Industrial Metrology Market

Industrial Metrology Companies - Hexagon (Sweden) and Nikon (Japan) are the Major Players

The industrial metrology market is expected to grow from USD 10.9 billion in 2022 to USD 14.6 billion by 2027, at a CAGR of 6.1%. The most significant factor driving the growth of the industrial metrology market include surging adoption of hybrid and electric vehicles (EVs), rising demand for big data analytics, increasing demand for automobiles in emerging economies, growing demand for quality and inspection equipment in the precision manufacturing industry, and increasing focus on manufacturing superior- and uniform-quality products.

Major players in the industrial metrology market are Hexagon (Sweden), Nikon (Japan), FARO Technologies (US), Carl Zeiss (Germany), Jenoptik (Germany), KLA Corporation (US), Renishaw (UK), Mitutoyo Corporation (Japan), KEYENCE CORPORATION (Japan), Creaform (Canada), Precision Products (US), CARMAR ACCURACY (Taiwan), Baker Hughes (US), CyberOptics (US), Cairnhill Metrology (Singapore), ATT Metrology Services (US), SGS Group (Switzerlands), TriMet (US), Automated Precision (US), Applied Materials (US), Perceptron (US), JLM Advance Technical Service (US), Intertek Group (UK), Bruker (US), and Metrologic Group (France). The top players have adopted merger & acquisition, partnership, collaboration, and product launch strategies to grow in the global industrial metrology market.

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Hexagon (Sweden) is one of the leaders in digital reality solutions that integrate sensor, software, and autonomous technologies. The company is a provider of geospatial and industrial sensors. The company classifies its business operations into two reportable segments: Industrial Enterprise Solutions (IES) and Geospatial Enterprise Solutions (GES). The company offers sensor solutions, software solutions, autonomous solutions, including sensor technology-equipped metrology systems, computer-aided design (CAD) software and computer-aided manufacturing (CAM) software. It also offers sensors for satellite positioning and capturing data from air and land; and geographic information system (GIS) software for building 3D models and maps. Hexagon’s products find applications in manufacturing, construction, mining, and agriculture. The Industrial Enterprise Solutions segment offers industrial metrology products.

Focusing on R&D allows the company to expand its portfolio and introduce new products on a regular basis. Hexagon invests heavily in new technology in order to create high-performance, software-centric products and solutions. Software ecosystem innovations, integrated technologies innovations, and visual computing innovations are Hexagons primary innovation strategies. It is the innovation framework that drives large-scale innovation by making the companys solutions easier to use, faster, more intelligent, and more connected. The company had over 4,000 active patents and 5,000 R&D employees as of December 2021. In the fiscal year 2021, the company spent USD 580.78 million on research and development, which amounted to 11.8% of its overall revenue.

Another important player in the industrial metrology market is Nikon (Japan). Nikon is engaged in the manufacture and sale of optical instruments. The company operates through the following business segments: Imaging Products Business, Precision Equipment Business, Industrial Metrology Business and Others, Components Business, and Healthcare. The Imaging Products division produces, sells, and markets interchangeable lenses, digital cameras, and other products, including compact cameras. Additionally, the segment provides accessories, NIKKOR lenses, mirrorless cameras, digital compact cameras, SLR cameras, lenses, film cameras, and film scanners. The companys Precision Equipment division creates, produces, and sells flat-panel display (FPD) lithography systems, semiconductor lithography systems, and liquid crystal display lithography systems (LCD). Along with integrated circuit (IC) steppers and scanners, the segment also includes LCD steppers and scanners. Nikon’s Industrial Metrology Business and Others segment manufactures, develops, and sells surveying instruments, measuring instruments, X-ray/CT inspection systems, microscopes, and metrology systems. In the companys Healthcare division, products like biological microscopes, cell culture observation systems, and ultra-wide field retinal imaging devices are produced, developed, marketed, and offered as services. Additionally, the segment provides photomask substrates for the glass industry, specialized machinery, and specialized products. The company has transferred the Digital Solutions Business, the Customized Products Business, and the Glass Business, which were previously included in the Industrial Metrology and Others segment, to the Components Business. The "Components Business" is newly established as a reportable segment from FY2022/3.

Another important player in the industrial metrology market is FARO Technologies (US). Faro Technologies (Faro) is a technology company based in the United States. The company operates through its various product lines, which include 3D printing, construction building information modeling (BIM), and others. Faros 3D manufacturing product line offers manual and automated measurement and inspection solutions. Alignment, part inspection, dimensional analysis, first article inspection, incoming and in-process inspection, machine calibration, non-contact inspection, robot calibration, tool building and set-up, and assembly guidance are among its applications. The construction BIM product line from the company provides solutions for as-built data capture and 3D visualization in building information modeling and construction. As-built documentation, construction monitoring, surveying, asset and facility management, and heritage preservation are some of its applications. Its applications provide engineering, architecture, and construction customers with 2D and 3D measurement points. Other Faro product categories include 3D design and public safety forensics. The company creates 3D design solutions for geometries capture and editing for design purposes. It also provides 3D scanning solutions that allow for the accurate and efficient color capture of objects and parts into modeling software. The company creates 3D presentations by digitizing objects and products. Focus laser scanners, handheld laser scanners, 2D handheld mappers, forensic scan-arms, and zone 2D and 3D software are all available from the company. It is used in forensic laboratories, forensic engineering, fire investigations, law enforcement and security, and pre-planning activities.

Related Reports:

Industrial Metrology Market by Offering, Equipment, Application (Quality Control & Inspection, Reverse Engineering, Mapping & Modeling), End-User Industry (Aerospace & Defense, Automotive, Manufacturing, Semiconductor), Region - Global Forecast to 2027

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Industrial Metrology Market Size,  Share & Growth Report
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