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Coordinate Measuring Machine (Bridge, Cantilever, Articulated Arm, Handheld) Market - Global Forecast to 2023 - ResearchAndMarkets.com

November 26, 2018

DUBLIN--(BUSINESS WIRE)--Nov 26, 2018--The “Coordinate Measuring Machine (CMM) Market by Type (Bridge, Cantilever, Articulated Arm, Handheld), Application (Quality Control & Inspection, Reverse Engineering), Industry (Automotive, Heavy Machinery), and Geography - Global Forecast to 2023” report has been added to ResearchAndMarkets.com’s offering.

The CMM market is expected to grow from USD 2.8 billion in 2018 to USD 4.1 billion by 2023, at a CAGR of 8.00% during the forecast period.

Highly accurate inspection owing to three-dimensional (3D) data for modeling and analysis and growing interest in Industrial Internet of Things (IIoT) and superior quality inspections are a few key factors driving the CMM market growth. However, high costs incurred for setting up coordinate measuring machine facility still act as key restraining factors for the market growth.

Quality control & inspection applications to hold largest share of CMM market in 2018

Quality control & inspection applications to hold largest share of CMM market in 2018. The growth of the CMM market for quality control & inspection application can be attributed to the increase in adoption of new inspection techniques such as computer tomography and optical inspection using CMM and optical scanners in automotive and aerospace & defense industries. However, the market for reverse engineering application is expected to grow at the highest CAGR during the forecast period.

Automotive industry dominated CMM market during forecast period

Automotive industry to hold the largest share of the CMM market throughout the forecast period. The automotive industry has been increasingly using optical measurement systems and CMMs, instead of conventional strain gauges, accelerometers, transducers, and extensometers for improving the safety and comfort level of a vehicle. Growing demand for vehicles, especially from developing countries, has encouraged automotive manufacturers and OEMs to opt for automation to increase production volume and meet the market demand. However, the market for heavy machinery industry is expected to grow at the highest CAGR during the forecast period.

CMM market in APAC to grow at highest CAGR during forecast period

APAC to hold the largest share of the CMM market in 2018 and is expected to grow at the highest CAGR during the forecast period. This high growth of APAC is expected to be led by the increasing demand for CMMs in China and Japan, especially for industries such as electronics, automotive, and heavy machinery. These countries are home to several SMEs engaged in manufacturing processes across said industries and also making significant investments for automating their production processes, which adds to the growth of the CMM market.

Market Dynamics

Drivers

Highly Accurate Inspection Owing to Three-Dimensional (3D) Data for Modeling and Analysis Growing Interest in Industrial Internet of Things (IIoT) and Superior Quality Inspections

Restraints

High Cost Incurred for Setting Up Coordinate Measuring Machine Facility

Opportunities

Increasing Demand for Non-Contact Probing Technology Growing Demand for Coordinate Measuring Machine Services

Challenges

Improving CMM Scanning Throughput Functional Safety Challenges Owing to the Adoption of IIoT

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights

5 Market Overview

6 Coordinate Measuring Machine (CMM) Market, By Type

7 Coordinate Measuring Machine (CMM) Market, By Application

8 Coordinate Measuring Machine (CMM) Market, By Industry

9 Geographic Analysis

10 Competitive Landscape

11 Company Profiles

APEX Metrology Ltd Applied Automation Tech.(AAT) Avon-Dynamic Carl Zeiss Creaform, Inc. Eley Metrology Limited Faro Technologies GOM Hexagon AB International Metrology Systems Keyence Corporation Metronor Mitutoyo Corporation N. J. Metrology Nikon Perceptron, Inc. The Sempre Group Tokyo Seimitsu Co., Ltd. Trimek Wenzel

For more information about this report visit https://www.researchandmarkets.com/research/5s7cq5/coordinate?w=4

View source version on businesswire.com:https://www.businesswire.com/news/home/20181126005519/en/

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Related Topics:3D Printing,Industrial Machinery

KEYWORD:

INDUSTRY KEYWORD: TECHNOLOGY OTHER TECHNOLOGY MANUFACTURING ENGINEERING

SOURCE: Research and Markets

Copyright Business Wire 2018.

PUB: 11/26/2018 10:42 AM/DISC: 11/26/2018 10:42 AM

http://www.businesswire.com/news/home/20181126005519/en

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