Coordinate Measuring Machine (CMM) Market - Global Industry Analysis, Size, Share, Growth Trends, and Forecast 2018 - 2028
Coordinate Measuring Machine Market - Snapshot
The modeling and analytical industries are using 3D data at a larger scale for development in the market. The thriving automation sector and increased expenditure on research and development activities for metrology products development are boosting the coordinate measuring machine (CMM) market.
Increasing industrialization creates a demand for advanced testing instruments and technologies for the conduction of research and development. It further leads to the manufacturing of complex mechanical parts. These parts are commonly used in aerospace equipment, auto parts, numerical machine control tools, precision machinery, and many more. It boosts the growth in the coordinate measuring machine market. CMM, a precision instrument, is widely applied for the inspection and measurement of the complex mechanical part. The three-dimensional measurement is conducted to measure – height, width, and length. This measurement tactic boosts growth in the coordinate measuring machine market.
Different industries such as energy and power, electronics, medical, heavy machinery, automation, and aerospace and defense are using coordinate measuring machines for effective functioning. The data collected from these intelligently created 3D objects are used in modeling. The CMM measured coordinate data is converted into measurement data, for example, distance, diameter, and position. This data directly impact product performance and quality. So the requirement for the qualitative coordinate measuring machine is required in the market.
Further, the measurement industry also uses CMM for the visualization of the product during the manufacturing process. The statistical sampling provided for quality improvements through CMM boosts growth in the coordinate measuring machine market. The CMMs have become feasible and economical methods for the advancement in data-gathering sensor technology.
But overall installation cost of software and supportive hardware make the ownership high, and it further curtails growth in the coordinate measuring machine (CMM) market. In small industries where the product manufacturing is at a low level, the owners of these firms cannot afford this installation. It also negatively affects the coordinate measuring machine (CMM) market. But with the outsourcing solutions, these limitations can be eradicated, and it will open future avenues in the coordinate measuring machine (CMM) market.
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
Some of the most prominent competitors operating in the competitive landscape of global coordinate measuring machine (CMM) market include –
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:
Coordinate Measuring Machine Market Segmentation – By Type
Depending on the type, the coordinate measuring machine market can be fragmented into:
Coordinate Measuring Machine Market Segmentation – By Application
Based on the application, the coordinate measuring machine market can be fragmented into:
Coordinate Measuring Machine Market Segmentation – By Industry
On the basis of the industry, the coordinate measuring machine market can be segmented into:
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