The optical measurement market is expected to reach USD 5.14 Billion by 2023, at a CAGR of 6.87% between 2018 and 2023. Growing demand for 3D metrology services, increasing adoption of advanced optical measurement solutions, and rising R&D spending are driving the growth of the optical measurement market.
On the basis of equipment, video measuring machine (VMM) is expected to drive the growth of the optical measurement market between 2018 and 2023. VMM is an emerging measurement solution among industries as it enables manufacturers to monitor the quality and efficiency of components required to build desired industrial products. This system has gained tremendous popularity in recent years because of its features such as improved speed, greater accuracy, and the availability of customization based on application.
On the basis of vertical, industrial vertical is expected to drive the growth of the optical measurement market between 2018 and 2023. Manufacturing is an economical industry, which focuses on delivering high quality machinery parts on time. Optical measurement solutions are used to inspect and measure integrated data in production processes, enabling smarter decision-making, quality control, and ensuring complete maintenance for productions in general manufacturing and precision machining.
APAC is expected to lead the optical measurement market between 2018 and 2023. The market is expected to grow rapidly owing to major infrastructure advancements and automation in manufacturing industries in countries such as India and China. Also, countries in APAC are involved in the manufacturing of defense aircraft. This growth can also be attributed to the increasing use of optical measurement solutions in automotive, aerospace & defense, and industrial verticals in developing countries such as India and China.
Companies in the marketplace have started working toward formulating strategies, including product launches, and acquisition to expand and strengthen their businesses. Key players in the ecosystem of the optical measurement market profiled in this report are Hexagon (Sweden), Faro Technologies (US), Jenoptik (Germany), Keyence (Japan), Mitutoyo (Japan), Nikon (Japan), Vision Engineering (UK), Zygo Corporation (US), GOM (Germany), and Carl Zeiss (Germany).
Optical Measurement Market by Offerings (Hardware, Software, and Services), Equipment (Autocollimator, Measuring Microscope, Profile Projector, ODS, CMM, and VMM), Vertical (Industrial, Automotive), and Geography - Global Forecast to 2023
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