The industrial metrology market is predicted to grow at a compound annual growth rate (CAGR) of 5.20% to attain a market size of US$15.117 billion by the end of the analysis period, 2026. Industrial Metrology is widely applied across industrial sectors of aerospace, automotive, healthcare, power, construction, energy, electronics, defense, etc. to provide accuracy and ensure quality in the manufacturing processes in the industry. Metrology means “the science of measurement” that uses products like video measuring machines, 2d products, X-rays, Automated Optical Inspection, Coordinate Measuring Machine, Optical Digitalizer, and Scanner, etc. in the processes. The increasing automation across various sectors and the growing need to adopt accurate measuring tools is the major driving factor behind the market.
Products Used in Industrial Metrology:
Industrial Metrology uses products like video measuring machines, 2d products, X-rays, Automated Optical Inspection, Coordinate Measuring Machine, Optical Digitalizer, and Scanner, etc. Video Measuring Machines are optical devices that are used in both 2d and 3d measurements and consist of both hardware and software to measure a wide range of applications by combining software and high-resolution images. Coordinate Measuring Machines (CMM) uses various types of probes like optical, laser, mechanical, etc. that sense the discrete points on the surface of an object to measure its geometry. Digitizers and Scanners are used to scan an image or an object through a laser that later helps in their reconstruction. X-rays are mostly used in healthcare sectors that use electromagnetic waves to generate pictures of our inner body. Microscopes are optical devices that are used to examine tiny objects that are too difficult to be captured by naked eyes. AOI or Automated Optical Inspection uses a camera to scan a device to detect any quality defect or failure inside it. Besides that, Industrial Metrology also applies large volume inspections, CT Inspections, White Light Interferometric Microscope Systems, etc.
Developing Industrialization and Regional Trends:
The major contributing factor to the growth of the industrial metrology market is the rapid industrialization and growing infrastructure across the globe. Technological advancement and increasing automation have generated a need to apply industrial metrology in almost every sector of the economy from automation to aerospace, power, oil, mining, chemical, healthcare, construction, electronics, etc. The industrial revolution in the developing economies of the Asia-Pacific region like China, India, etc. is expected to witness major growth in the coming years which will drive the industrial metrology market in the coming years. This growth will be attributed to the growing infrastructure development along with the high Foreign Direct Investment in the region. For instance, recently India announced its largest project in the manufacturing sector. According to the Odisha government, ArcelorMittal Nippon Steel is going to invest over ?1 lakh crore in Kendrapara, Odisha, to set up a 24 mtpa (million tonnes per annum) integrated steel plant. Besides that, the plant will churn out 18.75 MT of cement annually, which will make it one of the biggest cement manufacturing facilities in the country.
Besides that, North America and Europe are expected to hold a significant market share in industrial metrology due to the developed infrastructure in the region along with the advanced application of the technology in the region. For instance, Porsche and Ericsson have partnered up to initiate a project on leveraging the power of 5G to accelerate production capabilities at Porsche’s manufacturing production in Germany.
Artificial Development to Hold a Bright Scope of Development:
The industrial metrology market’s development is largely based on the technological advancement in the sector which acts as a backbone of the industry. Artificial Intelligence and the Internet of Things powered by a high degree of research and development and investment in the sector are expected to boost up the market in the coming years. Besides that, the growing need for data analytics tools to analyze a large amount of data is also expected to play a key role in market development. Some of the recent developments and investments by the companies like Hexagon, Lincoln Electric Additive Solutions, PFW Aerospace, etc. are prominent examples of it. For instance, Hexagon introduced Cloud-native CNC machine-tool asset management that enables global manufacturers to analyze machine fleet utilization across multiple plants. Besides that, Lincoln Electric Additive Solutions has worked towards the problem of heavy and large pieces of equipment and has therefore pioneered 3D printing and scanning.
The role of 3D Metrology in Industrial Metrology is also very significant. 3D metrology is a method that precisely studies an object based on its physical measurement and tries to capture its accurate 3d system. The wide application of 3d metrology requires optical measurement and thus it holds a great opportunity for the growth of the market. 3D Metrology is being widely adopted in the areas of automotive, defense and aerospace, medical, electronics, and construction.
Price Volatility to Pave Hurdles in the Growth of the Market:
Price is one of the restraints for the Industrial Metrology market growth mainly because not all metrology equipment are easy to adopt, operate, and install in the facilities. Price volatility associated with the measurement equipment makes the device price-sensitive as their price depends upon the other technical tools that go into their manufacturing. Besides that, the role of labor handling cost is something to consider in the market growth. The lack of technically trained personnel and expertise in the field can restrict the growth of the market not just in some sectors but in low developing economies as well. This is because metrology requires trained and qualified personnel to install, monitor, and configure the measurement equipment thoroughly.
Coronavirus Pandemic Analysis:
The analysis report also provides a deep study about the impact of the coronavirus on market for industrial metrology market, stating how the lockdown, lack of labor, stringent curfew regulations by the government, export barriers, deeply affected every industry including automotive, semiconductor, defense, aerospace, power and energy, chemical and manufacturing, etc. With the shutting down of industries and halt of operations across the globe, the industrial metrology market witnessed a surge.