“Metrology market is expected to demonstrate favorable growth over the forecast period” says Visiongain report
18 July 2019
Visiongain has launched a new semiconductors report Metrology Market Report 2019-2029: Forecasts by Product Type (Coordinate Measuring Machines, Optical Digitizers and Scanners), by Application (Automotive, Aerospace, Industrial, Power Generation) PLUS Profiles of Leading Companies and Regional and Leading National Market Analysis.
The global metrology market is expected to demonstrate favorable growth through the forecast period. The market is driven by increasing demand for precise parts and components from various industries such as electronics, power generation, and automotive industry, technological advancements in metrology software packages, and increasing need for adherence to international quality standards. Developments in the measuring technology and new product development by key players are positively impacting the growth pattern of the metrology market. However, high cost of equipments and lack of skilled machine operators pose as an impediment for the metrology market growth.
Metrology helps manufacturers to optimize productivity and increase efficiency with minimal impact on the resource requirement. Multiple metrology products can be used as integrated systems or independently, to perform tasks such as 3D measurement, reverse engineering, product quality optimization, quality control or inspection, reducing waste/scrap generation, and minimizing the need of reworks during the manufacturing process. However, the high cost of the precision equipments creates an unfavorable situation for the companies, which makes keeping the inventory at par with technological advancements financially challenging. The automotive industry in Asia Pacific is rapidly booming, making the region a major revenue contributor of the metrology market. Additionally, the use of processes based on Computer Aided Design and Computer Aided Manufacturing (CAD/CAM) in the manufacturing cycle is getting prominence for various advantages including shorter production cycle, overall operational efficiency, minimal defects, and cost reduction.
Some of the key companies and service providers operating in the metrology market include Hexagon AB, Atos SE, Renishaw PLC, Automation Anywhere Inc., Faro Technologies, Carl Zeiss Ag, Infosys Ltd., Cognizant Technology Solutions Corporation, IPsoft, Inc., Kofax Ltd., Jacada, Inc., and Genpact Ltd. among others. Manufacturers are adopting various strategic initiatives such as incorporating internationally accepted quality standards such as Six Sigma, ISO-9001, QS-9000 to meet the requirements of global clients and enhancing regional reach through various mergers and acquisitions. Furthermore, target marketing and new product launches are some other strategies adopted by companies to gain a competitive advantage.
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