Overview and Scope
The coordinate measuring machine is used to measure the dimensions of machines 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.
Sizing and Forecast
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.
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Segmentation & Regional Insights
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
Asia-Pacific was the largest region in the coordinate measuring machine market in 2023. The regions covered in the coordinate measuring machine market market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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Major Driver Impacting Market Growth
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.
Key Industry Players
Major companies operating in the coordinate measuring machine market market include Carl Zeiss AG, Creaform Inc., Eley Metrology, FARO Technologies Inc., Hexagon AB, Keyence Corporation, Metronor AS, Mitutoyo Corporation, Nikon Metrology NV, Tokyo Seimitsu Co. Ltd., Perceptron Health Inc., WENZEL Group GmbH & Co. KG, Aberlink Ltd., Accurate Gauging & Instruments Pvt Ltd, Dukin Co. Ltd., Carl Zeiss AG, Applied Automation Technologies Inc., Avon-Dynamic, Velocity Machine Inc., Dimensional Engineering, Sipcon Instrument Industries, Helmel Engineering Products Inc., International Metrology Systems, N. J. Metrology Inc., Optical Gaging Products Inc., Renishaw plc, TESA SA, Trimek S.A., Werth Inc., Zett Mess Technik GmbH, Automated Precision Inc.
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