The 3D metrology market is valued at USD 11.2 billion in 2023 and is projected to reach USD 16.4 billion by 2028, growing at a CAGR of 8.0% during the forecast period.
High focus on quality control in the manufacturing sector, growing use of 3D data for modeling and analysis in various industries, and rising demand for big data analytics are expected to fuel the growth of the 3D metrology market. However, the high cost associated with setting up a 3D metrology facility is a prominent factor limiting the growth of the 3D metrology market.
Software segment is expected to witness significant growth during the forecast period
The software segment is expected to witness significant growth in the 3D metrology market during the forecast period from 2023 to 2028.Metrology software enables the complete accumulation of data and measurement from numerous sources.
Hence, it provides exhaustive and self-explanatory graphical and textual reports that are used to identify production trends and evaluate real-time deviations.The need for accurate measurements in the manufacture of components in end-use industries like automobiles and aircraft bodes well for the market.
Similarly, compliance with the enacted government regulations and standards supporting safety and reliability necessitates consumer electronics manufacturers to focus on precision and accuracy while manufacturing.Metrology software offers numerous benefits to end users in terms of reduction of operational costs by increasing measurement specialist competency, eliminating metrology silos, boosting employee mobility, and improving overall teamwork efficiency.
This, in turn, has positively impacted the overall demand for 3D metrology software solutions. Various companies in the 3D metrology market are offering software solutions for end users. For instance, Hexagon AB (Sweden) is known for its diverse portfolio in the 3D metrology market. It is also working on increasing the software solutions in its portfolio.
Europe to hold a significant share of the 3D metrology market during the forecast period
Europe accounted for ~24% of the overall 3D metrology market in 2022, with the automotive industry as the leading end-use industry in the region.The growing demand for 3D metrology in the automotive industry, improving electronics and heavy machinery sectors are expected to drive market growth in Europe.
Europe is home to leading 3D metrology manufacturers such as Zeiss Group (Germany), Hexagon AB (Sweden), Renishaw plc (UK), and GOM Metrology (Germany). Rest of Europe including Sweden, Russia, Belgium, and the Netherlands are some of the major countries contributing to the market in the.
The report profiles key players in the 3D metrology market with their respective market ranking analysis. The major players operating in the 3D metrology market include Hexagon AB (Sweden), FARO Technologies, Inc. (US), Keyence Corporation (Japan), Jenoptik AG (Germany), Nikon Corporation (Japan), Mitutoyo Corporation (Japan), ZEISS Group (Germany), KLA Corporation (US), Perceptron, Inc. (US), Renishaw plc (UK), Creaform (Canada), Baker Hughes Company (US), CyberOptics Corporation (US), Trimble, Inc. (US), 3D Systems, Inc. (US), Automated Precision, Inc. (US), and Metrologic Group (France), among others.
This research report categorizes the 3D metrology market on the basis of offering, product type, application, end-user industry and region.The report describes the major drivers, restraints, challenges, and opportunities pertaining to the 3D metrology market and forecasts the same till 2028 (including analysis of recession impact on the market).
Apart from these, the report also consists of leadership mapping and analysis of all the companies included in the 3D metrology ecosystem.
Key Benefits of Buying the Report
The report would help leaders/new entrants in this market in the following ways:
1. This report segments the 3D metrology market comprehensively and provides the closest market size projection for all subsegments across different regions.
2. The report helps stakeholders understand the pulse of the market and provides them with information on key drivers, restraints, challenges, and opportunities for market growth.
3. This report would help stakeholders understand their competitors better and gain more insights to improve their position in the business. The competitive landscape section includes competitor ecosystems, product developments and launches, partnerships, and mergers and acquisitions.
4. The analysis of the top 32 companies, based on the market rank as well as the product footprint, will help stakeholders visualize the market positioning of these key players.
5. Patent analysis, trade data, and technological trends that will shape the market in the coming years has also been covered in this report.