PUBLISHER: The Insight Partners | PRODUCT CODE: 1482329
PUBLISHER: The Insight Partners | PRODUCT CODE: 1482329
The 3D Metrology market size is expected to reach US$ 22.71 billion by 2031 from 11.56 billion in 2023, at an estimated CAGR of 8.8% from 2023 to 2031.
The 3D metrology market report emphasizes the key factors driving the market and prominent players' developments. APAC encompasses China, Japan, South Korea, India, Australia, and the Rest of APAC. The demand for electronic products is increasing worldwide. This is raising the need to increase productivity in the electronic manufacturing sector. Hence, to expand their manufacturing capabilities, various countries in the region are taking several initiatives. According to Nikkei Inc., the Chinese government invested ~US$ 327 billion till 2023 to expand the country's domestic electronic market. Similarly, the Indian government is also expanding the electronics market in the country. According to the Indian budget for 2023-2024, the government of India allocated US$ 200 million to the Ministry of Electronics and Information Technology, marking a 40% year-on-year increase. In addition, the Indian government also provides various schemes to boost the electronics sector, which include the Production Linked Incentive (PLI) Schemes, the Scheme for Promotion of Manufacturing of Electronic Components and Semiconductors (SPECS), and the Modified Electronics Manufacturing Cluster (EMC 2.0) Scheme. Thus, the increase in government initiatives to promote the electronic manufacturing sector is expected to fuel the growth of the 3D metrology market in APAC.
The region is witnessing rising adoption of EVs as the governments of different countries are developing several policies. The Association of Southeast Asian Nations (ASEAN) developed a favorable policy to encourage EV adoption. According to the International Renewable Energy Agency (IRENA), ~20% of vehicles in Southeast Asia will be EVs by 2025, including 59 million two-wheelers and three-wheelers and 8.9 million cars. In addition, India, South Korea, Taiwan, Vietnam, and other APAC countries are constantly working on attracting several businesses that want to relocate their car manufacturing facilities to the above countries because of low labor costs. For this, the above countries are offering tax rebates, funds, and subsidies, attracting more manufacturing companies to set up their plants. Furthermore, various EV manufacturers are working on increasing their production capacity to meet the rising customer demand. For instance, in March 2023, Chinese EV manufacturer BYD announced that it had started the construction of its new EV manufacturing facility in Thailand, which will be producing 150,000 passenger cars per year from 2024. Thus, the growing adoption of EVs is expected to increase the adoption of 3D metrology, which will further fuel the growth of the market during the forecast period.
The 3D Metrology market analysis has been carried out by considering the following segments: product, application, and end user.
Based on application, the 3D Metrology market share is segmented into reverse engineering, quality control and inspection, virtual simulation, and others. Throughout the production process, quality control and inspection play a vital role in ensuring consistency and standardization of product quality, as well as supporting businesses in upholding their strict manufacturing standards. Quality control and inspection require extremely precise measuring devices. Hence, there is a growing need for 3D scanners due to their usefulness in various quality control applications, particularly those that take place on the shop floor. They are affordable, measure more quickly, need less handling, programming, and training; and free up valuable coordinate-measuring machine (CMM) time for important inspections. More significantly, 3D scanners help relieve bottlenecks and lessen the strain of conventional CMMs, which is further fueling their demand in the market.
Moreover, factors such as the increasing demand for 3D metrology in the automotive industry propel the 3D metrology market growth. Also, the growing adoption of cloud computing is expected to bring new 3D Metrology market trends in the coming years.
Based on end-user, the market is segmented into energy and power, aerospace and defense, electronics, automotive, heavy machinery, medical, and others. In terms of revenue the automotive segment dominates the 3D metrology market share. To achieve top-tier production, the automotive industry places a strong emphasis on quality control. The automakers are searching for innovative ways to guarantee the best possible component compatibility and performance because they have high standards for precision, traceability, and reproducibility. As metrological tools provide high precision in manufactured components by offering precise measurements and consistent data for a tighter, better, and more regulated production line, they are becoming increasingly popular in the automotive industry. Other metrological solutions used in the automotive industry are coordinate metrology, vision measurement devices, and 3D optical metrology. Thus, the growing adoption of various metrological tools in the automotive industry is fueling the market growth for the segment globally.
Hexagon AB, Nikon Metrology NV, Creaform Inc, FARO Technologies Inc, Artec Europe, Intertek Group Plc, Mitutoyo Corporation, KEYENCE CORP, Shining3D, and ZEISS are among the key players profiled in the 3D metrology market report.
The 3D Metrology market forecast is estimated on the basis of various secondary and primary research findings such as key company publications, association data, and databases. Exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the 3D Metrology market growth. The process also helps obtain an overview and forecast of the market with respect to all the market segments. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain analytical insights. This process includes industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the 3D Metrology market.