Optical Measurement – A Verified Method for Evaluating the Precision and Quality of Various Physical Objects
The optical measurement market is expected to grow at a compound annual growth rate of 6.06% to reach a market size worth US$6.310 billion by 2026. This market was valued at US$4.180 billion in 2019. An optical measurement system is electrical measuring equipment used to determine the characteristics and physical structure of numerous things. It's a noncontact, quick, accurate, and dependable method. This device also has a light source, a lens, and a single detector. Some of the most regularly used optical measurement systems around the world include autocollimators, measuring microscopes, profile projectors, optical digitizers and scanners, coordinate measuring machines, and video measuring machines. These solutions are used to measure various components during the creation, inspection, and evaluation of products to verify that they fulfill demanding industry standards and regulations, allowing the product to perform at its best.
One of the key factors to favorably impact the market expansion of optical measurement in the forecast period is growing industrialization coupled with technological developments and increased investments in research and development activities to produce better goods.
Technological improvements have aided the growth of a variety of businesses and as a result of these advancements, many companies are leaning toward automation in order to provide high-quality products. Optical measurement tools are used by many firms in a wide range of industries to ensure product accuracy during the manufacturing process. The increased focus on the creation of high purity grade products in the pharmaceutical and chemical industries is predicted to enhance demand for optical measuring devices. Because of their advantages such as fast speed and greater precision, video measurement machines (VMM) have recently seen an increase in demand. In the coming years, advances in science and technology are likely to boost the market growth. For example, Yokogawa, a major manufacturer of test and measurement solutions, announced the launch of the AQ6374, an Optical Spectrum Analyzer (OSA) designed to create next-generation optical communication components, in September 2021.
One of the primary factors likely to favorably impact market growth in the near future is rising expenditure in research and development activities to introduce new goods. For instance, Polytec introduced 3D optical profilers in July 2020, which may be used to assess roughness, step heights, texture, waviness, and other surface characteristics.
The increase in demand for 3D metrology services is a major factor driving market growth. 3D metrology services are a tried and tested way for evaluating the precision and quality of a wide range of physical things. These services are gaining popularity in a variety of industries, including aerospace and defense, automotive, architecture and construction, medical, semiconductor and electronics, mining, and others, because of their accuracy and reliability. Optical measuring market growth is estimated to be driven by the rising usage of these services over the forecast period. Increased industrialization around the globe, particularly in developing nations such as India and China, is expected to propel the optical measurement market forward, as an advanced industry will increase demand for optical measuring instruments in a variety of industries. During the projected period, the adoption of Industry 4.0 will speed the automation process in manufacturing technologies, which will boost market growth for optical measurement tools.
Analysts predict that high price sensitivity associated with optical measurement systems can act as a constraint for market growth at a global level.
The optical measurement industry is a price-sensitive industry, with demand for optical measurement tools fluctuating in lockstep with their prices. Because of the market's price sensitivity, companies will be unable to raise the prices of optical measurement instruments without severely impacting demand. As a result, market expansion may be hampered throughout the projection period. The market will also be challenged by the development in rental and leasing services. Other market restraints include expensive investment and operation costs, as well as the use of fragile components, which would stifle the optical measuring industry's growth pace.
By offering, the hardware segment is expected to grow significantly whereas, by industry vertical, the automotive segment is anticipated to witness fast growth.
The global optical measurement market has been classified into software, hardware, and services based on offering. The hardware segment is expected to hold a notable share throughout the forecast period. This growth is attributed to rising demand for cameras, sensors, and lenses, as well as increasing adoption of optical measurement devices in the chemical and automotive industries. Because optical measurement tools are used for inspection, measurement, and quality checking of numerous components in the automotive industry, it is predicted to hold a significant market share by the industrial vertical. Apart from their various uses in the healthcare business, an increase in the number of patients with an eye-related disease is predicted to boost the usage of optical measuring tools for diagnosis purposes.
According to regional analysis, the optical measurement market in North America is likely to account for the largest revenue share throughout the forecast period, while the market in Asia Pacific is anticipated to grow at the fastest rate.
Some of the important reasons driving market growth in North America are technological improvements in the automotive industry, the presence of prominent firms in countries such as the United States, and the increasing utilization of optical measurement devices in the aerospace sector. On the other hand, because of the widespread deployment of optical measurement technologies in a variety of industries, the Asia Pacific region is expected to occupy a significant market share. Manufacturers' increased adoption of advanced precision measuring technologies, combined with a growing focus on the accuracy and reliability of manufactured products, is expected to fuel market expansion in the region.
Covid-19 Insights
The coronavirus pandemic has had a negative impact on a number of sectors around the world. The virus outbreak had a negative influence on industries such as automotive, aerospace and defense, energy and electricity, and manufacturing. These industries' commercial operations were halted, which had an impact on the optical measurement market's growth. The healthcare industry, on the other hand, was on the rise as a result of the growing demand for healthcare facilities around the world, which generated demand for the optical measuring market.
