Metrology Service Market Size Growing at 6.2% CAGR, Set to

By Globe News Wire On Feb 21, 2023

LOS ANGELES, Feb. 21, 2023 (GLOBE NEWSWIRE) — The Global Metrology Service Market Size accounted for USD 905.6 Million in 2021 and is projected to achieve a market size of USD 1,546.1 Million by 2030 rising at a CAGR of 6.2% from 2022 to 2030.

Metrology Service Market Research Report Highlights and Statistics:

The Global Metrology Service Market size in 2021 stood at USD 905.6 Million and is set to reach USD 1,546.1 Million by 2030, growing at a CAGR of 6.2%
The market for metrology service offers a wealth of opportunities for organizations looking to enhance the precision and accuracy of their products.
With an increasing focus on quality control and regulatory compliance, the demand for metrology services is expected to continue to grow in the coming years.
The top end-use industries for metrology services include automotive, aerospace, medical devices, and consumer goods.
Non-contact optical metrology, 3D scanning, and X-ray metrology are some of the advanced technologies that are driving the growth of the metrology service market share.
The market for metrology service is highly competitive, with the presence of several large multinational companies as well as small and medium-sized enterprises.
High costs associated with advanced metrology equipment, lack of skilled professionals, and the limited availability of metrology services in developing regions are some of the key challenges faced by the market for metrology service.

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Metrology Service Market Report Coverage:

Market	Metrology Service Market
Metrology Service Market Size 2021	USD 905.6 Million
Metrology Service Market Forecast 2030	USD 1,546.1 Million
Metrology Service Market CAGR During 2022 – 2030	6.2%
Metrology Service Market Analysis Period	2018 – 2030
Metrology Service Market Base Year	2021
Metrology Service Market Forecast Data	2022 – 2030
Segments Covered	By Product, By Application, And By Geography
Metrology Service Market Regional Scope	North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
Key Companies Profiled	Danish Micro Engineering A/S, Renishaw PLC., Hexagon AB, Carl Zeiss AG, Renishaw plc, Nikon Metrology Inc., Carl Zeiss Corporation; Optical Metrology Services Ltd, FARO Technologies Inc., and Metrology Services, Inc.
Report Coverage	Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis

Metrology Service Market Overview

Metrology is a scientific discipline concerned with the accurate measurement of physical quantities. In recent years, the metrology service market share has seen significant growth due to the increasing demand for precision and accuracy in various industries such as manufacturing, aerospace, automotive, and medical devices.

Metrology services include a wide range of applications, including dimensional metrology, material metrology, and functional metrology. Dimensional metrology involves the measurement of physical dimensions such as length, height, and width, while material metrology focuses on the properties of materials such as hardness, thermal conductivity, and tensile strength. Functional metrology, on the other hand, deals with the evaluation of a device’s performance, including accuracy, reliability, and repeatability.

Metrology services are increasingly being sought after by manufacturers who are looking to improve their quality control processes, as well as by organizations that are seeking to meet regulatory standards and ensure the safety and reliability of their products. The use of advanced metrology techniques, such as 3D scanning and non-contact optical metrology, has also expanded the scope of metrology services and has led to the development of new and innovative applications.

Trends in the Metrology Service Market:

Increasing demand for precision and accuracy: There is a growing need for precision and accuracy in various industries, leading to an increase in demand for metrology services.
Growing demand from automotive industry: The automotive industry is a major end-user of metrology services, with a focus on quality control and compliance with industry standards.
Advances in metrology technology: The development of advanced metrology technologies such as 3D scanning and non-contact optical metrology has expanded the scope of metrology services and increased their accuracy.
Growing demand from aerospace industry: The aerospace industry is another significant end-user of metrology services, with a focus on ensuring the safety and reliability of aerospace components.
Growing demand for functional metrology: There is a growing demand for functional metrology services, which evaluate the performance of a device in terms of accuracy, reliability, and repeatability.
Increasing demand from medical device industry: The medical device industry is a growing market for metrology services, with a focus on ensuring the accuracy and reliability of medical devices.
Growing demand from consumer goods industry: The consumer goods industry is another end-user of metrology services, with a focus on quality control and compliance with industry standards.

Metrology Service Market Dynamics:

Increasing demand for quality control: There is a growing demand for quality control in various industries, leading to an increase in demand for metrology services.
Increasing demand for material metrology: There is a growing demand for material metrology services, which evaluate the properties of materials such as hardness, thermal conductivity, and tensile strength.
Growing demand for non-contact optical metrology: There is a growing demand for non-contact optical metrology services, which use light to measure physical quantities without touching the object being measured.
Increasing use of 3D scanning: 3D scanning is an advanced metrology technology that is increasingly being used in a wide range of applications, including quality control, reverse engineering, and product design.
Growing demand for X-ray metrology: X-ray metrology is a specialized metrology technology that is increasingly being used in applications such as quality control, material analysis, and failure analysis.
Growing demand for metrology software: There is a growing demand for metrology software, which is used to analyze and interpret data from metrology systems and to automate metrology processes.

Growth Hampering Factors in the market for Metrology Service:

Long lead time for delivery of metrology equipment: The long lead time for delivery of metrology equipment can limit the growth of the metrology service market size, as companies may need to wait several months to receive their equipment.
Uncertainty in metrology measurements: Uncertainty in metrology measurements can limit the growth of the metrology service market share, as companies may question the accuracy and reliability of metrology data.
Competition from low-cost providers: Competition from low-cost providers can limit the growth of the metrology service market size, as companies may opt for lower-cost providers over higher-quality metrology services.
Technical challenges in metrology equipment: Technical challenges in metrology equipment, such as software bugs and hardware malfunctions, can limit the growth of the metrology service market share.
Slow adoption of metrology technology in some industries: The slow adoption of metrology technology in some industries can limit the growth of the metrology service market, as companies in these industries may be slower to adopt metrology services.
High cost of metrology services and metrology equipment: The cost of metrology services can be a barrier for some companies, limiting the growth of the metrology service market size.

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Market Segmentation:

By Product Type

1. Coordinate Measuring Machine (CMM)

Articulated Arm Machine
Gantry Machine
Horizontal Arm Machine
Bridge Machine Type

2. Optical Digitizer and Scanner (ODS)

White Light Scanner
3D Laser Scanner
Laser Tracker

By Application Type

Aerospace
Automotive
Power Generation
Industrial
Others

Metrology Service Market Overview by Region

North America’s Metrology Service Market share is the highest globally and is driven by the presence of a large number of high-tech manufacturing companies, such as aerospace and automotive companies. The region is also home to a large number of universities and research institutions that are leading the way in the development of advanced metrology technologies.

The Asia-Pacific region’s Metrology Service market share is the fastest growing in the world driven by the presence of a large number of rapidly developing countries, such as China, India, and South Korea. The region is characterized by a high degree of innovation and competitiveness, with a number of companies and institutions developing cutting-edge metrology technologies.

Europe is another key market for Metrology Service, driven by the presence of a large number of manufacturing companies and a well-developed infrastructure for advanced manufacturing. The region is also home to a number of well-established metrology service providers, who offer a wide range of services to clients in various industries.

The South American and MEA regions have a smaller Metrology Service market share, driven by the presence of a number of large industrial companies, such as those in the automotive and aerospace industries. The region is also characterized by a growing demand for high-quality metrology services, as companies look to improve the accuracy and efficiency of their production processes.

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Metrology Service Market Key Players

The market for Metrology Service is highly competitive and includes a large number of players offering a wide range of metrology services. Some of the leading players in the market include Hexagon AB, Carl Zeiss AG, Mitutoyo Corporation, Nikon Metrology, Renishaw plc, Faro Technologies, Inc., Perceptron, Inc., Metrologic Group, Creaform, Inc., GOM GmbH, 3D Digital Corporation, 3D Systems Corporation, Kreon Technologies, Optische Systeme GmbH, Keyence Corporation, Creaform Inc., Aicon 3D Systems GmbH, Mahr GmbH, and Artec 3D. These players are constantly innovating and improving their services in order to stay ahead of the competition and meet the growing demand for high-quality metrology services.

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