METROLOGY SERVICES MARKET ANALYSIS

Metrology is a field that is concerned with the establishment of units of measurement. Metrology finds applications across different industry verticals and is witnessing dynamics shift. Various metrology products are used in numerous applications including quality control, reverse engineering, 3D measurement, product quality optimization, etc.

The global metrology services market is estimated to account for US$ 3,337.9 Mn in terms of value by the end of 2030.

Market Driver:                                                      

Growing adoption of CAD/CAM and international quality standards is expected to drive growth of the global metrology services market during the forecast period

Manufacturers are increasingly adopting computer-aided design and computer-aided manufacturing (CAD/CAM)-based processes to the manufacturing cycle for its advantages such as cost reduction, reduced defects, and shorter production cycle. Manufacturers are adopting internationally-accepted standards such as QS-9000, ISO-9001, Six sigma, in order to cater to global clients’ requirements. As a result of this, the demand for metrology services has increased significantly. Hence, these factors are expected to drive growth of the global metrology services market during the forecast period.

Rising pressure on global infrastructure is expected to propel the global metrology services market growth over the forecast period

According to the United Nations (UN), the global population is expected to reach around 9 billion by 2050 with around 180,000 people being added to the urban population every day. According to the same source, over 2 billion people would be age above 60 years. All this is directly expected to put substantial stress on food, energy, and other primary needs. As a result, manufacturers are under constant pressure to meet the growing demand and keep their production capacity at par with rising demand. Thus, trends such as fast-growing and aging population and rising consumerism are putting pressure on global infrastructure and resources. There is a need to effectively manage these challenges for sustainable growth. Hence, these factors are expected to propel the global metrology services market growth over the forecast period.

Figure 1: Global Metrology Services Market Share (%), in terms of Value, By Region, 2021

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Restraint:

Lack of universal standards is expected to hamper the global metrology services market growth over the forecast period

Although there is high demand for metrology services, there are several challenges services providers are facing, especially on the front of customized metrology solutions. This, in turn, hinders the development of universal systems with multiple functionalities. As a result of this, end users have to seek multiple service providers or a single service provider that can offer a wide range of metrology services. This, in turn, increases cost involved and enforces buyers to procure their own metrology products. Therefore, these factors are expected to hamper the global metrology services market growth over the forecast period.

High risk associated with regional trend is expected to restrain growth of the global metrology services market during the forecast period

There are several factors that affect growth of the market including the manufacturing process, automotive, etc. However, for metrology services providers, market development requires substantial capital investment in terms of facility, metrology products, labor, and other operational expenses. Therefore, for metrology services providers, it becomes difficult to immediately respond to global changes. Hence, these factors are expected to restrain growth of the global metrology service market in the near future.

Global Metrology Services Market - Impact of Coronavirus (Covid-19) Pandemic:

The COVID-19 pandemic is having a severe impact on the metrology business globally. The pandemic has prompted firms in a variety of industries to refocus their consumer reach and rethink their engagement strategy. Robotics is rapidly being used in advanced metrology services. To tackle existing and upcoming measurement issues in the automotive and energy industries, companies are now relying on onsite engineering and equipment services. As a result of the post-pandemic environment, end-use industries have made certain game-changing movements, consequently widening the avenues of the metrology services industry. The growing use of autonomous robots in production allows for real-time measurement data processing. This allows for simple measurement in measurement labs and periodic quality testing.

Market Trends 

Key market players are involved in partnerships and collaborations, in order to enhance the market presence. In August 20^th, 2022, LMI Technologies (LMI), a prominent provider of 3D scanning and inspection systems, has announced the official introduction of its newest Gocator 2600 Series of 4K+ resolution smart 3D laser line profile sensors. These factory-calibrated sensors feature custom optics and a powerful 9-megapixel imager to deliver 4200 data points per profile for high-resolution 3D scanning and inspection across broad fields of view in applications such as battery inspection, building materials, automotive, rubber and tyre production, and general factory automation. In March 23^rd 2022, ETQ, a SaaS-based quality management system (QMS), environment, health and safety software, and compliance management software, has been acquired by Hexagon AB. The business will be part of Hexagon's Manufacturing Intelligence division. ETQ Reliance, ETQ's multitenant QMS software, serves as the data foundation for automating the gathering and distribution of production quality control data, nonconformance reports, and customer feedback.

Market Opportunity:

Growing outsourcing trend for dimensional inspection in medical sector can present lucrative growth opportunities

Manufacturers are outsourcing the task of dimensional inspection (measurement process used for examination of dimensions (2D or 3D) of an object), in order to ensure quality and consistency. Furthermore, it gives them access to advanced products at affordable prices. Opportunity exists especially in medical sector which has been an untapped market yet. This is because manufacturers of medical devices tend to rely on in-house solutions in order to maintain quality standards.

Major business opportunities in emerging economies

In current economic scenario, emerging economies such as Brazil, India, China, and Russia, are seen as a hub for manufacturing activities with growing output. This surge in manufacturing is more attributable to new small and medium-sized businesses, which are growing at a rate of 8.4%. These manufacturers due to limited capital are potential customers for metrology services, as it would help them to meet their production requirements in an economical way.

Figure 2: Metrology Services Market (US$ Mn) Analysis and Forecast, 2022 - 2030       

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Metrology Services Market was valued at US$ 1,186.7 Mn in 2021 and is expected to reach US$ 3,337.9 Mn by 2030, growing at a CAGR of 13.8% between 2022 and 2030.         

Key players operating in the global metrology services market are Hexagon AB, Trescal SA, Optical Metrological Services, Carl Zeiss Corporation, Danish Micro Engineering A/S, Nikon Metrology Inc., FARO Technologies, Inc., Renishaw plc, and Optical Gaging Products, Inc.