The optical measurement market is projected to grow at a CAGR of 6.06% to reach US$6.310 billion by 2026, from US$4.180 billion in 2019. Optical measurement is an accepted way of monitoring critical dimensions of manufactured parts in several industries. It is a noncontact, fast, accurate, and reliable way. The optical measurement systems range from compact benchtop units to large-travel floor models. These solutions are used for the measurement of different components for the development, inspection, and evaluation of products to ensure they meet the stringent industry standards and regulations enabling the optimal performance of the product.
The optical measurement market is estimated to grow substantially on account of its ability to significantly reduce the duration of inspection as compared to the conventional methods allowing the manufacturers in different industry verticals to optimize the production cost. The growing global concerns regarding the efficient use of energy is leading the firms in the automotive, aerospace and defense industry to utilize lightweight material in the production of vehicle and aircraft respectively that are required to be comprehensively tested, thus fueling the growth of the market. In addition, the increasing demand for 3D metrology services, the growing adoption of advanced optical measurement solutions, and the increasing spending on research and development are the key drivers of the optical measurement market during the forecast period.
Technological advancements have encouraged the development of several industries, owing to these advancements many industries are getting inclined towards automation for providing high-quality products. Many companies in diverse industries are using optical measurement instruments to maintain the accuracy of their products during the manufacturing process. In the pharmaceuticals and chemical industry, the increasing focus on the development of high purity grade products is expected to increase the demand for optical measuring instruments. Lately, the demand for video measuring machines (VMM) has been on a rise owing to their features such as high speed and increased accuracy. The advancement in science and technology is expected to propel market growth in the next few years.
By equipment, the Coordinate Measuring Machine (CMM) segment is projected to hold a significant market share due to its ability to easily measure large objects owing to its inherent structure. By offering, the hardware and software segments are estimated to hold a notable market share owing to the use of optical measurement tools in diverse industries. By industry vertical, the automotive vertical is expected to hold a dominant market share owing to the use of optical measurement tools for inspection, measurement, and quality checking of various components in the industry. Furthermore, an increase in the number of patients having an eye-related problem is further expected to increase the use of optical measuring instruments for diagnosis purposes apart from their other uses in the healthcare industry. Geographically, the Asia Pacific region is projected to hold a vital market share owing to the large-scale adoption of optical measurement technologies for diverse industries. The growing adoption of advanced precision measurement technology by manufacturers with an increasing focus on the accuracy and reliability of manufactured products is further estimated to fuel the market growth in the region.
The 3D metrology services are a proven method for assessing the accuracy and quality of diverse physical objects. These services are gaining popularity owing to their accuracy and reliability in several industries such as aerospace and defense, automotive, architecture and construction, medical, semiconductor and electronics, mining, etc. The increasing adoption of these services is expected to drive the market growth for the optical measurement market during the forecast period.
The increasing industrialization across the globe especially in developing countries like India, China, etc. is projected to drive the market growth for the optical measurement market as increasing industrialization will subsequently increase the demand for optical measurement tools in various industries. The penetration of industry 4.0 will further accelerate the automation process in manufacturing technologies, which in turn will support the market growth for optical measurement tools during the forecast period.
The optical measurement market is a highly price-sensitive market as the demand for optical measurement tools changes when the price for these measurement tools changes. This price-sensitive nature of the market may hamper the market growth, as the companies will be unable to increase the pricing of the optical measurement tools as if they do, the demand will get negatively affected. Thus, this may hinder the market growth during the forecast period.
Impact of COVID – 19.
The novel coronavirus pandemic has adversely affected several industries across the globe. Industries such as automotive, aerospace and defense, energy and power, and manufacturing were adversely impacted due to the virus outbreak. The business operations of these industries were put to a halt, which in turn impacted the growth of the optical measurement market. However, the healthcare sector was on a rise owing to the increasing requirement of healthcare facilities, globally, this, in turn, increased the demand for the optical measurement market.
Prominent/major key market players in the Optical Measurement Market include Nikon Corporation, Hexagon AB, Keysight Technologies Inc., R&D Vision, AMETEK, Inc., Olympus Corporation, FARO Technologies Inc., Carl Zeiss AG, Jenoptik AG, and Keyence Corporation. The players in the Optical Measurement Market are implementing various growth strategies to gain a competitive advantage over their competitors in this market. For Instance, in 2018, Hexagon AB, a global leader in digital solutions, acquired, Bricsys, a fast-growing developer of CAD (computer-aided design) software to strengthen its construction solutions portfolio. In addition, AMETEK, Inc., a leading global manufacturer of electronic instruments and electromechanical devices, acquired Zygo Corporation, a company that specializes in optical systems & equipment, in 2014 to become the global market leader. Major market players in the market have been covered along with their relative competitive strategies in this report and the report mentions recent deals and investments of different market players over the last few years. The company profiles section details the business overview, financial performance (public companies) for the past few years, key products and services being offered along with the recent deals and investments of these important players in the Optical Measurement Market.
|Market size value in 2019||US$4.180 billion|
|Market size value in 2026||US$6.310 billion|
|Growth Rate||CAGR of 6.06% from 2019 to 2026|
|Forecast Unit (Value)||USD Billion|
|Segments covered||Equipment, Offering, Industry Vertical, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||Nikon Corporation, Hexagon AB, Keysight Technologies Inc., R&D Vision, AMETEK, Inc., Olympus Corporation, FARO Technologies Inc., Carl Zeiss AG, Jenoptik AG, Keyence Corporation|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What will be the optical measurement market size by 2026?
A1. The optical measurement market is projected to reach a total market size of US$6.310 billion by 2026.
Q2. What is the size of the global optical measurement market?
A2. Optical Measurement Market was valued at US$4.180 billion in 2019.
Q3. What are the growth prospects for the optical measurement market?
A3. The global optical measurement market is projected to grow at a CAGR of 6.06% over the forecast period.
Q4. What factors are anticipated to drive the optical measurement market growth?
A4. The optical measurement market is estimated to grow substantially on account of its ability to significantly reduce the duration of inspection as compared to the conventional methods allowing the manufacturers in different industry verticals to optimize the production cost.
Q5. Which region holds the largest market share in the optical measurement market?
A5. Geographically, the Asia Pacific region is projected to hold a vital share in the optical measurement market owing to the large-scale adoption of optical measurement technologies for diverse industries.