New York, Oct. 25, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Coordinate Measuring Machine Market Size, Share & Industry Trends Analysis Report By Type, By Industry, By Regional Outlook and Forecast, 2022 – 2028" - https://www.reportlinker.com/p06352718/?utm_source=GNW
In all manufacturing sectors, coordinate measuring devices have established the benchmark for dependability and precision of product inspection.
The market is anticipated to grow quickly as technological advances allow coordinate measuring equipment that can meet inspection criteria to be more flexible, simple, and easy to use. The end customers of the coordinate measuring machines include the automotive, electronics, aerospace, energy & power, and other industries.
The use of CMM during manufacturing enables the detection of dimensional and geographic deviations in components and subassemblies, resulting in higher mechanical quality as well as better mechatronic performance. The compelling demand for precise dimensional measurement and verification of geometric accuracy across manufacturing, automotive, aerospace, and other industrial equipment components is what propels the market for coordinate measuring machines.
The use of CAD in coordinate measuring equipment makes use of computer software created for advanced measurement testing. Additionally, CAD is employed in reverse engineering and has an improved application in coordinate measuring methods that use CAD models in software instead of actual objects. Therefore, the market share of coordinate measurement machines is increased by the use of CAD in various designing processes.
COVID-19 Impact Analysis
The COVID-19 pandemic had a significant impact on various industries all over the world. The outbreak damaged a number of economies all over the world while numerous businesses, irrespective of their sizes, were devastated due to the pandemic. In addition, COVID-19 had a detrimental impact on the CMM market, leading to a decline in CMM shipments and the associated revenue. As a result, in the initial period of the pandemic, there was a decline in the market’s growth pattern. The CMM market’s value chain has been significantly impacted by the COVID-19 pandemic. The pandemic has had a negative impact on several countries all over the world, which make up a significant portion of the CMM industry.
Market growth Factors
Increasing Adoption of 3D Data within Analytical and Modeling Applications
In order to conduct R&D activities and produce a large number of complex mechanical parts that are used in numerical machine control tools, precision machinery, auto parts, aerospace equipment, and other products, rapid industrial development creates a demand for cutting-edge testing technologies and instruments. A CMM is a precise tool that is frequently used to examine and measure intricate mechanical parts in their width, length, and height. A number of major industries, including aerospace & defense, automotive, heavy equipment, electronics, and energy & power, and medical, use 3D modeling.
Growing Integration of the Internet of Things and Cloud Computing Approaches
Every company seeks to boost profit margins while reducing operating expenses. It is unnecessary to spend a significant amount of money on servers or physical hard drives when using cloud storage. The majority of cloud service providers charge monthly fees, which are often more affordable. Additionally, cloud service providers offer pay-as-you-go options for the data storage space required to serve their customers, so they only pay for what they really need. It becomes simple for a manufacturing organization to transmit the data to the supplier of metrology equipment and receive the results.
Market Restraining Factors
The High Initial as Well as Maintenance Costs of the Equipment
Although CMMs are cost-effective, they are not inexpensive. It can be very expensive for the customer to buy a small manual CMM with just a basic probe system, computer, and software. Depending on the choices chosen and the measuring volume of the equipment, the automated system can be purchased at varying prices. The most expensive CMMs are gantry-type CMMs with very low availability and high demand. Apart from that, the total cost of ownership is extremely high, particularly for product producers with limited production capacity, due to the price of software and other auxiliary hardware, like computers and probes.
Type Outlook
On the basis of Type, the Coordinate Measuring Machine (CMM) Market is bifurcated into Fixed CMM and Portable CMM. In 2021, the fixed CMM segment acquired the largest revenue share of the coordinate measuring machine market. The main driver of the fixed CMM segment’s growth is the expanding demand for confirming dimensional and geometric correctness in the automotive, manufacturing, and aerospace sectors. For tasks that call for the automated measuring of very big items, stationary CMM is appropriate. Therefore, the growth of the segment is increasing at a very rapid pace.
Fixed CMM outlook
In the fixed CMM segment, the bridge segment registered the biggest revenue share of the market. In a three-dimensional cartesian coordinate system, a standard 3D Bridge CMM permits probe movement along the three orthogonal axes. Each axis sensor monitors the probe’s position with micrometer accuracy. Higher precision of this type of CMM is the major factor propelling the growth of this segment of the market.
Portable CMM outlook
In portable segment, the articulated arm segment witnessed the highest revenue share of the market. The 3D measuring arms, commonly known as articulated arms, are movable coordinate measuring instruments that provide quality control, inspection, and verification of tiny to big workshop items. The articulated arms capture the 3D location of a probe in space and transmit the data to PC software. The increased efficiency of this equipment is bolstering the growth of the segment.
Industry Outlook
By Industry, the Coordinate Measuring Machine (CMM) Market is segmented into Automotive, Aerospace, Heavy Machinery, Energy & Power, Electronics, Medical, and Others. In 2021, the heavy machinery segment witnessed a promising revenue share of the coordinate measuring machine market. The use of CMMs is anticipated to increase significantly throughout the projection period because they can give producers of heavy equipment, such as excavation, earthmoving, and agricultural machinery, an on-site dimensional measurement.
Regional Outlook
Region-wise, the Coordinate Measuring Machine (CMM) Market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. In 2021, Asia-Pacific accounted for the largest revenue share of the coordinate measuring machine market. The automotive sector, whose growth is fueled by the expanding population, has a tremendous opportunity in the Asia Pacific, which is the region’s fastest-growing market. The market for CMMs in China and India has been driven by the rapidly expanding heavy machinery sector.
The major strategies followed by the market participants are Product Launches. Based on the Analysis presented in the Cardinal matrix; Keyence Corporation is the forerunner in the Coordinate Measuring Machine (CMM) Market. Companies such as FARO Technologies, Inc., Hexagon AB, Carl Zeiss AG are some of the key innovators in Coordinate Measuring Machine (CMM) Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Keyence Corporation, Carl Zeiss AG, Nikon Corporation, FARO Technologies, Inc., Hexagon AB, Tokyo Seimitsu Co., LTD. (ACCRETECH), Creaform, Inc. (AMETEK, Inc.), Perceptron, Inc. (Atlas Copco AB), Mitutoyo Corporation, WENZEL Group GmbH & Co. KG
Recent Strategies Deployed in Coordinate Measuring Machine (CMM) Market
Partnership, Collaboration and Agreement:
Jun-2021: ZEISS came into partnership with Shree Rapid Technologies, an industry leader in supplying Additive Manufacturing Technology and Services. In this partnership, SRT would market, ZEISS expertise and improved technology of Industrial CT & X-Ray solutions, Coordinate Measuring Machine, which is a high-quality measuring technology & 3D Scanning Systems that enhance the output quality and assist in lead time decrease of the Indian manufacturing sector.
Mar-2021: Mitutoyo signed an agreement with Kitov Systems, a platform for automated visual inspection. Under this agreement, Mitutoyo would integrate the Automated Planning and Smart Visual Inspection Technology of Kitov into its metrology solutions in order to allow joint solutions for customers.
Jul-2020: Nikon Metrology partnered with WENZEL America, a part of the WENZEL Group. Under this partnership, WENZEL would aid Nikon Metrology in the sales and distribution of its laser scanning products throughout the North American market. The companies would offer customized CMM laser scanning solutions to customers in order to meet the growing demand for a broad range of industries, applications, and requirements.
Apr-2020: WENZEL Group entered into a partnership with Metrologic Group, a specialist in the designing and manufacturing of industry-reputed 3D inspection software and electronics. This partnership aimed to offer WENZEL clients and end-users software solutions apt for WENZEL measuring equipment, which is based on joint technical expertise with Metrologic Group.
Product Launch and Product Expansion:
Jun-2022: Creaform introduced VXelements 10, a new cloud licensing system. Through this launch, the company aimed to establish a new benchmark in inspection, metrology, and reverse engineering to deliver a distinct cutting-edge line of tools with the ability to work in complete synergy along with an entire fleet of Creaform 3D measurement solutions.
Jul-2021: FARO introduced its all-new Quantum Max ScanArm, an advanced portable measurement tool. This tool features three purpose-built hot-swappable Laser Line Probes (LLPs), each LLP is improved with FARO CLR (Continuous Light Rectification) technology that offers customers top-quality scan data on dark, translucent, and reflective surfaces. It further removes the requirement for sprays, time-consuming surface preparation, and cleanup and also eliminates finished product contamination.
Apr-2021: Hexagon rolled out the Leitz PMM Gold, a new coordinate measuring machine. With this product launch, the company aimed to address the most prevalent stumbling blocks in delicate components measurement in order to aid manufacturers in conducting quality inspections more than 4 to 6 times faster than traditional methods.
Apr-2021: Mitutoyo Corporation launched the full-remodeled CNC Vision Measuring System Quick Vision Pro. This product helps in high-speed and automated measurements in a non-contact manner and is crucial for dimensional measurement of semiconductors & electronic gadgets.
Aug-2020: Mitutoyo America Corporation introduced the CRYSTA-Apex V Series to its Coordinate Measuring Machine product line. This latest generation of the CRYSTA-Apex Series would offer the highest speed, precision, accuracy, and versatility in the existing Mitutoyo CNC coordinate measuring machine line-up.
Jun-2020: FARO Technologies unveiled the FARO Gage, the most affordable and precise 3D portable coordinate measurement machine (CMM). This machine is a perfect fit for small and medium-sized businesses that carry out high-accuracy tasks. The Gage is the most ergonomic, intuitive, and versatile articulated portable FaroArm that helps machine shops to do their most demanding 3D inspections in record time.
Jun-2020: Creaform introduced the new version of the MetraSCAN 3D lineup. This version is the company’s advanced optical CMM scanner developed particularly to perform metrology-grade 3D measurements & inspections right on the production floor. The MetraSCAN BLACK is the quickest and most precise portable optical CMM scanner, which could be effortlessly combined in any quality control, MRO, inspection, quality assurance, or reverse engineering workflow and operated by customers of any skill level in any kind of surrounding.
Acquisition, Joint Venture and Merger:
Sep-2022: FARO took over GeoSLAM, a mobile scanning solutions provider. With this acquisition, the company aimed to integrate the handheld 3D scanning technology of GeoSLAM into its portfolio in order to offer the widest range of 4D data capture solutions, such as 360-degree camera-based images, stationary high-accuracy laser scanning, and mobile scanning. Furthermore, this acquisition would also meet the customers’ demand for increased speed, precision, and detail in accordance with their needs.
Jun-2021: FARO acquired HoloBuilder, an enterprise-ready Construction Progress Management solution. Following this acquisition, the company aimed to leverage HoloBuilder’s leading photogrammetry-based 3D platform in order to expedite the reality of a true end-to-end digital twin solution as well as accelerate its strategy to boost recurring revenue via market share gains throughout the massive and growing segment.
May-2021: ZEISS took over Capture 3D, the leader in 3D Scanning technology, photogrammetry, and automated inspection solutions. This acquisition would enable customers to get the advantages from an effortless integrated experience to get the best measuring solutions for their particular tasks.
Geographical Expansions:
May-2021: Hexagon’s Manufacturing Intelligence division expanded its geographical footprint by opening a Technology Center in Montreal, Canada. This co-working space would be used in partnership with Leica ecosystems, a part of Hexagon. In addition, the Technology Center offers a product showcase area wherein Québec manufacturers could look at a broad variety of improved solutions for production, metrology, automation, and reality-capture applications within a single roof.
Scope of the Study
Market Segments covered in the Report:
By Type
• Fixed
o Bridge
o Cantilever
o Gantry
• Portable
o Articulated Arm
o Handheld
By Industry
• Automotive
• Electronics
• Medical
• Aerospace
• Heavy Machinery
• Energy & Power
• Others
By Geography
• North America
o US
o Canada
o Mexico
o Rest of North America
• Europe
o Germany
o UK
o France
o Russia
o Spain
o Italy
o Rest of Europe
• Asia Pacific
o China
o Japan
o India
o South Korea
o Singapore
o Malaysia
o Rest of Asia Pacific
• LAMEA
o Brazil
o Argentina
o UAE
o Saudi Arabia
o South Africa
o Nigeria
o Rest of LAMEA
Companies Profiled
• Keyence Corporation
• Carl Zeiss AG
• Nikon Corporation
• FARO Technologies, Inc.
• Hexagon AB
• Tokyo Seimitsu Co., LTD. (ACCRETECH)
• Creaform, Inc. (AMETEK, Inc.)
• Perceptron, Inc. (Atlas Copco AB)
• Mitutoyo Corporation
• WENZEL Group GmbH & Co. KG
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