Coordinate Measuring Machines Market Size, Share and Global Trend By Type (Fixed, Bridge, Cantilever, Gantry, Portable, Articulated Arm, Handheld), By Industry (Electronics, Automotive & Aerospace, Energy & Power, Heavy Machinery, Medical, Others), By Application (Quality Control & Inspection, Reverse Engineering, Virtual Simulation), and Regional Forecast, 2024-2032
KEY INDUSTRY INSIGHTS
The Coordinate Measuring Machines (CMM) market is a sub-segment of the metrology market which is used for measuring the dimensional, optical, electromagnetic, mechanical, optical radiation, thermodynamic, and time/frequency parameters of a product. Furthermore, CMM is used during the product development cycle in order to obtain accurate measurements and enhance the product quality during manufacture.
Implementation of CMM helps to identify dimensional, form & location deviations of components and sub-assemblies during manufacturing thereby ensures greater mechanical quality and mechatronic performance. Coordinate measuring machines market is driven by the acute need for precision dimensional measurement and validation of geometric accuracy in manufacturing, automotive, aerospace, military & other industrial equipment & component.
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Other major factors influencing the growth in the market includes growing production agility needs and a parallel increase in the popularity of portable coordinate measuring machines (PCMM). Moreover, developments in optical coordinate measuring machines and articulated arm machines & increased investments in R&D will aid in growth of the market. Launch of innovative sensors and software for more accurate and sensitive measurements & increased use of CMMs in the manufacturing precision medical devices for quality assurance of orthopedic implants such as hip joint implants and knee joint and disc prosthetics will drive the growth of the market. Additionally, according to present analytical results of industry experts, global metrology market valued US$12.9 Bn for the year 2018 and is expected to grow at 8% CAGR, this in turn will result in increasing market value of coordinate measuring machine market.
Key Players in the Industry
Key players operating in the Global Coordinate Measuring Machines Market are HEXAGON, FARO Technologies Inc., Nikon Corporation, Keyence Corporation, ZEISS International, Mitutoyo America Corporation, CREAFORM, Applied Automation Technologies Inc., Avon-Dynamic, & Eley Metrology.
SEGMENTATION
SEGMENTATION | DETAILS |
By Type | · Fixed · Bridge · Cantilever · Gantry · Portable · Articulated Arm · Handheld |
By Industry | · Electronics · Automotive & Aerospace · Energy & Power · Heavy Machinery · Medical · Others |
By Application | · Quality Control & Inspection · Reverse Engineering · Virtual Simulation |
By Geography | · North America (USA & Canada) · Europe (UK, Germany, France, Italy, Spain, Scandinavia & Rest of Europe) · Asia Pacific (Japan, China, India, Australia, Southeast Asia & Rest of Asia Pacific) · Latin America (Brazil, Mexico and Rest of Latin America) · Middle East & Africa (GCC, South Africa & Rest of Middle East & Africa) |
Regional Analysis
Asia Pacific represent the largest and the fastest growing market worldwide. The growth in the region is supported by factors such as developments in advanced manufacturing technologies and growing use cases of CMM among the export oriented industrializing economies such as China & South Korea. Moreover, steady growth in the local markets and surge in the aerospace and defense industries across emerging economies, such as China & India is also anticipated to fuel the demand for CMM market.
Coordinate Measuring Machines (CMM) product provides precise measurement of the object for testing, assembling, design, profiling, and reverse engineering of parts. Therefore, in Europe increasing demand for services such as calibration, machine installation, and retrofitting offered by CMM is expected to drive the growth in countries such as France, Italy & Spain. In North America, increasing demand for metrology services from different applications such as manufacturing, automotive, and power generation is projected to continue driving the market growth of CMMs over the forecast period.
Key Industry Development
- August 2018: Hexagon AB acquires External-Array Software, a software development company that provides metrology software for coordinate measuring machines (CMM) manufacturers.
- May 2018: Hexagon acquires NEXTSENSE, which is a Austrian-based specialist for optical measurement solutions.
- Ongoing
- 2023
- 2019-2022
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