3D Metrology Market

Hexagon AB (Sweden) and Carl Zeiss AG (Germany) are leading players in 3D Metrology Market

The 3D metrology market is expected to grow from USD 9.5 billion in 2018 to reach USD 16.2 billion by 2024, at a CAGR of 9.3% from 2018 to 2024. The major factors driving the 3D metrology market are highly accurate inspection owing to 3D data for modelling and analysis, focus on quality control, and increase in R&D spendings. However, the lack of expertise to efficiently handle 3D metrology systems and high cost incurred for setting up the 3D metrology facility are expected to limit the growth of this market.

The 3D metrology market is highly competitive with significant presence of multinational, domestics and start-up companies. Product launches and development were the key strategies adopted by players to increase their share in the 3D metrology market from 2016 to 2018. Product launch accounted for a share of 66.7% of the overall growth strategies.

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Hexagon provides metrology solutions through its Manufacturing Intelligent Division. The company captured a market share of 13.9% in 2017. Hexagon caters to customers in various end-user industries, including aerospace, agriculture, automotive, infrastructure and construction, metal and mining, power, and safety and surveying. The company provides its customers fully control manufacturing solutions that rely on dimensional precision, ensuring that products manufactured precisely conform to the original product design. Moreover, the company also provides after-sales services to its customers. The key strategies of the company include launch of new products and development of new technologies and solutions. The company prominently adopts product launch as its main business strategy to widen its customer base and increase the overall business revenue. For instance, in March 2017, the company launched a new camera-based portable CMM for highly accurate shop-floor measurements. Moreover, the company adopts acquisition strategy to expand its business, in terms of technology, and customer base.

Carl Zeiss Metrology is among the leaders in CNC coordinate measuring machines and complete solutions for multidimensional metrology in the metrology lab and production. The company held the second-largest market share of 12.1% in 2017. Its significant market share is attributed to the increasing demand for metrology solutions across various industries during the revenue cycle. Moreover, the growth in the automotive and associated supplier industry fuels the growth of the 3D metrology segment.  The company’s strategic initiative has helped in improving its market share in the 3D metrology market. The company acquired 60% shares of Steinbichler Optotechnik, Neubeuern (Bavaria), which helped it to focus on the optical 3D digitization sector. The company invests heavily in R&D, which led to the increase in its product portfolio for the medical segment. Product launches and developments have helped in improving productivity and explore growth opportunities for all segments. It has a good brand image, which has created a growing demand for instruments from industries such as automobile, machinery, aerospace, medical, energy, and plastics.

Related Reports:

3D Metrology Market by Offering (Hardware, Software, Services), Product (CMM, ODS, VMM, 3D AOL), Application (Reverse Engineering, Quality Control & Inspection, Virtual Simulation), End-user Industry, and Geography - Global Forecast to 2024

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Report Code
SE 3606
Published ON
Jan, 2019
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