Coordinate Measuring Machine (CMM) Market worth $4.1 billion by 2023

Posted December 9, 2020 by Prashantvi

The Coordinate Measuring Machine Market is expected to grow from USD 2.8 billion in 2018 to USD 4.1 billion by 2023, at a CAGR of 8.00%

The report "Coordinate Measuring Machine (CMM) Market by Type (Bridge, Cantilever, Articulated Arm, Handheld), Application (Quality Control & Inspection, Reverse Engineering), Industry (Automotive, Heavy Machinery), and Geography - Global Forecast to 2023", The CMM market is expected to grow from USD 2.8 billion in 2018 to USD 4.1 billion by 2023, at a CAGR of 8.00% during the forecast period. The CMM market is growing rapidly and mainly focuses on quality control to capture large volumes of three-dimensional (3D) data for modeling and analysis. The captured data are then shared with production scheduling, design, purchasing, and many other manufacturing company functions to ensure the accuracy of manufactured products. Other drivers of the CMM market include growing interest in industrial internet of things (IIoT) and superior quality inspections.

Browse 71 market data Tables and 47 Figures spread through 150 Pages and in-depth TOC on "Coordinate Measuring Machine (CMM) Market - Global Forecast to 2023"

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CMM market for reverse engineering applications to grow at the highest CAGR during 2018–2023

Industries such as automotive, aerospace & defense, and heavy machinery have started adopting CMMs for the design modification of actual objects to produce customized cars, spare parts, and other parts whose production had been discontinued. High precision, faster product analysis, and the ability to make changes in original products are contributing to the growth of the CMM market for reverse engineering application.

CMM market for heavy machinery industry is expected to grow rapidly during the forecast period

Major advantages of using CMMs are the measurement of soft or fragile parts and detection of many points can be done in a very brief time. As CMM can provide an onsite dimensional measurement for manufacturers of heavy equipment including earthmoving, excavation, and agricultural machinery, the adoption of CMM in heavy machinery industry is expected to grow significantly during the forecast period.

APAC to hold a major share of the CMM market in 2018

Funding for research and development, and extensive industrial base are the major factors that make APAC a dynamic region for the CMM market, with China and Japan being the major contributors. China is one the major manufacturing hubs with immense potential for CMMs. The national plan “Made in China 2025” is being designed to make China a world manufacturing power. The continual need to increase automation has been recognized by Chinese industries and the government. Moreover, the entry of a number of automobile manufacturers in this region has increased the demand for CMMs, which is propelling the growth of the CMM market in APAC.

Major players in the CMM market include Hexagon AB (Sweden), Faro Technologies (US), Nikon Corporation (Japan), Keyence Corporation (Japan), Carl Zeiss (Germany), Mitutoyo Corporation (Japan), GOM (Gesellschaft für Optische Messtechnik) (Germany), Perceptron (US), Creaform, Inc. (Canada), International Metrology Systems (UK), Metronor (Nesbru), Trimek (Spain), Applied Automation Tech (US), Wenzel (Germany), N. J. Metrology (UK), Avon-Dynamic (UK), Eley Metrology Limited (UK), The Sempre Group (UK), Apex Metrology Ltd (UK), and Tokyo Seimitsu Co., Ltd. (Japan).

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Issued By marketsandmarkets.
Country United States
Categories Electronics
Tags coordinate measuring machine cmm market
Last Updated December 9, 2020