Industrial Metrology Market Soars Amidst Electric Vehicle Boom and Industry 4.0 Adoption
The global industrial metrology market is experiencing substantial growth, driven by a multitude of factors ranging from the rise of electric vehicles to the adoption of Industry 4.0 practices. A recently published study delves into the various facets of this thriving market, shedding light on the dynamics propelling its expansion.
Rise in Industrial and Power Generation Applications Fuels Market Growth
The industrial metrology market has witnessed rapid expansion in recent years, primarily owing to the increasing interest in big data analytics and surging automotive sales in emerging economies. The future demand from the electric vehicle industry and the automotive sector’s recognition of this need are contributing significantly to this growth. In 2021 alone, electric vehicle sales surged, with China leading the way with a nearly threefold increase. The market is expected to benefit from this demand, driven by the industrial and power generation sectors, as well as technological advancements and increased demand for finished products.
Diverse Industries Embrace Industrial Metrology
Aerospace, defense, semiconductor, automotive, and manufacturing sectors are among the industries extensively leveraging industrial metrology. Manufacturers are either establishing their metrology facilities or outsourcing them to integrate metrology into production processes and product development. The adoption of Industry 4.0, with its focus on digitizing physical assets and integrating them into digital ecosystems, is significantly influencing the services segment of the metrology market. The expansion is further propelled by advancements in portable metrology equipment and software-driven process automation.
COVID-19 Impact
The COVID-19 pandemic disrupted supply chains and impacted the industrial metrology market. The manufacturing sector’s revenue was affected in the first quarter of 2021, and the repercussions are expected to continue throughout the year. Despite the challenges, key manufacturing nations like the U.S., Germany, Italy, the United Kingdom, and China continue to have high demand for industrial metrology. The ability of businesses to recover financially depends on their cash reserves and strategic decisions, such as production halts and layoffs.
Rapid Uptake of Hybrid and Electric Cars
The rapid adoption of hybrid and electric vehicles is bolstering the industrial metrology market, particularly in applications related to electric vehicle batteries, fuel cell systems, power electronics, and electric motors. As electric vehicles gain prominence, the importance of precision metrology solutions becomes paramount.
Growing Interest in Industry 4.0
The emergence of Industry 4.0, or the smart factory, is revolutionizing industries by maximizing asset usage, reducing downtime, and improving labor efficiency. This trend is driving the demand for metrology equipment across the value chain, with in-line inspection systems connected to production plant robots for real-time measurement data analysis.
Challenges of Integration
While the potential for industrial metrology is vast, the integration process is not without challenges. Interfaces between mechanical, electrical, and information technologies vary, and handling big data poses difficulties. However, the market continues to evolve to address these issues.
Optical Digitizer & Scanner (ODS) Dominance
The optical digitizer and scanner (ODS) subsegment is experiencing rapid growth, thanks to its precision and versatility. ODS is widely used in inspection, reverse engineering, and dimensional measurements across various industries, including forensics, heritage restoration, medical, and 3D printing.
Automotive Sector Leads the Way
The automotive sector remains the top end user of industrial metrology solutions, driven by the need for high-quality procedures and the rise of electric vehicles. Metrology technologies play a crucial role in enhancing quality control and production efficiency in the automotive industry.
Asia Pacific’s Dominance
The Asia Pacific region is expected to dominate the industrial metrology market, driven by its expanding industrial and automotive industries, government initiatives, and significant investments in research and development. China, South Korea, and Japan are key players in this growth story.
North America’s Significant Role
North America, with its advanced manufacturing industries and automation, holds the second-largest market share. The United States leads in metrology technology, catering to pharmaceutical, automotive, and aerospace sectors. The region’s strong manufacturing industry supports the demand for metrological technologies.
Competitive Landscape
Key players in the industrial metrology market include Hexagon, Carl Zeiss, Nikon, KEYENCE, FARO Technologies, Jenoptik, Creaform, KLA Corporation, Renishaw, and Mitutoyo Corporation. These companies continue to innovate and expand their offerings to meet the evolving demands of various industries.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 – By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/industrial-metrology-market
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