HOME Research Insight New Product Launches and Development was the Major key Strategies Adopted by the Players to Increase their share in the 3D Metrology Market

New Product Launches and Development was the Major key Strategies Adopted by the Players to Increase their share in the 3D Metrology Market

The 3D metrology market is expected to be valued at 17.05 Billion by 2023, growing at a CAGR of 7.1% between 2017 and 2023. The major driving factors for the 3D metrology market are the highly accurate inspection owing to 3D data for modelling and analysis, increasing focus on quality control, and inability of traditional measurement devices to address many manufacturing issues.

New product launches and development was the major key strategies adopted by the players to increase their share in the 3D metrology market in 2016. New product developments accounted for 69.76% of the overall growth strategies. The major players such as Hexagon (Sweden), FARO Technologies (US), Nikon Metrology (Belgium), Perceptron (US) are involved in the manufacturing of new 3D metrology systems. Partnerships, contracts, joint ventures, agreements, and collaborations are the major strategies adopted by the key players in the 3D metrology market.

Hexagon held the leading position in the overall 3D metrology market in 2016. The company offers CMM, 3D metrology, and video measuring machines that serve industries such as aerospace, agriculture, automotive, infrastructure & construction, metal & mining, power, and safety & surveying. New product developments, and mergers and acquisitions are the major strategies adopted by the company. For instance, in February 2016, Hexagon launched Leica Absolute Metrology LAS-20-8 portable laser metrology for large-volume inspection applications. In 2015, the company launched several products such as GLOBAL EVO, PC-DMIS 2015, and HP-L-8.9. The company acquired AICON 3D Systems and Forming Technology in March 2016 that gave an opportunity for international expansion using AICON’s wider portfolio and Hexagon’s global presence.

Faro Technologies held the second position in the market in 2016. The company mainly focuses on metrology products. The company has adopted acquisitions and product launches as its key strategies to grow in the market. For instance, in April 2017, the company acquired MWF-technology (Germany), a leading provider of augmented reality solutions for the BIM/CIM and metrology industries. This acquisition would help the company provide innovative software tools for converting 3D CAD data into a mobile format that delivers immersive and interactive 3D simulated images.

It is one of the leading providers of 3D measurement, imaging, and realization systems for various industries such as aerospace, automotive/motorsports, auto/aero suppliers, consumer goods, electric power generation, and heavy equipment, among others. It has a strong R&D expenditure that leads to constant technological advancements and product launches. In April 2016, the company launched a new 3D laser metrology, Focus3D X 130/330 HDR that is capable of high-dynamic range photography (HDR) to produce incredibly detailed images in bright and dark lighting conditions as well as an increased resolution for superior color depth. 

Related Reports:

3D Metrology Market by Offering (Hardware, Software, Services), Product (CMM, ODS, VMM, 3D AOI), Application (Reverse Engineering, Quality Control & Inspection, Virtual Simulation), End-user Industry, and Geography - Global Forecast to 2023

Mr. Rohan
701 Pike Street,
Suite 2175, Seattle,
WA 98101, United States
Email: sales@marketsandmarkets.com

Connect Us

Follow us on LinkedIn  Follow us on Facebook   Follow us on Twitter 
Live Chat Support

US : 1-888-600-6441

Search reports