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The coordinate measuring machine market share is expected to increase by USD 84.7 billion from 2020 to 2025, and the market's growth momentum will accelerate at a CAGR of 5.37%.
This coordinate measuring machine market research report provides valuable insights on the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers coordinate measuring machine market segmentations by-product (bridge, articulated arm, horizontal arm, and gantry), end-user (automotive, aerospace, and others), and Geography (APAC, North America, Europe, South America, and MEA). The coordinate measuring machine market report also offers information on several market vendors, including Carl Zeiss AG, FARO Technologies Inc., Hexagon AB, Keyence Corp., Mitutoyo Corp., Nikon Corp., Perceptron Inc., Quality Vision International Inc., Tokyo Seimitsu Co. Ltd., and WENZEL Group GmbH & Co. KG among others.
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Based on our research output, there has been a neutral impact on the market growth during and after post COVID-19 era. The 3d inspection of products using cmm is notably driving the coordinate measuring machine market growth, although factors such as an increase in demand for ods may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the coordinate measuring machine industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Coordinate Measuring Machine Market Driver
The 3D inspection of products using CMM is one of the key factors driving the growth of the global coordinate measuring machine market. The need to adopt quality standards in product development processes across manufacturing industries drives the growth of the market. International quality standards such as QS-9000, ISO9001, and Six Sigma need to be adopted primarily in manufacturing industries. These industries depend on CMMs to ensure that the dimensional quality of the manufactured product is consistent. Dimensional accuracy is one of the key focus areas in the product development lifecycle. Even a sub-micron-level deviation in a product's dimension could lead to the need for redeveloping the product. A slight dimensional inaccuracy could result in reduced product life and low customer satisfaction. Moreover, the use of automated CMMs to inspect products is increasing in the manufacturing industry. They are used for contact measurement and inspection. CMMs are also preferred by several end-users for the 3D measurement of objects. The need to adopt quality standards during product development also necessitates the use of CMMs. Hence, the demand for high-quality products has resulted in an increase in the adoption of CMMs across manufacturing industries.
Key Coordinate Measuring Machine Market Trend
The increase in the number of commercial aircraft will fuel the global coordinate measuring machine market growth. The growth of the middle-class population in emerging economies, rising disposable income, and decreasing airfares have led to the growth of the aviation industry across the globe. APAC is expected to play a key role in the growth of the aerospace sector. Developments in this sector are being driven by a combination of strong economic growth and increment in household incomes. Also, several government initiatives to improve infrastructure in APAC countries are expected to develop new national and international air connecting routes for aviation companies. Such factors will generate a high demand for commercial aircraft from aviation companies to operate on new routes. Moreover, The increase in the replacement of commercial aircraft and the backlog in the order books of leading commercial aircraft manufacturers will result in investments in capacity expansion, thus driving the demand for CMMs. Such factors will increase the market growth during the forecast period.
Key Coordinate Measuring Machine Market Challenge
The increase in demand for ODS is a major challenge for the global coordinate measuring machine market growth. The resurgence in the industrial sector after the economic recession of 2008-2009, the growth in the aerospace industry, and the growing trend of automated manufacturing drive the global metrology market. Moreover, manufacturers, especially in the automotive and aerospace industries, primarily focus on precise engineering and integrating automation in the industrial environment, and they are the driving factors of the metrology market globally. Optical digitizers and scanners (ODS) are non-contact metrology systems, which use laser or white light-based scanning technology to image objects by locating their coordinate points and reconstructing them using the software. However, the ODS consists of 3D laser scanners with laser trackers dominating the global metrology market. Also, ODS holds a significant share of around 55% of the overall metrology market revenue. The growing demand for new and advanced measuring technology has led to an increase in the demand for ODS as they are faster and provide more accurate measurements than CMMs. Thus, the rise of ODS in the metrology market will adversely impact the global CMM market.
This coordinate measuring machine market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.
Technavio categorizes the global coordinate measuring machine market as a part of the global industrial machinery market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the coordinate measuring machine market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the coordinate measuring machine market encompasses successful business strategies deployed by the key vendors. The coordinate measuring machine market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The coordinate measuring machine market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the coordinate measuring machine market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The value chain of the global industrial machinery market includes the following core components:
The report has further elucidated other innovative approaches being followed by manufacturers to ensure a sustainable market presence.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Product
6 Market Segmentation by End-user
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix
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