By 2018, Metrology Market to be Valued Beyond $720 BN

772 views

Metrology MarketIndustries use multiple metrology systems to attain utmost accuracy

Metrology in simple words is the science of measurement. It includes both practical and theoretical aspects of measurement; it basically has three sub sections which are Scientific & Fundamental metrology, Applied, Industrial and Technical metrology and Legal metrology. In order to find the core of the concept one may describe it as Greek origin as the word ‘Metrology’ connects to the ancient Greek word (Metron) which means measure. In other terms the word also means “theory of ratios”. However, this science of measuring has come a long way ahead with the help of advanced technologies. All the industries doing any kind of business activities require this science of measuring and use more than one form of metrology for acquiring optimum levels of accuracy.

Global Metrology market is witnessing an unstoppable gaining trend as business activities of all categories tend to use these measuring systems. Metrology according to International Bureau of Weights and Measures (BIPM) is defined as “the science of measurement, embracing both experimental and theoretical determinations at any level of uncertainty in any field of science and technology.” The body is an essential part of the Joint Committee for Guides in Metrology (JCGM) and it has seven other international organizations addressing the guidelines for weights and measuring aspect across different industries. According to a market research under the section, manufacturing precision is one factor that has encouraged industries across segments. Companies from the aerospace and power-generated segments are largest end users of this market. The global automobile industry also has a sizable utilization percentage of the metrology market.

The world metrology services industry is estimates to be worth $720 billion by the end of 2018, it can be divided into two major segments such as; Coordinated Measuring Machines (CCM) and Optical Digitizers and Scanners (ODS). Out of the two; the CCM market is estimated to increase by 7.2% CAGR for the period from 2012-2018. Rise in demands for retrofitting, calibration and machine installation are found to be the encouraging factors for this segment of the industry.

ODS on the other hand, is known as the largest and fastest growing category in the industry. This section is projected a growth of 8.9% CAGR or even more for the same span of years mentioned above for its counterpart. This segment is forecasted to reach a value of $ 436 billion alone by the end of 2018. The 3D-laser scanners accounted for a whopping 35% demand for the ODS segment, these scanners with their touch-probe technology offer accurate measurements of the toughest geometries. Due to the sharp rising demands of these 3D-laser scanners the entire ODS segment is widely in use.

The processing and metal fabrication industry was rated as the largest contributor to the metrology services industry by the end of 2012. It accounted to a notable 28% of the global metrology services industry whereas; the automobile sector is estimated to be the fastest growing end-user segment with a CAGR of around 8.7% for a six years period from 2012 to 2018.

By the end of 2013, Europe and North America were listed as top regional markets for metrology services, Europe covered around 31% of the global markets and Asia- Pacific regions are estimated a solid CAGR of above 9% from 2012 to 2018. Hexagon was named as the leading Metrology service providing company for the year ended 2012. It faces competition from few other companies such as Nikon Corp, Renishaw, Faro Technologies and Mitutoyo Corporation.