The global optical measurement market is predicted to grow at a compound annual growth rate (CAGR) of 6.06% to attain a market size of US$6.310 billion by the end of the analysis period, 2026. Optical measurement refers to a contactless, fast, and accurate way of monitoring critical dimensions of manufactured parts in several industries through reliable equipment like Digitizers and Scanners, Microscopes, Coordinate Measuring Machines (CMM), Profile Projector, Autocollimator, Video Measuring Machines (VMM), etc. These pieces of equipment are used during inspections, researches, etc. to maximize the performance and ensure the reliability of the product.
Optical Measurement and Its Equipment:
Based on equipment, the Optical Measurement Market is segmented into Autocollimator, Coordinate Measuring Machines (CMM), Digitizers and Scanners, Microscopes, Profile Projector, Video Measuring Machines (VMM), etc. Microscopes are optical devices that are used to examine tiny objects that are too difficult to be captured by naked eyes. Autocollimator is used to measure small angles and helps in angular monitoring. It is used to detect angular movement, precision alignment, etc. with high sensitivity. Coordinate Measuring Machines (CMM) uses various types of probes like an 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. Profile Projectors or Shadow Graphs are used during inspections to magnify the surfaces of the object and present the result on the projection screen. 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.
Less Time Consuming When Compared With Traditional Methods and Equipment:
The optical measurement helps in reducing the time of inspection and provides reliable results over the conventional methods which also helps in cost reduction over time. Owing to this, companies and organizations use optical measurement to maintain the accuracy of their products over time and this factor is expected to drive the demand for optical measurement in the coming years as well. Besides that, the ability of an optical measurement to measure and monitor minute details is something that makes it preferable over the conventional methods, and with technological advancement, optical measurement has expanded its growth in Consumer Electronics, healthcare, Automotive, Manufacturing, Energy, Power, and Aerospace and Defense.
Industrialization and Regional Trends:
The major contributing factor to the growth of the growing optical measurement market is the rapid industrialization and its wide application in every sector and industry. The application of artificial intelligence in combination with the Internet of Things is expected to play a key role in driving the market. For instance, the University of Central Florida informed about the development of the first optical oscilloscope that is a device used to measure the electric field of light and convert it into electrical signals. The growing industrialization in the developing economies and the already established structure in the developed regions of Europe and North America together are expected to drive the market in the coming years.
One of the major driving factors for the Optical Measurement market is the increasing 3d metrology services especially in the field of automotive, defense and aerospace, medical, electronics, and construction. 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.
Lack of Expertise Is the Major Concern for the Market:
One of the major restraints to the market is the lack of technically trained personnel and expertise in the field. Not all optical measurement equipment is easy to use and deploy in the industry. It usually requires trained and qualified personnel to install, monitor, and configure the optical measurement thoroughly. Besides that, the design and research that goes into building a piece of optical measurement equipment is also a challenge. This is expected to become its biggest restraint especially in the nations that lack trained and qualified manpower to handle and understand the complicated equipment involved in it.
Besides that, another restraint to the market is the price volatility associated with the optical measurement market. Usually, the optical measurement equipment is price sensitive and their price depends upon the other technical tools that go into their manufacturing. This in turn makes the optical measurement market highly sensitive to price and this thus serves as a major restraint to the market.
Coronavirus Pandemic Analysis:
The analysis report also provides a deep study about the impact of the coronavirus on market for optical measurement, stating how the lockdown, lack of labor, stringent curfew regulations by the government, export barriers, deeply affected every industry including automotive, defense, aerospace, power and energy, chemical and manufacturing. With the shutting down of industries and operations across the globe, the demand for optical measurement witnessed a dip. However, the rising healthcare sector was the only aid to the optical measurement market because the application of the optical measuring equipment significantly increased during the covid pandemic.