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Metrology Services Market to grow by USD 1.20 billion between 2023 - 2028; Growing adherence to global quality standards boosts the market growth - Technavio
[December 07, 2023]

Metrology Services Market to grow by USD 1.20 billion between 2023 - 2028; Growing adherence to global quality standards boosts the market growth - Technavio


NEW YORK, Dec. 7, 2023 /PRNewswire/ -- The metrology services market by application (heavy equipment, automotive, aerospace and defense, and others), product (coordinate measuring machines (CMM), optical digitizers, and scanners (ODS)), and geography (Europe, APAC, North America, South America, and Middle East and Africa) - Forecast and Analysis 2024-2028 report has been added to Technavio offering. With ISO 9001:2015 certification, Technavio has proudly partnered with more than 100 Fortune 500 companies for over 16 years. The potential growth difference for the metrology services market between 2023 and 2028 is USD 1.20 billion

The growing adherence to global quality standards drives the market growth. The increasing adherence to global quality standards is leading to manufacturers measuring every stage of their processes, including those stages that may not have been considered necessary previously.  As a result, there is an increase in demand for metrology services. Hence, such factors drive the market growth. 

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Market Challenge -

An inadequate number of service providers that offer comprehensive metrology services is a challenge that hinders market growth. The presence of a large number of players leads to a fragmented market. However, only a few metrology service providers deliver comprehensive services, such as everything from comparing a manufactured part or tool with its CAD model, to reverse engineering, 3D modeling, and calibration of industrial robots. Hence, such factors negatively impact the market which in turn hinders the market growth.

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The metrology services market is segmented by application (heavy equipment, automotive, aerospace and defense, and others), product (coordinate measuring machines (CMM), and optical digitizers and scanners (ODS)), and geography (Europe, APAC, North America, South America, and Middle East and Africa). 

  • The market growth of the heavy equipment segment is significant during the forecast period. This segment comprises onsite dimensional measurement services for the manufacturers of heavy equipment utilized in sectors such as oil and gas and power generation, earthmoving, excavation, and agricultural machinery.  In addition, these are used for the measurement and calibration of tools, fixtures, jigs, gauges, dies, manufactured components, and machinery which drives the market growth during the forecast period.
  • Europe accounts for 29% of the market growth during the forecast period. The presence of automotive suppliers, machine tools, and industrial robots in the automobile industry in Europe is responsible for the high demand for metrology services in the region. Hence, such factors are driving the market growth in Europe during the forecast period.

View the Free Sample Report for insights into the contribution of all the segments and regional opportunities in the report.

Key Companies in the Metrology Services Market:

AMETEK Inc., Apex Metrology Ltd, Atlas Copco AB, ATT Metrology Services, Automated Precision Inc., Avon Dynamic Calibration Ltd., Carl Zeiss AG, FARO Technologies Inc., Hexagon AB, In Place Machining Company LLC, Intertek Group Plc, Keyence India Pvt. Ltd., KLA Corp., Mitutoyo Corp., Nikon Corp., Optical Metrology Services Ltd, Optimax Imaging Inspection and Measurement Ltd, Quality Vision International Inc., Renishaw Plc, and Trescal International SAS

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Metrology Services Market Scope

Report Coverage

Details

Base year

2023

Historic period

2018-2022

Forecast period

2024-2028

Growth momentum & CAGR

Accelerate at a CAGR of 14.72%

Market Growth 2024-2028

USD 1.20 billion

Market structure

Fragmented

YoY growth 2022-2023 (%)

14.22

Regional analysis

Europe, APAC, North America, South America, and Middle East and Africa

Performing market contribution

Europe at 29%


ToC:

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Application

Market Segmentation by Product

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com

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SOURCE Technavio


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