The global optical coordinate measuring machine market was valued at USD 617.27 million in 2020, and it is projected to be worth USD 627.08 billion by 2026, registering a CAGR of 1.85% during the period of 2021 - 2026.
- The increasing automation in the industrial sector and the growing adoption of cloud and data-related solutions are some of the major drivers of the overall metrology market. The increasing investment in quality inspection and rising need for precise measurements are some of the major factors driving the innovation in the studied market.
- The need for continuous measurements due to industries’ shift to smart/digital manufacturing is also developing a need for advanced optical CMMs. Industries such as automotive, aerospace and defense, electronics, and semiconductor have witnessed increasing complexity of devices and demand for precise measurements due to smart devices. The growing manufacturing in these sectors will be primary revenue streams for studied market vendors over the forecast period.
- Sensor capabilities are extended to being used either as a combination of machine and motorized head motion (CMM) or the part presented to the sensor using a combination of linear and rotary machine motions (VMM). Both the technologies (CMM and VMM) have been witnessed converging for complex part inspections.
- The automotive sector has been an adopter of CMMs for the measurement across car, truck, and motorcycle engines. ?Traditionally CMMs are being used to measure characteristics like diameters and depths of holes and similarly, relied upon a separate roughness-checking machine. The advent of multi-sensor measuring machines led the automotive companies to get most of the inspection work done in a single machine with no downtime, no moving parts back and forth, etc.?
Key Market Trends
Changing Product Designs and Growing Investments in Industry 4.0
- Most of the global automotive, aerospace and semiconductor and medical device manufacturers are deploying modern reverse engineering to drive business value throughout the design, manufacture, and maintenance of their products. The high rate of product design changes in these industries is also bringing continuous changes in the production line. As the production changes, the quality standards need to keep pace, fuelling the adoption of advance CMMs.
- With Industry 4.0 practices integrating all areas of manufacturing to enhance the efficiency of production processes, optical and laser scanning is a key component in its implementation. In the production environment, multi-sensors help obtain a rapid insight into deviations, a significant benefit of high-speed digital data capture. With the support of high precision and reliable CMMs, manufacturers are making them ready for Industry 4.0.
- In September 2020, the US Government announced USD 1 billion investment in researching Industry 4.0 technologies. The DoE is providing up to USD 625 million over five years to five QIS Research Centers. These five QIS hubs will mainly focus on areas, including quantum networking, sensing, computing, and materials manufacturing, and receive USD 300 million from the private sector and academia.
Asia-Pacific to Witness a Significant Growth Rate Over the Forecast Period
- China is touted to be the most lucrative market, due to substantial dominance in the global manufacturing sector, including the manufacturing of products of the studied market. According to data published by the United Nations Statistics Division, China accounted for 28% of global manufacturing output in 2018. The recent COVID-19 outbreak affected the country’s manufacturing initially, but the country has been successful in regaining its sector’s strength.
- The demand for inline metrology solutions is also growing rapidly in the Asia-Pacific region owing to the high economic growth witnessed by major countries, such as China and India. The region has a strong presence of several automobile and electronics manufacturing plants wherein inline metrology systems are increasingly being adopted for quality control inspections.
- Asia-pacific region also dominates the semiconductor and electronics industry worldwide driven by the extensive manufacture base in China, Japan, South Korea, Taiwan, and lastly, India. The regional dominance in global semiconductor manufacturing has not only helped the region to hold a strong presence in global electronic manufacturing but also in the manufacturing of CMM and technologies like sensors.
- The India-based startup, Lincode Labs, is utilizing AI and Industrial IoT solutions to increase the profitability of manufacturers. The company helps manufacturers automate visual inspection and improve overall equipment effectiveness (OEE) by identifying product defects using computer vision and artificial intelligence with deep learning.
The Global Optical Coordinate Machine market is competitive. The presence of prominent players, such as Hexagon AB, Nikon Metrology NV, and Carl Zeiss, with strong established distribution channels across regions, makes it difficult for the new entrants to acquire new customers. Some recent developments in the market include:
- August 2020 - Hexagon released DELTA OPERA, as a large volume CMM, to simplify loading of large parts across industrial environments. By featuring a unique open structure, it leads its users to load workpieces from three sides of the CMM, making part loading quicker and flexible whilst protecting workpieces by avoiding collisions with the CMM structure.
- May 2020 - Nikon Metrology NV announced a new distribution partnership with Wenzel. The partnership means that WENZEL becomes an official Nikon Metrology partner for the sales and distribution of Nikon Metrology laser scanning products in the European market. WENZEL’s expertise and innovation in the CMM market and Nikon Metrology’s peerless laser scanning technology will support the European customer base with tailored CMM laser scanning solutions to meet a wide variety of applications, industries, and requirements.
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1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Forces Analysis
4.2.1 Bargaining Power of Suppliers
4.2.2 Bargaining Power of Buyers
4.2.3 Threat of New Entrants
4.2.4 Threat of Substitutes
4.2.5 Intensity of Competitive Rivalry
4.3 Impact of COVID-19 on the Optical CMM Market
4.4 Evolution of the CMM Industry
4.5 Market Drivers
4.5.1 Changing Product Designs and Growing Investments in Industry 4.0
4.5.2 Adoption of In-line Solutions and Technological Advancements
4.6 Market Challenges
4.6.1 Slower Replacement Rates And Rising Number of Substitute Technologies
5 MARKET SEGMENTATION
5.1 Product Type
5.1.2 2D Vision Measurement Machine
5.1.3 3D Vision Measurement Machine
5.2 End User
5.2.1 Aerospace and Defense
5.2.3 Heavy Machinery and Metal Fabrication
5.2.4 Other End-user Industries
5.3 Machine TypeÂ
5.3.3 Other Machine Types
5.4.1 North America
5.4.3 Asia Pacific
5.4.4 Rest of the World
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 OGP (Quality Vision International Inc)
6.1.2 Werth Messtechnik GmbH
6.1.3 Micro Vu
6.1.4 Nikon Metrology NV
6.1.5 Mitutoyo Corporation
6.1.6 Carl Zeiss AG
7 ANALYSIS OF TOP 10 MULTI SENSOR PRODUCT OFFERINGS
8 VENDOR MARKET POSITIONING ANALYSIS
9 FUTURE OF THE MARKET
Secondary Research Information is collected from a number of publicly available as well as paid databases. Public sources involve publications by different associations and governments, annual reports and statements of companies, white papers and research publications by recognized industry experts and renowned academia etc. Paid data sources include third party authentic industry databases.
Once data collection is done through secondary research, primary interviews are conducted with different stakeholders across the value chain like manufacturers, distributors, ingredient/input suppliers, end customers and other key opinion leaders of the industry. Primary research is used both to validate the data points obtained from secondary research and to fill in the data gaps after secondary research.
The market engineering phase involves analyzing the data collected, market breakdown and forecasting. Macroeconomic indicators and bottom-up and top-down approaches are used to arrive at a complete set of data points that give way to valuable qualitative and quantitative insights. Each data point is verified by the process of data triangulation to validate the numbers and arrive at close estimates.
The market engineered data is verified and validated by a number of experts, both in-house and external.
REPORT WRITING/ PRESENTATION
After the data is curated by the mentioned highly sophisticated process, the analysts begin to write the report. Garnering insights from data and forecasts, insights are drawn to visualize the entire ecosystem in a single report.