Metrology Services Market Rising At A Market Growth Of 6.1% CAGR Through 2033

Metrology Services market

The Metrology Services Market worldwide metrology services market is expected to be worth US$ 1.0 billion in fiscal year 2023, up from US$ 950 million in fiscal year 2022. From 2023 to 2033, the market is expected to grow at a 6.1% CAGR, reaching a value of US$ 1.8 billion by the end of 2033.

Metrology Services have been driven by factors such as the ever-increasing need for effective product measuring solutions in order to evaluate the geometrical properties of assemblies while ensuring design accuracy and item quality at low operational costs, according to Fact.MR, a market research and competitive intelligence provider.

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Competitive Landscape:

Leading companies in the Metrology Services Industry are profiting on the ever-increasing need for chatbots in a wide range of applications. Collaborations, partnerships, and acquisitions with existing small, medium, and large-scale providers are allowing players to broaden their reach.

The following are some notable market developments:

Renishaw agreed to a partnership with Verisurf Software Inc. in November 2021. Under this partnership, Verisurf Software Inc. synchronizes Renishaw measurement machine (CMM) software.

In June 2021, FARO Technologies acquired HoloBuilder, Inc. to bring its premier photogrammetry-based 3D technology to FARO, which delivers hardware-agnostic picture capture, registration, and viewing to the fast developing digital twin industry.

Rising Global Infrastructure Pressure to Fuel Market Prospects

The ever-increasing strain on global infrastructure is propelling the metrology services market forward by creating a need for precise and accurate measurements across a wide range of sectors. According to the United Nations (UN), the world population is expected to reach 9 billion by 2050, with an additional 180,000 individuals joining the urban population every day.

As the world’s population grows and urbanizes, so does the demand for dependable infrastructure such as roads, bridges, buildings, and transit systems. To ensure the safety and dependability of these buildings, precise measurements must be used during the design, construction, and maintenance phases.

Key Players:

  • KLA Corporation
  • Hexagon AB
  • Jenoptik
  • SGS Group
  • Intertek Group Plc.
  • Renishaw PLC
  • Carl Zeiss AG
  • Sasco Metrology Services
  • Faro Technologies
  • Metrologic Group

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Increased CAD/CAM Adoption to Promote Market Growth

The use of CAD/CAM (Computer-Aided Design/Computer-Aided Manufacturing) and worldwide quality standards is increasing the demand for precise and accurate measurements in a variety of industries, including automotive, aerospace, medical devices, and consumer products.

CAD/CAM technologies create highly precise and comprehensive digital models of goods that may be used to direct production operations. The demand for metrology services to validate the correctness of these models and produced parts grows as these systems become more common.

Furthermore, international quality standards, such as ISO 9001, serve as a baseline against which businesses may compare their quality and performance. Adherence to these standards enables businesses to enhance their goods and operations while distinguishing themselves in a competitive global economy.

This increases the demand for metrology services in order to assure compliance with these standards and to continuously enhance product quality. As a result, these factors are expected to fuel market expansion over the analyzed period.

Regional Analysis:

The need for metrology services in North America is expected to grow in the coming years. Many well-established sectors in North America rely on precise and accurate measurements to enhance product quality, remove flaws, and meet international quality standards, including automotive, aerospace, industrial, and consumer items.

For example, the growing need for autonomous and electric vehicles is driving up demand for metrology services in the automotive sector, since these vehicles require precise measurements to ensure their safety and dependability. The aerospace industry’s need for metrology services is expected to grow as businesses attempt to increase the precision and safety of critical components and systems.

Key Segments of Industry:

  • By Type :
    • Coordinate Measuring Machines (CMM)
    • Optical Digitizers and Scanners (ODS)
  • By End-Use Application :
    • Aerospace
    • Automotive
    • Power Generation
    • Industrial
    • Others

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