Industrial Metrology Creates Unique Solutions
The industrial metrology market is expected to grow at a compound annual growth rate of 5.20% over the analyzed period to reach a market size of US$15.117 billion in 2026 from US$10.600 billion in 2019.
Metrology is a scientific field that encompasses all measurement methods. Industrial metrology is a branch of metrology that is specifically used in the manufacturing or production industry. Metrology is most commonly used in industry to ensure quality control by checking dimensional conformance. One of the most important roles of industrial metrology is to ensure that production processes and items are optimal and bulletproof, which is why it should be viewed as an investment in increasing the quality of production processes and ensuring the best actions are done in the industrial field. This technology increases the manufacturing value and helps our teams to use more and more exact production methods when working with state-of-the-art machinery and well-defined strategic procedures.
Demand for Big Data Analytics is on the Rise, Opening New Doors for Industrial Metrology
With each additional dimension in the industrial business, the amount of data collected has expanded dramatically. Leading industries’ manufacturing units are outfitted with a variety of measuring instruments, each of which routinely identifies and collects over 300 inputs. The metrology business is also seeing a rise in the demand for big data analytics. A vast volume of data is generated through the consistent measurement of parts and components. If erroneous information is retained, the analysis of this enormous volume of data obtained is meaningless, and it does not assist understand a complex world. The information is gathered by in-line, end-of-line, and metrological inspections. Many businesses have begun evaluating production data with modern analytical tools in order to enhance a variety of critical manufacturing processes, such as yield, throughput, equipment availability, and operating expenses. Businesses can make faster and better decisions by analyzing big data.
Cloud Services Are Being Leveraged to Integrate Metrological Data
The market has grown rapidly due to the introduction of portable CMMs, 3D measurement solutions, robot-mounted optical CMM scanners, dimensional metrology services cloud-based software application platforms among others. In the industrial manufacturing industries, the use of cloud-enabled metrology software packages such as geometric dimensioning and tolerance, on-machine, automated, point cloud, robotic metrology, laser scanning technology, and multimodal metrology software is predicted to boost the market growth. The exponential expansion of cloud services is making way for a lot of opportunities for manufacturing companies to automate their processes. Cloud computing is proving to be advantageous to small, as well as, big organizations. Many metrology solution suppliers, such as Nikon in Japan, FARO Technologies in the United States, and Carl Zeiss are offering cloud-based solutions in response to client demand, which is moving the trend toward a cloud-based IT framework for metrological data management. In addition, the industrial industry is rapidly embracing Industry 4.0 for the majority of its procedures. As a result, using cloud services to store and analyze metrology data benefits manufacturing organizations in both research and development and product analysis. Furthermore, it enables businesses to provide connected software solutions to their customers.
The Automotive and Aerospace Industries Are Anticipated to Drive the Market at a Breakneck Pace
Components with high accuracy and low tolerance limitations are required in industries such as automotive, aerospace, electronics, and power generation. In addition, the demand for metrology equipment and services is increasing as worldwide quality standards for precision management. During the projected period, the automotive industry is expected to undergo significant changes, as automobile manufacture shifts to automated facilities. Major development is predicted to be driven by the requirement for highly reliable and quality procedures, as well as increasing demand for electric vehicles. In addition, the growing demand for measurement, inspection, and quality checks of numerous components in the automobile industry is propelling the market’s expansion. For improving vehicle safety and comfort, the automotive market is increasingly employing optical measurement systems and coordinates measuring machines instead of traditional machines. The automobile industry is expected to propel the industrial metrology market owing to a shift in preference from off-line quality inspection to near-line or in-line measurement techniques, which enable higher sample rates and shorter inspection periods. During the estimated period, the aerospace and defense industries are expected to hold a large stake.
The expansion of this market will be fueled by increased government and private sector investment in the aerospace and defense industry. The market is expected to rise as the number of commercial aircraft produced grows, as well as technology advancements in navigation systems and electronic flight instrument systems. According to the World Bank, defense spending accounts for roughly 2.35 percent of global GDP. In 2020, the global military budget will be US$ 1.929 trillion. It was worth US$ 778.232 billion in the United States alone, accounting for over 4% of the country’s GDP. As a result, it has one of the biggest military budgets in the world. Military spending in China totals US$ 252.304 billion. Military spending accounts for about 1.75 percent of GDP.
The Asia Pacific is Expected to Outperform and Grow at a Higher Rate Than the Rest of the World
Asia-Pacific region’s rise can be ascribed to the region’s expanding automobile and manufacturing plants. In addition, the market is growing due to ongoing technological improvements by enterprises in the region. Furthermore, considerable R&D funding from governments in several Asia-Pacific countries, as well as broad industrial bases, are major contributors to the region’s industrial metrology market, with China, South Korea, and Japan being the primary countries contributing to the industry’s growth. The metrology services market in Asia-Pacific is expected to be driven by industrial and power generation applications, as metrology services are used in a variety of power generation applications, such as horizontal machine bearings, main shafts, castings, turbines, tops-off alignment, scroll case geometry and assembly, and other applications.
COVID Insights
The industrial metrology market was negatively damaged by the coronavirus pandemic. To break the virus’s cycle, the government and authorities implemented a number of containment measures, which resulted in the suspension of activities in some industry verticals, lowering demand for industrial metrology equipment. However, increased investment in the healthcare and online sector may contribute to the market’s long-term viability.
