3D Metrology Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Solution Component (Hardware, Software, Services), By Product (Optical Digitizer And Scanner, Coordinate Measuring Machine, Video Measuring Machine), By Industry Vertical (Automotive, Aerospace And Defense, Healthcare, Construction, Energy And Power, Consumer Electronics, Others), And By Geography - Forecasts From 2021 To 2026

The 3D metrology market is projected to witness a compound annual growth rate of 6.58% to grow to US$15,539.297 million by 2026, from US$9,949.970 million in 2019. 3D metrology device is used for inspection and observation purposes in an industry set up for efficient operation and production. The prime reason which is driving lucrative growth in the market is robust advancement being observed across end-user industries. Automotive, and aerospace and defense enterprises are key users of 3D metrology technology. These industries are witnessing notable growth which is expected to drive demand for 3D metrology services throughout the forecast period. Moreover, the growth is observed in the electric vehicle industry in addition to growing environmental consciousness is projected to open new opportunities.  With the strict labor laws that ensure a safe working environment, the adoption of advanced safety equipment for hazard avoidance and lower risk at work has bound the industries to adopt protective devices, which is expected to boost the market growth. Furthermore, increasing innovation and R&D in the industry has resulted in notable development in the technology which is further augmenting the demand for these services. While the North American region is expected to hold a dominating market share, the Asia Pacific 3D metrology market is projected to grow at the fastest rate.

GROWING INDUSTRY HAZARDS AND IMPLEMENTATION OF STRICT LABOUR LAWS.

One of the prime reasons supporting the growth in the 3D metrology market is increasing cases of industry hazards and mishappening which has put life and capital at significant risk. Data published by Eurostat show that fatal accidents in an industry setup increased to 3,332 cases in the EU27 in 2018, increasing the death toll by 60 people in comparison to the previous year. Of these, 1/5th took place in the construction industry. Furthermore, approx. 8,000 industry accident incidents occurred in India from 2014 to 2018, 4,222 of which accrued while operating machinery and 549 were mining disasters. Moreover, despite lockdown and restricted activities, 30 fatal industry accidents took place in May 2020 in the country. Rising fatal and severe industry accidents have increased concerns and encouraged authorities to implement strict labor and industry laws. These laws encourage the adoption of safety equipment and device, supporting the market demand for 3D metrology technology.

COVID-19 IMPACT on the 3D Metrology Market

The coronavirus pandemic negatively impacted the 3D metrology market. Containment measures included nationwide lockdowns and restrictions across various end users’ industries, including the automotive and aerospace industries, disrupting new industrial units and projects. Social distancing measures included operations with a lower capacity of labor, delaying the operations and hence demand. Furthermore, the physical shutdown resulted in disruption of the supply chain, delaying the projects. Data from OICA shows that automotive production fall to 77.621 million in 2020 from 91.786 million in 2019. Reduced operation at the end-user industries reduced the market demand for 3D metrology devices.

The 3D metrology market has been significantly hit by the COVID-19 pandemic. The effects of the COVID-19 pandemic, including actions taken by businesses and governments to contain the spread of the virus, have resulted in a significant reduction in international economic activity. Geopolitical events triggering the increase in the supply of low-priced oil in the market happened at the same time. COVID-19 restrictions caused major disruptions in the industry activity. The cumulative effect of this demand reduction, the supply-side shock as well as disruption across numerous industries has led to a near 6.5% average reduction in market value for the 3D metrology market between 2019 and 2020.

NORTH AMERICA HOLDS A SIGNIFICANT SHARE IN THE MARKET.

Geographically, the 3D metrology market has been classified into North America, South America, Europe, the Middle East, and Africa, and the Asia Pacific. North America holds a significant market share owing to the aging grid infrastructure and rigorous government laws requiring the use of sustainable power technologies while the Asia Pacific is projected to grow at a rapid pace during the forecast period.

The North American 3D metrology market has been segmented into the United States, Canada, and Mexico. North America is considered as one of the most attractive destinations globally in terms of providing a relatively easy business environment, with the United States ranking sixth and Canada twenty-third in the global ease of doing business ranking (source: World Bank Group, 2019). The U.S. holds the major market share in the North America 3D metrology market owing to the introduction of new labor laws concentrated towards labor protection and safety. Furthermore, empowering regulations under NAFTA 2018 is expected to increase the market adoption of 3D metrology technology. Canada’s 3D metrology market will witness a decent CAGR during the forecast period owing to the strict government regulation in the country.

3D Metrology Market Scope:

SEGMENTS:

• By Solution Component
  • Hardware
  • Software
  • Service
• By Product
  • Optical Digitizer and Scanner
  • Coordinate Measuring Machine
  • Video Measuring Machine
• By Industry Vertical
  • Automotive
  • Aerospace and Defense
  • Healthcare
  • Construction
  • Energy and Power
  • Consumer Electronics
  • Others
• By Geography
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • Germany
    • France
    • United Kingdom
    • Spain
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • Israel
    • UAE
    • Others
  • Asia Pacific
    • China
    • Japan
    • South Korea
    • India
    • Others

Frequently Asked Questions (FAQs)

Q1. What will be the 3D metrology market size by 2026?
A1. The 3D metrology market is projected to reach a total market size of US$15,539.297 million by 2026.

Q2. What is the size of the global 3D metrology market?
A2. 3D Metrology Market was valued at US$9,949.970 million in 2019. 

Q3. What are the growth prospects for the 3D metrology market?
A3. The global 3D metrology market is projected to witness a CAGR of 6.58% during the forecast period.

Q4. Which region holds the largest market share in the 3D metrology market?
A4. North America holds a significant share in the 3D metrology market owing to the aging grid infrastructure and rigorous government laws requiring the use of sustainable power technologies.

Q5. What factors are anticipated to drive the 3D metrology market growth?
A5. The prime reason which is driving lucrative growth in the 3D metrology market is robust advancement being observed across end-user industries.