Northbrook, IL -- (SBWIRE) -- 01/21/2021 -- 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 modelling and analysis, focus on quality control, and 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.

By offering, hardware segment is largest contributor in 3D metrology market during forecast period

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.

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CMM products account for largest market size of 3D metrology market during forecast period

High precision and accuracy in measurement can be achieved by a CMM. Increased flexibility, reduced set-up time, improved accuracy, and enhanced productivity are the major advantages of a CMM over conventional gaging methods.

3D metrology market for quality control applications to grow at highest CAGR from 2018 to 2024

Automotive and aerospace & defense are the major industries where 3D metrology is used for quality control and inspection. 3D metrology is mainly used in the automotive industry for automotive component inspection, powertrain components, and full body inspection, as well as for checking accuracy and precision of all areas in a vehicle plant.

3D metrology market for automotive industry to grow at significant rate from 2018 to 2024

3D metrology is required in the automotive industry for inspection, measurement, and quality checking of various components. The automotive industry is 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.

APAC to hold major share of 3D metrology market in 2018

APAC continues to grow at a high rate, which can be attributed to the high economic growth witnessed by major countries such as China and Japan in this region. The key countries contributing to the growth of the 3D metrology market in APAC include Japan, China, India, and South Korea. Remaining countries contributing to the market are considered in the Rest of APAC; these countries are Australia, New Zealand, Taiwan, Singapore, Indonesia, and the Philippines. Automobile and electronics manufacturers use 3D metrology systems during the production process for quality inspections; as the number of automobile manufacturing plants is more in APAC than other regions, the demand for 3D metrology offerings is expected to grow rapidly in this region.

Key Market Players
The major players in the 3D metrology market include Hexagon AB (Sweden), Carl Zeiss AG (Germany), FARO Technologies (US), Mitutoyo Corporation (Japan) Nikon Corporation (Japan), KLA-Tencor (US), Jenoptik (Germany), Keyence (Japan), Perceptron (US), Creaform (Canada), GoM (Germany), Automated Precision (US), 3D Digital Corp (US), 3D System Corp (US), and Applied Materials (US).