Coordinate Measuring Machine Global Market Report 2023
Major players in the coordinate measuring machine market are Carl Zeiss AG, Creaform Inc., Eley Metrology, FARO Technologies Inc., Hexagon AB, Keyence Corporation, Metronor AS, Mitutoyo Corporation, Nikon Metrology NV, Tokyo Seimitsu Co.
New York, March 21, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Coordinate Measuring Machine Global Market Report 2023" - https://www.reportlinker.com/p06433781/?utm_source=GNW
Ltd., Perceptron Health Inc., WENZEL Group GmbH & Co. KG, Aberlink Ltd., Accurate Gauging & Instruments Pvt Ltd., and Dukin Co. Ltd.
The global coordinate measuring machine market grew from $3.12 billion in 2022 to $3.44 billion in 2023 at a compound annual growth rate (CAGR) of 10.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, causing inflation across goods and services and affecting many markets across the globe. The coordinate measuring machine market is expected to grow to $4.74 billion in 2027 at a CAGR of 8.3%.
The coordinate measuring machine market consists of sales of measuring machines bridge equipment, cantilevers, gantry, and horizontal arms.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
The coordinate measuring machine are used to measure the dimensions of machine and tool parts.A coordinate measuring machine (CMM) is an instrument that measures the geometry of real objects.
It is commonly used to test a part or assembly to see if it adheres to the original design intent.The dimensions of manufactured components are checked using CMMs as part of workflows for quality assurance or quality control in order to prevent or address quality issues.
The application of CMM over manual inspections or checks carried out with traditional metrology tools offers advantages in accuracy, rapidity, and a decreased risk of human mistakes.
Asia-Pacific was the largest region in the coordinate measuring machine market in 2022. The regions covered in the coordinate measuring machine market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of coordinate measuring machines are fixed CMM and portable CMM.The fixed CMM is a CMM in a temperature-controlled environment.
When we transfer a part to be inspected, we must wait for it to stabilize before taking measurements.A fixed CMM is used to write an inspection routine for each and every part, or the CMM probe must be manually driven around with a joystick to take measurements.
The different applications include inspection and reverse engineering, and involve several industries such as machines, automotive, aerospace, heavy machinery, energy, power, electronics, medical, and others.
The expansion of the automotive sector is expected to propel the growth of the coordinate measuring machines market during the forecast period.The automotive industry refers to all businesses and endeavors concerned with the production of motor vehicles, including the majority of their parts, such as bodywork and engines.
CMMs are used in the automotive industry to measure suspension hard points for use in vehicle dynamics simulations.For instance, according to the India Brand Equity Foundation, an Indian government export promotion agency, the total number of passenger vehicles, three-wheelers, two-wheelers, and quadricycles produced in January 2022 was 1,860,809 units.
Also in 2023, the Indian government projects that the automotive sector will bring in $ 8–10 billion in domestic and foreign investment. Also, according to Crunchbase, a US-based prospecting platform for dealmakers, in 2020, Tesla, a US-based automotive and clean energy company, raised a total of $ 20.2 billion in funding over 35 rounds. Therefore, the expansion of the automotive sector will propel the growth of the coordinate measuring machine market.
The emergence of 3D measurement systems is a key trend gaining popularity in the coordinate measuring machine market. 3D measurement is a metrology process that collects 3D data from physical objects, such as their shapes, textures, geometries, and colors, using various types of 3D measurement tools, such as 3D scanners. For instance, in October 2022, SCANTECH, a France-based high-tech company that develops, manufactures, and sells high-tech 3D scanners, launched the TrackScan-P, an optical target-free 3D measurement system. The TrackScan-P has increased laser lines for enhanced scanning efficiency, upgraded high-resolution cameras, and advanced edge inspection. Using intelligent optical tracking measurement and high-resolution cameras, TrackScan-P can precisely measure parts without the use of reference targets. The optical 3D measurement system, which includes a portable 3D scanner and an optical tracker, is ideal for scanning large objects in 3D.
In March 2021, AIMS Metrology, a US-based manufacturer of coordinate measuring machines (CMM), acquired Measurement Specialties Inc. for an undisclosed amount. The acquisition expands AIMS Metrology’s control quality and delivery timeframes for components it produces for its Revolution Series 5-axis CMMs. In addition, this acquisition will expand AIMS’ service footprint. Measurement Specialties, Inc. is a US-based provider of electronic measurement devices and coordinate measuring machines.
The countries covered in the coordinate measuring machine market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The coordinate measuring machines market research report is one of a series of new reports that provides coordinate measuring machines market statistics, including global market size, regional shares, competitors with coordinate measuring machines market share, detailed coordinate measuring machines market segments, market trends and opportunities, and any further data you may need to thrive in the coordinate measuring machines industry. This anomaly detection market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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