector is expected to register rapid growth in demand for metrology services between 2012 and 2018. The market for metrology services in this segment is likely to grow at an 8.7% CAGR.
Geography-wise, Europe was the largest market for metrology services in 2012, accounting for 31% of the global market. However, registering growth at a 9.2% CAGR, Asia Pacific is anticipated to emerge as the fastest growing market for metrology services, driven by factors such as rapid industrialization and robust growth of the automotive sector in the region.
Apart from industrial expansion, the high rate of adoption of international quality standards of measurements and CAD/CAM is the key factor propelling the global metrology services market. However, a lack of skilled operators is likely to inhibit the growth of the market to an extent. Nevertheless, the market is expected to significantly benefit from the growing outsourcing trend in the near future.
Browse Full Global Metrology Services Market Research Report With Complete TOC @ http://www.transparencymarketresearch.com/metrology-services-market.html
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