Coordinate Measuring Machine (CMM) Market

Market Leadership - Coordinate Measuring Machine (CMM) Market

The CMM market is expected to grow from USD 2.8 billion in 2018 to USD 4.1 billion by 2023, at a CAGR of 8.00% during the forecast period. Highly accurate inspection owing to three-dimensional (3D) data for modeling and analysis and growing interest in Industrial Internet of Things (IIoT) and superior quality inspections are a few key factors driving the CMM market growth.

The CMM market is moderately competitive owing to the presence of a moderate number of regional and global public listed players. Key strategies adopted by these players to enhance their product portfolios, increase their market share, and expand their presence in the market include product launches, partnerships, collaborations, contracts, agreements, expansions, and acquisitions. Many market players adopted product launches as the key business strategy. For instance, in June 2018, Hexagon announced the launch of qFLASH-A, an economical and compact 3D optical measurement system designed for use in smaller shop-floor inspection cells. Apart from this, market players also adopted partnership and collaboration strategies to enhance their products. For instance, in April 2018, Metrologic Group (France) and Creaform entered into a partnership in which Creaform integrates Metrologic Group’s software suite with its new CUBE-R 3D automated dimensional inspection solution.

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Hexagon Manufacturing Intelligence, a part of Hexagon AB (Sweden), is a global provider of measurement and industrial metrology solutions. The company’s key growth strategies are product launches, acquisitions and developments of new technologies and solutions. For instance, in October 2017, Hexagon acquired Luciad (Belgium), a leading provider of 5D visualization and analysis solutions. This acquisition strengthened Hexagon’s ability to rapidly integrate sensor data in a visually compelling environment. Also, in February 2016, Hexagon launched a new portable laser scanner, the Leica Absolute Scanner LAS-20-8, for inspecting a large volume of applications. This scanner enables the company to offer robust laser-scanning solutions. Furthermore, Hexagon aims to combine FTI’s computer-aided engineering (CAE) technology and knowledge of automotive sheet metal applications with its computer-aided manufacturing (CAM) and video measuring for metrology solutions.

Nikon Metrology, a division of Nikon Corporation, is a provider of optical measurement and inspection systems for industrial applications. The company invests a substantial amount of its total revenue in its R&D division (8.49% in 2017, 7.94% in 2016, and 7.78% in 2015). This has resulted in its strong organic growth and robust market positioning in terms of product development in the optical measurement solutions market. The company has been following the strategy of product launches to expand its sales in the instruments business segment. For instance, in April 2016, Nikon launched the non-contact HN-C3030 3D measuring system for precise, high-speed measurement of complex components such as gears, impellers, turbine blades, and so on.

Related Reports:

Coordinate Measuring Machine (CMM) Market by Type (Bridge, Cantilever, Articulated Arm, Handheld), Application (Quality Control & Inspection, Reverse Engineering), Industry (Automotive, Heavy Machinery), and Geography - Global Forecast to 2023

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Report Code
SE 6753
RI Published ON
11/19/2018
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