(I-BusinessNews.Com, October 12, 2021 ) Coordinate Measuring Machine Market size is estimated to reach $5.6 billion by 2026 at a CAGR of 6.9% during the forecast period 2021-2026. The growth of Coordinate Measuring Machine Market is majorly attributed to the growing demand for metrological instruments in different industry verticals facilitating smart manufacturing by providing a robust entry point in automated measurement for achieving optimized automated inspection and quality control with high precision and accuracy. Increasing penetration of 3D Bridge Coordinate Measuring Machine in automotive, aerospace & defense, utility and electronics sector enabling probe movement along X,Y,Z axes, orthogonal to each other and equipped with sensors in a 3D Cartesian Coordinate system for capturing and analyzing 3D data to monitor and measure the positions with micrometer precision has significantly triggered the Coordinate Measuring Machine Market growth. Coordinate Measuring machines, controlled and operated manually or by computer numerical control system have a wide range of applications such as inspection, designing, rapid prototyping and reverse engineering which have contributed to the growth of the market.
Coordinate Measuring Machine Market Segment Analysis – By offering
By Offering, Coordinate Measuring Machine is segmented under product and services. Products segment dominated the market in 2020 and is estimated to hold the major market share of 78.2% due to massive and quick adoption of CMM offering automated quality inspection to facilitate smart manufacturing. Products are also estimated to be growing with a CAGR of 5.9% due to its wide range of applications in manufacturing of automotive car body parts, turbine blades, medical implants and others. By product, Coordinate Measuring Machine is segmented under Bridge, Gantry, Horizontal Arm, Cantilever, Articulated Arm, Handheld and others. Bridge CMMs are estimated to account for the largest market share of 21.2% due to its extensive range of solutions in industrial purposes where repeatability, high accuracy and automated dimensional inspection is required. In November 2020, Hexagon’s Manufacturing Intelligence launched a new multi-sensor Coordinate Measuring Machine OPTIV Lite 3.2.2, enabling smart manufacturing by providing automated quality inspection with greater accuracy, reliability and efficiency. Such new product developments are augmenting the market.
Coordinate Measuring Machine Market Segment Analysis – By Industry Vertical
By end user, Coordinate Measuring Machine Market is segmented under Automotive, Aerospace & Defense, Construction, Mining, Power, Utility, Oil & Gas, Consumer Electronics, Healthcare and others. Consumer Electronics sector held the major market with a share of 18.1% in 2020 and is estimated to dominate the market with a CAGR 6.2% during the forecast period 2021-2026 due to rising demand for addressing a range of inspectional needs with high accuracy utilizing 3D measurement technology. In consumer electronics industry, applications of CMM technology including glue bead volume and uniformity checking, cell phone camera inspection, liquid crystal devices (LCD), silicon wafers, microelectronics and others is significantly triggering the growth of the market. Automotive sector is analysed to hold a significant market share of 15.7% due to increasing penetration of Coordinate Measuring Machine for applications such as reverse engineering, rapid prototyping, inspection, engine inspection, automated assembly inspection and many others. In April 2019, Creaform launched Cube-R, an automated 3D scanning Coordinate Measuring Machine in Japan for quality control applications. Such new developments are analysed to drive the market from 2021 to 2026.
Coordinate Measuring Machine Market Segment Analysis – By Geography
By Geography, Coordinate Measuring Machine market is segmented under North America, Europe, APAC, South America and RoW. APAC dominated the market acquiring a share of 37.5% in 2020 and is estimated to hold the major market share during 2021-2026. APAC is also estimated to grow with the fastest CAGR 8.8% owing to heavy industrialization, transition towards automation and rising adoption of international quality standards in manufacturing units. Presence of large consumer electronics manufacturers in this region has also contributed to the growth of the market. South-East Asia is analysed to the hot-zone for establishing manufacturing unit between 2021 and 2026 and thus accelerating the growth of the market. In February 2020, Hexagon Manufacturing Intelligence division launched Captura, an optical Coordinate measuring machines exclusively for Asia Pacific region for entry level users offering multi-sensor measurements for very small or fragile parts. Such developments are anticipated to steer the market during the forecast period 2021-2026.
Increasing adoption of automated inspection in connected factories
Increasing adoption of industrial IoTs for bridging IT and OT to optimize real time applications is driving the Coordinate Measuring Machine Market. Massive and quick adoption of automation in industrial inspection and quality control for efficiently managing repetitive processes to monitor and control real-time 3D data for optimizing production yield, efficiency and accuracy is boosting the market. Stylus calibration or probe calibration at a regular interval in order to perform accurate 3D measurements has optimized the usage of CMM technology. Furthermore, increasing integration of collaborative robots (cobots) with metrology software and coordinate measuring machine to increase part inspection throughput is significantly triggering the market. In March 2021, Hexagon’s Manufacturing Intelligence division released a new Coordinate Measuring Machine (CMM) for delicate electronics such as smartphone camera assemblies enabling six times faster quality inspection with sub-micron accuracy. Such new product launches are analyzed to propel the Coordinate Measuring Machine Market growth during 2021-2026.
Rising demand for metrological instruments in Power sector
Rising adoption of metrological devices in power sector to achieve a faster automated quality inspection of various parts and components to fulfill the demand for continuous electricity supply due to heavy urbanization and industrialization is anticipated to boost the market during the forecast period 2021-2026. Rising demand for Coordinate Measuring Machines in large scale power generation units offers automated quality control to ensure components are within tolerance and process capability is maintained. The demand for Coordinate Measuring Machines in power industries has gained a huge traction due to its wide range of applications including turbine Casing Inspection, blade inspection, Windmill Housing Inspection, Rotor inspection, Reverse Engineering, Maintenance and Repair. In February 2021, Vision Engineering announced its partnership with Arberlink to expand the range of Coordinate Measuring Machine technology and such strategic partnerships are analyzed to steer the market from 2021 to 2026.
Coordinate Measuring Machine Market Challenges
High Deployment and Maintenance Costs
The robustness and high accuracy of Coordinate Measuring Machines require high deployments and maintenance costs. Many small and medium enterprises are still reluctant to adopt this technology due to budget constraints. Furthermore, limited in-house capabilities and absence of skilled workforce lead to higher resolution time in case of technical glitches. However, these factors are anticipated to hamper the market growth during 2021-2026.
Coordinate Measuring Machine Market Landscape
Technology launches, acquisitions, Partnerships and R&D activities are key strategies adopted by players in the Coordinate Measuring Machine market. In 2020, the market of Coordinate Measuring Machine industry outlook has been fragmented by several companies. Coordinate Measuring Machine top 10 companies include Hexagon AB, APEX Metrology Ltd., International Metrology Systems, Applied Automation Tech., Faro Technologies, Avon Dynamic Calibration Ltd., Carl Zeiss AG, Eley Metrology Ltd., N J Metrology Ltd., Keyence Corporation among others.
In February 2021, Coordinate Measuring Machine manufacturer AIMS Technology announced to acquire Measurement Specialities Inc., certifier and programmer of CMM to expand its service footprint.
In October 2019, Polyga launched optical Coordinate Measuring Machine, MeasureXL for real-time 3D measurement solutions. Such new developments are anticipated to drive the market during the forecast period 2021-2026.
APAC is estimated to account for the largest market share of 37.5% during the forecast period 2021-2026 due to rapid industrialization and increasing adoption of international quality standards in various industry verticals.
Increasing adoption of automated quality inspection in smart factories and rising demand for metrological instruments in power sector are augmenting the market.
Reverse engineering segment is analyzed to be the fastest growing market with a CAGR 10.1% during the forecast period 2021-2026 owing to its wide range of applications in automotive, energy & medical sector.
Consumer & Electronics is anticipated to dominate the market between 2021 and 2026 owing to massive demand for faster inspections for its small and medium parts with high accuracy.
High cost and absence of skilled workforce are impeding the market growth.
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