The 3D metrology market comprises various equipment such as coordinate measuring machine (CMM), optical digitizer and scanner (ODS), video measuring machine (VMM), form measurement, automated optical inspection system, and many others. 3D metrology is widely used across various industrial domains such as automotive, aerospace, construction, power, medical, and other heavy machinery manufacturing industries to inspect dimensions and geometry of components and products. The increasing emphasis on quality control and achieving dimensional accuracy of products are fueling the adoption of 3D metrology equipment.
The 3D metrology market is estimated to be valued at USD 13.56 Bn in 2024 and is expected to reach USD 21.85 Bn by 2031, growing at a compound annual growth rate (CAGR) of 7.05% from 2024 to 2031.
Key Takeaways
Key Takeaways
Key players operating in the 3D metrology market are Hexagon, FARO Technologies, Nikon Metrology, Mitutoyo Corporation, Keyence Corporation, amongst others.
The burgeoning demand from the automotive industry for metrology equipment to inspect engine components, seating mechanisms, welding points, and other complex parts is a major factor driving the 3D Metrology Market growth.
Technological advancements in the field of 3D metrology such as the integration of augmented reality, artificial intelligence, and Internet of Things are enabling the measurement of minute features and complex geometries with high accuracy and speed.
Market Trends
Portable 3D metrology devices: Manufacturers are focusing on developing portable arm CMM devices, portable scanner devices, and handheld measurement devices to expand into new application areas and market segments.
Automation and integration of metrology systems: There is a growing trend of integrating metrology devices with robotics, process control systems, and inspection ports to enable fully automated quality inspection processes.
Market Opportunities
Increasing application of 3D metrology in additive manufacturing: 3D metrology equipment find increasing usage in additive manufacturing industry for profile and dimensional inspection of 3D printed parts.
Quality control requirements in developing countries: Emerging economies in Asia Pacific and Latin America witnessing heavy engineering industry growth are expected to invest more in metrology equipment to meet stringent quality standards.
IMPACT OF COVID-19 ON 3D METROLOGY MARKET GROWTH
The Covid-19 pandemic has adversely impacted the 3D metrology market growth. During the pre-Covid times, the market was growing at a steady pace owing to increased focus on quality control and increasing automation across industries. However, the outbreak resulted in lockdowns worldwide disrupting global supply chains. This led to reduced demand from end-use industries like automotive, aerospace which are major adopters of 3D metrology systems.
With factories and production facilities being shut, companies postponed capital expenditure on new equipment. Even as restrictions are being lifted gradually, the demand is yet to regain pre-Covid levels as industries are facing financial troubles and uncertain demand outlook. Social distancing norms have also impacted investment decisions. The healthcare industry was the only sector which boosted the use of 3D metrology for vaccine and medical device development during the pandemic.
Going forward, increased focus on remote quality inspection and digitization of processes are expected to drive opportunities. Adoption of portable metrology systems is anticipated to pick up for applications such as machinery inspection in factories. Industry players are focusing on developing lightweight, affordable solutions to aid contactless inspection. Emphasis on eliminating bottlenecks and optimizing operations will further aid market recovery in the coming years.
GEOGRAPHICAL CONCENTRATION OF 3D METROLOGY MARKET
In terms of value, the North American region holds the major share of the overall 3D metrology market currently. This can be attributed to presence of major companies and availability of latest technologies in the region. The United States occupies the maximum share within North America owing to a well-established automotive industry and aerospace sector. Significant investments are being made by government and companies on R&D activities involving 3D metrology.
The Asia Pacific region has emerged as the fastest growing market for 3D metrology globally in recent years. This upward momentum is anticipated to continue even in the post-pandemic times. The presence of developing manufacturing hubs and rising adoption across industries such as electronics is driving the market in the region. Countries like China and India are spearheading the growth on account of low manufacturing costs and government initiatives to promote local manufacturing.
FASTEST GROWING REGION FOR 3D METROLOGY MARKET
Due to the rapidly expanding manufacturing industries and rising foreign investments, the South East Asian countries have emerged as the fastest growing region for the global 3D metrology market. The ASEAN region consisting of countries like Indonesia, Thailand, Vietnam and Malaysia is witnessing double digit growth currently. This positive momentum is attributed to robust economic development leading to growth of end-use sectors incorporating 3D metrology
systems. Increasing labor costs in China are prompting many global companies to shift production bases to ASEAN nations. This, along with government initiatives promoting smart manufacturing are opening new opportunities. For instance, the overall 'Made in Vietnam' campaign is attracting various automotive manufacturers. Countries like Vietnam and Indonesia in particular offer attractive tax incentives and are focused on technology adoption. Hence, the ASEAN region is anticipated to outpace overall market expansion over the coming decade.
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