The coordinate measuring machine (CMM) market size is expected to grow from USD 2.8 billion in 2021 to USD 4.3 billion by 2026; it is expected to grow at a CAGR of 8.8% from 2021 to 2026. The key factors driving the growth of the CMM market are growing use of 3D data in modelling and analytical applications, increasing R&D spending on developing metrology products, and thriving automotive sector.
Market for fixed CMM to account for larger market share during the forecast period The fixed CMM segment is expected to continue to hold a larger market size during the forecast period.The rising need for validating the dimensional and geometric accuracy in the manufacturing, automotive, and aerospace industries is the factor responsible for the largest share of the fixed CMM segment.
The market for portable CMMs is expected to grow at a higher CAGR during the forecast period. Portable CMMs are easy to handle and give maximum flexibility to perform metrology activities, thereby are increasingly adopted in the automotive, heavy machinery, and energy & power industries.
Automotive industry to hold the largest size during the forecast period The automotive industry is expected to hold the largest market size during the forecast period.The growing demand for vehicles, especially from developing countries, such as India and China, has encouraged automotive manufacturers and OEMs to opt for automation to increase production volume and meet the market demand.
The shift in preference from off-line quality inspection to near-line or in-line measurement techniques, enabling higher sampling rates and shorter inspection times in the automotive industry, is also expected to drive the CMM market.
APAC is expected to capture largest market size during the forecast period” The APAC region is expected to hold the largest share of the CMM market during the forecast period.Asia Pacific is the most rapidly growing market and offers a huge opportunity for the automotive industry, whose growth is driven by the growing population.
The heavy machinery industry is booming rapidly, which, in turn, has driven the market for CMMs in India and China.The rising awareness related to automation, increasing emphasis of leading economies such as China and Japan on heavy machinery industries are some primary factors contributing to the largest market share of APAC.
The rapid growth of the automotive, heavy machinery, and aerospace industries in emerging economies, such as China and India, has contributed to the growth of the CMM market in APAC. Funding for R&D of heavy machinery and an extensive industrial base are the major factors that make APAC a dynamic region for CMMs, with China and Japan being the major contributors.
The break-up of the profiles of primary participants for the report has been given below: • By Company Type: Tier 1 = 40%, Tier 2 = 35%, and Tier 3 = 25% • By Designation: C-Level Executives = 48%, Directors = 33%, and Others= 19% • By Region: North America = 35%, Europe = 18%, APAC = 40%, and RoW = 7%
Major players expected to operate in the CMM market include Zeiss Group (Germany), FARO Technologies (US), Hexagon (Sweden), Nikon Corporation (Japan), Mitutoyo (Japan), Tokyo Seimitsu (Japan), Keyence Corporation (Japan), Creaform (Canada), Perceptron (US), Wenzel Group (Germany).
Research Coverage: The research report on the global CMM market covers the market based on type, industry, and region.Based on type, the market has been segmented into fixed CMM and portable CMM.
Based on industry, the CMM market has been segmented into automotive, aerospace,.heavy machinery, energy & power, electronics, medical, and others. The report covers four major regions, namely, North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW).
Key Benefits of Buying the Report: This report segments the CMM market comprehensively and provides the closest approximations of the overall market size, as well as that of the subsegments across different types, industries, and regions. The report helps stakeholders understand the pulse of the market, expected market scenario and provides information on key market drivers, restraints, challenges, and opportunities. The report helps to understand the COVID-19 impact on the CMM market
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