3D Metrology Market

Hexagon (Sweden) and FARO Technologies (US) are leading players in 3D Metrology Market

The 3D metrology market is projected to grow from USD 10.6 billion in 2022 and is projected to reach USD 15.9 billion by 2027; it is expected to grow at a CAGR of 8.4 % from 2022 to 2027.

The growing use of 3D data for modeling and analysis in various industries, increased research and development (R&D) investments in 3D metrology is expected to fuel the growth of the 3D metrology market.

Key strategies adopted by the players in the 3D metrology ecosystem to enhance their product portfolios, increase their market share and expand their presence in the market mainly include new product launches and partnerships and acquisitions.

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For instance, in August 2021, Nikon Corporation announced a strategic collaboration with US firm Aeva Technologies, Inc. for the use of Frequency Modulated Continuous Wave (FMCW) technology in industrial metrology and automation applications. The goal of the partnership is to develop next-generation solutions using Aeva’s unique FMCW module for industrial automation, metrology, and manufacturing applications; and to accelerate their adoption worldwide by leveraging Nikon’s market-leading position in laser radar technology and excellence in industrial precision.

In June 2021, FARO Technologies (US) announced the acquisition of HoloBuilder, Inc. (US). HoloBuilder brought its leading photogrammetry-based 3D platform to FARO, which delivers hardware agnostic image capture, registration, and viewing to the fast-growing digital twin market.

Hexagon has a huge and diversified portfolio of 3D metrology products. Furthermore, the company invests heavily in R&D activities; it invested more than 10% of its annual revenue in R&D in the last three years spanning from 2019 to 2021. The company conducts its business through 300 companies operating in 50 countries. It serves clients from several industries, including surveying, electronics and manufacturing, infrastructure and construction, power and energy, automotive, aerospace & defense, natural resources, and public safety. The key strategy of the company is the launch of new products along with the development of new technologies and solutions. The company prominently adopts product launches as its main business strategy to widen its customer base and increase the overall business revenue. Moreover, the company also focuses on acquisitions to expand its business, in terms of technology and customer base. Its growth strategies partly depend on its ability to access additional technologies, complementary product lines, and sales channels through selective acquisitions and strategic investments.

FARO Technologies develops and manufactures leading-edge solutions that enable high-precision 3D capture, measurement, and analysis across a variety of industries, including manufacturing, construction, engineering, and public safety. FARO offers portable metrology and 3D documentation solutions to a wide range of industries. To grow in the 3D metrology market, the company has adopted the key strategy of product launches and developments. It is launching portable 3D CMMs and 3D metrology software to increase the product offering to its customers and thereby increase its market share in the 3D metrology market. FARO Technologies has offices in the US, Canada, Mexico, Brazil, Germany, the UK, France, Spain, Italy, Poland, Turkey, the Netherlands, Switzerland, India, China, Malaysia, Thailand, South Korea, Australia, and Japan.

Related Reports:

3D Metrology Market with COVID-19 Impact by Product Type (CMM, ODS, VMM, 3D AOI, 3D X-ray &CT), Application (Quality Control & Inspection, Reverse Engineering, Virtual Simulation), Offering, End-user Industry and Geography - Global Forecast to 2027

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Mr. Aashish Mehra
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Report Code
SE 3606
RI Published ON
2/15/2022
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