Coordinate Measuring Machine (CMM) Market - Global Industry Analysis, Size, Share, Growth Trends, and Forecast 2018 - 2028
Coordinate Measuring Machine (CMM) Market - Global Industry Analysis, Size, Share, Growth Trends, and Forecast 2018 - 2028
Report Digest
Coordinate Measuring Machine Market - Overview
The coordinate measuring machines have been extensively used for obtaining the measurement of a definite object. These machines comply with a set of standards to cull consistent and accurate measurements of products in numerous manufacturing sectors. With the deeper penetration of technology into the coordinate measuring machine market, manufacturers have been shifting their focus on enhancing the flexibility, simplicity, and usability of their products to popularize them for several inspection applications.
Sales of coordinate measuring machines surpassed a value of US$ 3 Bn in 2018, on the back of a cohort of factors. Rising awareness pertaining to the quality control of products have been a crucial growth driver for the market. With the evolution of industry 4.0 and its influence on a large number of industries, there has been a notable rise in the demand for coordinate measuring machine to offer superior quality of inspection services for numerous process. Independent technologies such as the Internet of Things and Artificial Intelligence are some of the emerging technologies reinforcing their position, which further generates the demand for CMMs to obtain precise measurements of connected objects. As a result, the coordinate measuring machine market is anticipated to witness sustained growth in the upcoming years.
Coordinate Measuring Machine Market – Novel Developments
- In June 2018, Hexagon AB announced the launch of Compact Robotic Measurement System that is economical and underpins the measurement of 3D systems for the inspection of a smaller shop. While the end-users are often put off by the larger size of the inspection equipment, qFLASH-A solution offers the ease of installation with its compact size and efficiency.
- In May 2018, FARO® developed As-Built™ software platform that boasts competency to transfer 3D reality into the software’s design tools with reduced efforts and time. The software offers unique performance and value that provides versatile tools for various industries such as Architecture, Facility Management, Oil & Gas, and Civil and Survey with a combination of aerial view and terrestrial view for better representation.
- In February 2018, Roush Yates joined forces with Nikon Metrology to leverage the premium coordinate measuring machine that suits the need of Roush Yates’ Engines. The latter has been a market leader for the development of reliable and high-performing engines and require accuracy and quality to meet the desired performance demands, which will be offered by coordinate measuring machine.
- In June 2018, Hexagon announced that it has acquired SPRING Technologies for strengthening the position of the company in the Autonomous Connected Ecosystems, which will fuel the growth of the smart factory.
Some of the most prominent competitors operating in the competitive landscape of global coordinate measuring machine (CMM) market include –
- Tokyo Seimitsu Co., Ltd.
- Apex Metrology Ltd.
- The Sempre Group
- Eley Metrology Limited
- Avon-Dynamic
- N.J. Metrology
- Wenzel
- Applied Automation Tech
- Trimek
- Metronor
- International Metrology Systems
- Creaform, Inc.
- Perceptron
- GOM
- Mitutoyo Corporation
- Carl Zeiss
- Keyence Corporation
- Nikon Corporation
- Faro Technologies
- Hexagon AB.
Coordinate Measuring Machine Market – Dynamics
Reverse Engineering Applications to Drive the Demand for Coordinate Measuring Machine Equipment
With the growing demand for the design modification of actual objects used for the production of tailor-made cars and spare parts, industries such as aerospace and defense, automotive, and manufacturing have started adopting coordinate measuring machine equipment. However, the modification process can be simplified by using reverse engineering for medical implants, boat parts, antennae, gears, engine parts, car body parts, and turbine blades. With the rising popularity of reverse engineering in the automotive and medical sector, the demand for CMM equipment has been on an increase, which is predicted to reflect directly on the size of the coordinate measuring machine market in the upcoming years.
Automotive and Aerospace Sector to Hold a Sizeable Share of the Coordinate Measuring Machine Market
Deeper penetration of technology in the automotive sector has generated a demand for compact and effective measuring equipment for obtaining an accurate measurement of spare parts and various automobile components that find their use in the manufacturing of vehicles, which will boost the sales of the coordinate measuring machine equipment. In addition, hefty investments made in the aerospace sector to achieve success in the space missions have been driving the growth of the coordinate measuring machine market. As the components in these industries become compact, there arises a need for precise measurement of the components, which will ensure the future growth of the coordinate measuring machine market in the upcoming years.
Coordinate Measuring Machine Market – Segmentation
The coordinate measuring machine market can be classified into:
- Type
- Application
- Industry
- Geography
Coordinate Measuring Machine Market Segmentation – By Type
Depending on the type, the coordinate measuring machine market can be fragmented into:
- Bridge
- Cantilever
- Articulated Arm
- Handheld
Coordinate Measuring Machine Market Segmentation – By Application
Based on the application, the coordinate measuring machine market can be fragmented into:
- Quality Control and Inspection
- Reverse Engineering
Coordinate Measuring Machine Market Segmentation – By Industry
On the basis of the industry, the coordinate measuring machine market can be segmented into:
- Automotive
- Heavy Machinery
The reports at TMR Research provide qualitative solutions that break the barriers of doubt or uncertainties when the stakeholders plan to expand their growth reach. The researchers compile the necessary information that enlightens the CXOs about the current growth opportunities in a specific market and enables them to make the most of the opportunities.
TMR Research is a leader in developing well-researched reports. The expertise of the researchers at TMR Research makes the report stand out from others. TMR Research reports help the stakeholders and CXOs make impactful decisions through a unique blend of innovation and analytical thinking. The use of innovation and analytical thinking while structuring a report assures complete and ideal information of the current status of the market to the stakeholders.
TMR Research has rich experience in developing state-of-the-art reports for a wide array of markets and sectors. The brilliance of the experts at TMR Research and their alacrity to conduct thorough research and create phenomenal reports makes TMR Research better than others.
5-Point Growth Formula
The 5-point growth formula developed by TMR Research provides an insight to the stakeholders and CXOs about the current situation in the market. The growth formula makes the report a perfect companion for the stakeholders and CXOs.
The 5-point growth formula includes the following points:
- Current and Future Threats
- Accurate Trend Analysis
- Regional Assessment
- Industrial Analogy
- COVID-19 Impact
Current and Future Threats
Along with studying the opportunities necessary for growth, threats are also an important aspect to look upon for the companies and stakeholders in a specific sector. TMR Research studies every negative aspect that will hinder the growth of a specific area of business and includes it in the report. The stakeholders and CXOs will have the benefit of assessing the threat and take the necessary steps to prevent the hindrance caused due to the threats.
Accurate Trend Analysis
Keeping up with the latest trends is crucial in any business or sector. While stakeholders are aware of the trends that are on the surface, TMR Researchers find trends that are deeply entrenched in the particular market or sector. The reports are constantly updated with the latest trends so that the stakeholders and CXOs can derive benefits from the trends and generate good revenues.
Regional Assessment
Demography forms an important part of the growth pattern of all the markets. Diving deep into the demographics enables maximum output from specific areas. The TMR Research team assesses every region and picks out the vital points that have a large impact on the growth of a market.
Industrial Analogy
The analysts at TMR Research conduct an all-round analysis on the competitive landscape of the market. The observations recorded by the analysts are added to the reports so that every stakeholder gets a glimpse of the competitive scenario and frame their business plans according to the situation.
COVID-19 Impact
The COVID-19 outbreak has changed the growth projections of numerous sectors and businesses. The analysts at TMR Research have conducted a conscientious survey on the markets after the pandemic struck. The analysts have put forth their brilliant and well-researched opinions in the report. The opinions will help the stakeholders to plan their strategy accordingly.
The reports offer answers to the top 7 questions that revolve around the growth of the market
- What are the diverse growth parameters influencing the market?
- Which regions will contribute largely to the growth of the market
- What are the recent innovations and technological advancements in the market?
- What are the emerging trends across the market?
- How has COVID-19 affected the market?
- What will be the post-pandemic scenario of the market?
- What are the major threats that will dent the growth prospects of the market?
Flat 10% discount on Single User License if you prebook this report
Flat 10% discount on Multiple User License if you prebook this report
Flat 10% discount on Corporate License if you prebook this report