Metrology Services Market is Expected to Reach Over USD 824.6 Million by 2020 : Radiant Insights , Inc
The global metrology services market is expected to reach USD 824.6 Million by 2020 . Increasing demand for high-precision components in key end-use industries such as automotive , electronics and power generation is expected to drive the market over the forecast period . Development of metrology software packages such as Geometric Dimensioning and Tolerancing , Robotic Metrology among others is expected to ease the implementation of metrology services in manufacturing industries . Integration issues , emerging as a result of the lack of a universal system , are expected to pose a challenge to the growth of this market . Additionally , increased bargaining power of buyers may hinder industry growth .
Further key findings from the study suggest :
Optical Digitizer and Scanners ( ODS ) dominated the metrology services market , accounting for over 55 % of the overall revenue in 2013 , primarily due to greater precision and accuracy offered as compared to Coordinate Measuring Machines ( CMM ). Bridge machines emerged as the leading CMM product segment in 2013 , accounting for over 30 % of the overall market revenue in 2013 . Bridge machines are better suited for repeated measurements and are easy to calibrate . Laser trackers generated the highest revenue among ODS products , which can be attributed to their enhanced accuracy and high speed of operation .
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Industrial applications emerged as the leading segment in 2013 , accounting for over 25 % of the overall market revenue . This is primarily due to the use of metrology services in crucial operations including quality control , inspection and mechanical design among others . Automotive applications are expected to witness significant growth due to an increased level of precision in components as a consequence of technological developments in automobiles .
North America metrology services market revenue is expected to reach USD 244.4 million by 2020 , growing at a CAGR of 8.2 % from 2014 to 2020 .
Asia Pacific is expected to be the market leader over the next six years and contributed over 30 % to the global market revenue in 2013 , mainly on account of booming automotive industry along with other enduse industries including medical and manufacturing .
Key companies operating in the market include Nikon Metrology Inc ., Carl Zeiss Corporation , Optical Metrological Services , Hexagon AB , Danish Micro Engineering A / S , Renishaw Plc ., Optical Gaging Products Inc ., Trescal SA and FARO Technologies Inc .
For the purpose of this study , Grand View Research has segmented the global metrology services market on the basis of product , application and region :