The Coordinate Measuring Machine Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Coordinate Measuring Machine Global Market Report 2024, The coordinate measuring machine market size has grown strongly in recent years. It will grow from $3.43 billion in 2023 to $3.76 billion in 2024 at a compound annual growth rate (CAGR) of 9.7%. The growth in the historic period can be attributed to growth in automotive sector, rise in automation, rise in emphasis on sustainable manufacturing, shortened product development cycles, industrialization.
The coordinate measuring machine market size is expected to see strong growth in the next few years. It will grow to $5.44 billion in 2028 at a compound annual growth rate (CAGR) of 9.6%. The growth in the forecast period can be attributed to rising aerospace industry, growing medical sector, industry 4.0 and smart manufacturing adoption, rising demand for high-quality goods, . Major trends in the forecast period include non-contact metrology, 3d scanning and digitization, shop-floor cmms, multi-sensor cmms, portable cmms.
The expansion of the automotive sector is expected to propel the growth of the coordinate measuring machine 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.
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The coordinate measuring machine market market covered in this report is segmented –
1) By Type: Fixed CMM, Portable CMM
2) By Application: Inspection, Reverse Engineering
3) By Industry: Automotive, Aerospace, Heavy Machinery, Energy and Power, Electronics, Medical, Other Industries
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.
The coordinate measuring machine market report table of contents includes:
1. Executive Summary
2. Coordinate Measuring Machine Market Characteristics
3. Coordinate Measuring Machine Market Trends And Strategies
4. Coordinate Measuring Machine Market – Macro Economic Scenario
5. Global Coordinate Measuring Machine Market Size and Growth
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26. South America Coordinate Measuring Machine Market
27. Brazil Coordinate Measuring Machine Market
28. Middle East Coordinate Measuring Machine Market
29. Africa Coordinate Measuring Machine Market
30. Coordinate Measuring Machine Market Competitive Landscape And Company Profiles
Top Major Players:
- Carl Zeiss AG
- Creaform Inc
- Eley Metrology
- FARO Technologies Inc
- Hexagon AB
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