San Francisco, CA -- (SBWIRE) -- 04/19/2019 -- Coordinate Measuring Machine Market - Overview
The coordinate measuring machines have been extensively used for obtaining the measurement of a definite object. These machines comply with a set of standards to cull consistent and accurate measurements of products in numerous manufacturing sectors. With the deeper penetration of technology into the coordinate measuring machine market, manufacturers have been shifting their focus on enhancing the flexibility, simplicity, and usability of their products to popularize them for several inspection applications.
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Sales of coordinate measuring machines surpassed a value of US$ 3 Bn in 2018, on the back of a cohort of factors. Rising awareness pertaining to the quality control of products have been a crucial growth driver for the market. With the evolution of industry 4.0 and its influence on a large number of industries, there has been a notable rise in the demand for coordinate measuring machine to offer superior quality of inspection services for numerous process.
Independent technologies such as the Internet of Things and Artificial Intelligence are some of the emerging technologies reinforcing their position, which further generates the demand for CMMs to obtain precise measurements of connected objects. As a result, the coordinate measuring machine market is anticipated to witness sustained growth in the upcoming years.
Coordinate Measuring Machine Market – Novel Developments
Some of the significant players operating in the coordinate measuring machine market include Tokyo Seimitsu Co., Ltd., Apex Metrology Ltd, The Sempre Group, Eley Metrology Limited, Avon-Dynamic, N.J. Metrology, Wenzel, Applied Automation Tech, Trimek, Metronor, International Metrology Systems, Creaform, Inc., Perceptron, GOM, Mitutoyo Corporation, Carl Zeiss, Keyence Corporation, Nikon Corporation, Faro Technologies, and Hexagon AB.
In June 2018, Hexagon AB announced the launch of Compact Robotic Measurement System that is economical and underpins the measurement of 3D systems for the inspection of a smaller shop. While the end-users are often put off by the larger size of the inspection equipment, qFLASH-A solution offers the ease of installation with its compact size and efficiency.
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In May 2018, FARO® developed As-Built™ software platform that boasts competency to transfer 3D reality into the software's design tools with reduced efforts and time. The software offers unique performance and value that provides versatile tools for various industries such as Architecture, Facility Management, Oil & Gas, and Civil and Survey with a combination of aerial view and terrestrial view for better representation.
In February 2018, Roush Yates joined forces with Nikon Metrology to leverage the premium coordinate measuring machine that suits the need of Roush Yates' Engines. The latter has been a market leader for the development of reliable and high-performing engines and require accuracy and quality to meet the desired performance demands, which will be offered by coordinate measuring machine.
In June 2018, Hexagon announced that it has acquired SPRING Technologies for strengthening the position of the company in the Autonomous Connected Ecosystems, which will fuel the growth of the smart factory.
Coordinate Measuring Machine Market – Dynamics
Reverse Engineering Applications to Drive the Demand for Coordinate Measuring Machine Equipment
With the growing demand for the design modification of actual objects used for the production of tailor-made cars and spare parts, industries such as aerospace and defense, automotive, and manufacturing have started adopting coordinate measuring machine equipment. However, the modification process can be simplified by using reverse engineering for medical implants, boat parts, antennae, gears, engine parts, car body parts, and turbine blades.
With the rising popularity of reverse engineering in the automotive and medical sector, the demand for CMM equipment has been on an increase, which is predicted to reflect directly on the size of the coordinate measuring machine market in the upcoming years.
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Automotive and Aerospace Sector to Hold a Sizeable Share of the Coordinate Measuring Machine Market
Deeper penetration of technology in the automotive sector has generated a demand for compact and effective measuring equipment for obtaining an accurate measurement of spare parts and various automobile components that find their use in the manufacturing of vehicles, which will boost the sales of the coordinate measuring machine equipment.
In addition, hefty investments made in the aerospace sector to achieve success in the space missions have been driving the growth of the coordinate measuring machine market. As the components in these industries become compact, there arises a need for precise measurement of the components, which will ensure the future growth of the coordinate measuring machine market in the upcoming years.
Highlights of the report:
A detailed analysis of key segments of the market
Recent developments in the market's competitive landscape
Detailed analysis of market segments up to second or third level of segmentation
Historical, current, and projected future valuation of the market in terms of revenue and/or volume
Key business strategies adopted by influential market vendors
Outline of the regulatory framework surrounding and governing numerous aspects of the market
Growth opportunities in emerging and established markets
Recommendations to market players to stay ahead of the competition