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How Has The Coordinate Measuring Machine Market Size Evolved And What Is The Anticipated Growth?
The coordinate measuring machine market size has grown strongly in recent years. It has grown from $3.43 billion in 2023 to $3.76 billion in 2024, reflecting a compound annual growth rate CAGR of 9.7%. This growth in the historic period can primarily be attributed to the growth in the automotive sector, the rise in automation, increased emphasis on sustainable manufacturing, shortened product development cycles, and rapid industrialization.
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What Is The Growth Forecast For The Coordinate Measuring Machine Market?
The coordinate measuring machine market size is expected to see strong growth in the next few years. It is projected to grow to $5.44 billion in 2028 at a CAGR of 9.6%. The forecasted growth can be linked to the rising aerospace industry, the growing medical sector, the adoption of industry 4.0 and smart manufacturing, and the increasing demand for high-quality goods. Major trends in the forecast period include non-contact metrology, 3D scanning and digitization, shop-floor cmms, multi-sensor cmms, and portable cmms.
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Which Factors Are Expected To Drive The Growth Of The Coordinate Measuring Machine Market?
The expansion of the automotive sector is expected to fuel the growth of the coordinate measuring machine market during the forecast period. The automotive industry refers to all businesses involved in the production of motor vehicles, including the majority of their parts such as bodywork and engines. In the automotive industry, CMMs are used to measure suspension hard points for use in vehicle dynamics simulations. For instance, the total number of passenger vehicles, three-wheelers, two-wheelers, and quadricycles produced in January 2022 was 1,860,809 units, according to the India Brand Equity Foundation, an Indian government export promotion agency. Furthermore, in 2023, the Indian government projects that the automotive sector will attract $8–10 billion in domestic and foreign investment. The growth of the automotive sector is expected to propel the growth of the coordinate measuring machine market.
Which Are The Key Players In The Coordinate Measuring Machine Market?
Major companies operating in the coordinate measuring machine market include Carl Zeiss AG, Creaform Inc., Eley Metrology, FARO Technologies Inc., Hexagon AB, Keyence Corporation, Metronor AS, Mitutoyo Corporation, Nikon Metrology NV, Tokyo Seimitsu Co. Ltd., Perceptron Health Inc., WENZEL Group GmbH & Co. KG, Aberlink Ltd., Accurate Gauging & Instruments Pvt Ltd, Dukin Co. Ltd., Carl Zeiss AG, Applied Automation Technologies Inc., Avon-Dynamic, Velocity Machine Inc., Dimensional Engineering, Sipcon Instrument Industries, Helmel Engineering Products Inc., International Metrology Systems, and others.
What Are The Key Trends In The Coordinate Measuring Machine Market?
A key trend gaining popularity in the coordinate measuring machine market is the emergence of 3D measurement systems. 3D measurement is a metrology process that collects 3D data from physical objects, such as their shapes, textures, geometries, and colors, using various types of 3D measurement tools, such as 3D scanners.
How Is The Coordinate Measuring Machine Market Segmented?
The coordinate measuring machine market is segmented in terms of type into Fixed CMM and Portable CMM. By application, it is divided into Inspection and Reverse Engineering. The market is further segmented based on industry into Automotive, Aerospace, Heavy Machinery, Energy and Power, Electronics, Medical, and other industries.
What Are The Regional Insights Into The Coordinate Measuring Machine Market?
Asia-Pacific was the largest region in the coordinate measuring machine market in 2023. The regions covered in the coordinate measuring machine market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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