The most recent study conducted by Report Ocean, titled “Global Metrology Services Market Size, Share, Pricing, Trends, Growth, Report and Forecast 2023-2030,” presents a comprehensive analysis of the worldwide market. This research delves into the factors driving the market, emerging trends, opportunities for development, as well as potential limitations that may affect the Metrology Services . The report provides an estimation of the global market size and examines recent strategic actions taken by prominent international competitors.
Global Metrology Services Market is valued approximately USD 774.35 million in 2021 and is anticipated to grow with a healthy growth rate of more than 5.90 % over the forecast period 2022-2029. Metrology Services provide to industries for the purpose of measurement. It assists organizations in increasing productivity without affecting resource requirements and it is widely used in applications such as aerospace, industrial, automotive, power generations and many others. The Metrology Services market is expanding because of factors such as increasing demand of electric vehicles and increasing demand in automotive industry. The foremost key factor driving is increasing demand of electric vehicles among the populations due to increase the market demand of metrology services over the world. Moreover, the another key factor driving is increasing the demand in automotive industry due to increase the market growth of metrology services over the world.
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According to data from the U.S. Bureau of Economic Analysis and the U.S. Census Bureau, the goods and services deficit increased by $1.9 billion from $68.7 billion in January 2023 to $70.5 billion in February. The increase in the goods and services deficit in February was due to a $2.7 billion increase in the goods deficit to $93.0 billion and a $0.8 billion increase in the services surplus to $22.4 billion. Compared to the same period in 2022, the goods and services deficit has dropped this year by $35.5 billion, or 20.3%. $49.5 billion or 10.8% more was exported. 2.2% or $14.0 billion more was spent on imports.
According to the Statista, the revenue of electric vehicles in the year 2022 is USD 384 billion and the expected revenue of electric vehicles in the year 2027 is USD 869.30 billion. Moreover, the another key factor driving is increasing demand in automotive industry.
For instances, according to the India Brand Equity Foundation, the production of automotive industry of India in the year 2018 is USD 29.07 million and the production of automotive industry of India in the year 2019 is USD 30.92 million. And in United States, according to the Statista, the production of motor vehicle in the year 2017 is USD 11.1 million and the production of motor vehicle in the year 2018 is USD 11.3 million. The opportunity of Metrology Services Market is rising the demand from emerging economics due to increase the market demand over the forecast period. However, the rising the cyber-attack of Metrology Services stifles market growth throughout the forecast period of 2022-2029.
The key regions considered for the Global Metrology Services Market study includes Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America dominated the space in terms of revenue, owing to the dominance of rising the demand of electric vehicles, rising the mechanization in agriculture industry which is increase the market demand over the world. Asia Pacific is expected to grow significantly during the forecast period, owing to factors such as increasing the industrial applications, adopting latest technologies, increasing automotive industry would create lucrative growth prospects for the Metrology Services market across the Asia Pacific region.
Major market players included in this report are:
Hexagon AB
Carl Zeiss AG
Renishaw PLC
Nikon Metrology Inc.
Quality Vision International
Optical Metrology Services Ltd
Perceptron Inc.
Intertek Group PLC
Dimensional Metrology Services
Marand Precision Engineering pty Ltd
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Recent Developments in the Market:
In November 2021, Renishaw signed an agreement with Verisurf Software Inc. Verisurf Software Inc. synchronises Renishaw measuring machine (CMM) software under this agreement.
In June 2021, FARO Technologies will acquire HoloBuilder, Inc. This acquisition enables HoloBuilder, Inc. to bring FARO its leading photogrammetry-based 3D platform, which provides hardware-agnostic image capture, registration and viewing to the rapidly growing digital twin sector.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Product:
CMM
ODS
By Application:
Automotive
Aerospace
Industrial
Power Generations
Others
By Region:
North America
U.S.
Canada
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Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the World
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