Coordinate Measuring Machine (CMM) Market - Global Industry Analysis, Size, Share, Growth Trends, and Forecast 2018 - 2028

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Coordinate Measuring Machine (CMM) Market - Global Industry Analysis, Size, Share, Growth Trends, and Forecast 2018 - 2028

Status : May, 2021 | Semiconductor & Electronics

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

This study provides a particularized anatomy according to the L.E.A.P mechanism

  • Latest trends and cardinal growth prospects
  • Existing and future insights in growth
  • Ascensions in technology
  • Pain points

The regional analysis offers market assays across:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The study, prepared through the L.E.A.P mechanism adds a dimension of infallibility and assures precise information on all the growth dynamics.

Latest Trends and Cardinal Growth Prospects

The study assists in burnishing the knowledge of the stakeholder in terms of the emerging trends. The study provides an expansive coverage on the latest developments and novel profit-yielding sources that augur well with the market. A dedicated and determined team of experts conduct an out-and-out research on diverse aspects to offer ultimate breakthroughs in the market.

Existing and Future Insights in Growth

The interfusion of ubiquitous primary and secondary research through modern tools invites perfection and accuracy in every aspect. Primary research is circumspectly conducted through exhaustive interactions and interviews of experts. These valuable opinions are then neatly inducted in the report to allow the stakeholder for reaping the benefits. A treasure of secondary data is extracted via famed paid sources, yearly estimates and statements, renowned journals, and government documents. These sources assist in creating a robust database comprising existing and subsequent growth dynamics.

Ascensions in Technology

Diverse technological advancements and cutting-edge innovations in the market have been covered in this study to assist the stakeholder in research and development activities. Recent upgrades have also been added in the study, thus helping the stakeholder to paint the strokes of growth on the canvas of the market.

Pain Points

The study presents a plethora of challenges and obstacles that can hinder the growth of the market to allow the stakeholder to prepare their strategies accordingly.

The world ushered in the new decade with the shadow of the COVID-19 pandemic. The outbreak has damaged the growth prospects of several businesses and has crippled the entire economy. The study is in tandem with the changing dynamics of the market due to the SARS-CoV-2 outbreak. The study focuses on the coronavirus pandemic and analyses every aspect that impacts the growth positively or negatively.

An aerial perspective of the regions covered in this study enables the stakeholder to design strategies accordingly. The 360-degree assessment of every aspect associated with growth offers information on a rainbow of growth opportunities available across the market.

The exhaustive study motivates the stakeholder to take the 'LEAP' of faith and achieve success!

This report is the key to questions such as:

What are the prominent factors that will help in reshaping the market growth?

Which trends have the potential to bring expansive growth for the market?

What are the necessary strategies to overcome the ill-effects of the COVID-19 pandemic?

Which regions will emerge as champion growth contributors for the market?

Which aspects will serve as game-changers for the market?

What are the latest innovations in the market?

Which factors will hinder the growth of the market?