AP NEWS
Press release content from BusinessWire. The AP news staff was not involved in its creation.
PRESS RELEASE: Paid content from BusinessWire
Press release content from BusinessWire. The AP news staff was not involved in its creation.

The $16.2 Billion Worldwide Market for 3D Metrology (2019-2024): Reverse Engineering Continues to Grow at a Significant Rate - ResearchAndMarkets.com

February 1, 2019

DUBLIN--(BUSINESS WIRE)--Feb 1, 2019--The “3D Metrology Market by Offering (Hardware, Software, Services), Product (CMM, ODS, VMM, 3D AOL), Application (Reverse Engineering, Quality Control & Inspection, Virtual Simulation), End-user Industry, and Geography - Global Forecast to 2024” report has been added to ResearchAndMarkets.com’s offering.

The 3D metrology market was valued at USD 9.5 billion in 2018 and is expected to reach USD 16.2 billion by 2024, at a CAGR of 9.3% from 2018 to 2024.

The major driving factors for the 3D metrology market are the highly accurate inspection owing to 3D data for modeling and analysis, focus on quality control, and an increase in R&D spending. However, lack of expertise to efficiently handle 3D metrology systems and high cost incurred for setting up the 3D metrology facility are expected to limit the growth of this market.

Hardware segment to hold largest market share among other offerings in 2018

Increasing adoption of 3D metrology equipment in industries such as aerospace & defense, automotive, architecture and construction, medical, electronics, energy & power, and heavy machinery to maintain product quality is the major driver for the growth of the hardware market. Also, the growing market for CMM drives the growth of hardware offering in the 3D metrology market.

CMM is required in the automotive industry for inspection, measurement, and quality checking of various components. 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.

3D AoI to grow at highest CAGR from 2018 to 2024

3D AoI inspection technology serves as an effective tool for volumetric and co-planarity inspections. It also provides details on height information of lead tips, BGAs, chip components, and reflowed solder fillets, as well as critical dimensional information of any height-sensitive component.

Reverse engineering continues to grow at a significant rate during forecast period

Reverse engineering is used in industries for 3D modeling, reconstruction from the scanned data, and data for digital simulation. Both CMMs and 3D scanners are used for reverse engineering.

However, using 3D scanners is advantageous as the measurement of soft or fragile parts, and detection of a large number of points can be done in a short time. Reverse engineering is used in areas such as turbine blades, car body parts, engine parts, gears, antennas, boat parts, and medical implants.

Aerospace & defense industry is among major contributors in 3D metrology market

Manufacturing and assembling of an aircraft require a high level of accuracy in which 3D metrology plays a vital role. In the aerospace industry, 3D metrology processes are used for making precision parts such as frames, wings, sub-assemblies, simulators, test beds, and engines.

In 3D metrology, laser trackers and portable arm coordinate measuring machines are used to ensure that the calibration of the equipment meets the quality standards and regulations for critical aerospace and aeronautic components.

North America to witness the highest growth during forecast period

The large market share is owing to the growing aerospace and automotive industries in North America and the presence of a large number of distributors for metrology equipment. The continuous technological advancements and financial support from the government further propel the growth of this market.

Also, the presence of a number of automobile manufacturers and research institutes in this region has increased the demand for 3D metrology equipment, which is fuelling the growth of the North American 3D metrology market.

Market Dynamics

Drivers

Highly Accurate Inspection Owing to Three-Dimensional Data for Modelling and Analysis Increase in R&D Spending Focus on Quality Control

Restraints

High Cost Incurred for Setting Up 3D Metrology Facility Lack of Expertise to Efficiently Handle 3D Metrology Systems

Opportunities

Cloud Computing Services Offer Effective Cost and Time Saving Rise in Demand for Industry 4.0 Upsurge in Demand for 3D Metrology Services Increase in Rentals and Leasing Services

Challenges

Lack of Simplified Software Solutions

Key Players

Hexagon Faro Technologies Nikon Metrology Carl Zeiss KLA-Tencor Jenoptik Renishaw Mitutoyo Corporation GOM Creaform Perceptron 3D Digital Corporation Automated Precision

Other Players

JLM Advanced Technical Services Precision Products Carmar Accuracy

Topics Covered

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights

5 Market Overview

6 3D Metrology Market, By Offering

7 3D Metrology Market, By Product

8 3D Metrology Market, By Application

9 3D Metrology Market, By End-User Industry

10 Geographic Analysis

11 Competitive Landscape

12 Company Profiles

For more information about this report visit https://www.researchandmarkets.com/research/fmmmmd/the_16_2_billion?w=4

View source version on businesswire.com:https://www.businesswire.com/news/home/20190201005259/en/

CONTACT: ResearchAndMarkets.com

Laura Wood, Senior Press Manager

press@researchandmarkets.com

For E.S.T Office Hours Call 1-917-300-0470

For U.S./CAN Toll Free Call 1-800-526-8630

For GMT Office Hours Call +353-1-416-8900

Related Topics:Engineering

KEYWORD:

INDUSTRY KEYWORD: MANUFACTURING ENGINEERING

SOURCE: Research and Markets

Copyright Business Wire 2019.

PUB: 02/01/2019 08:25 AM/DISC: 02/01/2019 08:25 AM

http://www.businesswire.com/news/home/20190201005259/en