The video measuring system market is expected to be valued at USD 636.0 Million by 2023, growing at a CAGR of 8.5% between 2018 and 2023. Factors supporting the growth of the video measuring system market include the increasing adoption of non-contact measurement based on computer numerical control (CNC) technology, increasing focus on quality control, advantages of video measurement as compared to the conventional measurement method and increasing need for highly efficient, reliable, and precision measurement technology.
Hexagon held the first rank in the video measuring system market. The company offers coordinate measuring machines, 3D scanners, and video measuring machines, which serve industries such as aerospace, automotive, electronics, metal & mining, power, and medical. New product developments and mergers & acquisitions are the major strategies adopted by the company. For instance, in February 2016, Hexagon launched Leica Absolute Scanner LAS-20-8 portable laser scanner for large-volume inspection applications. In 2015, the company launched several products such as GLOBAL EVO, PC-DMIS 2015, and HP-L-8.9 non-contact laser scanner. In March 2016, Hexagon acquired AICON 3D Systems and Forming Technology, which gave it an opportunity for international expansion using AICON’s wider portfolio and Hexagon’s global presence.
Carl Zeiss ranked second in the video measuring system market. The company offers video measuring machines and solutions for metrology in research & development and production. The company added image processing to the application of measuring technology with the introduction of optical and tactile measuring systems. The company has mainly invested in research and development, which has increased its efficiency in the medical segment. Product launches and developments have helped in improving the productivity and exploring the growth opportunities for all the segments.
Faro Technologies ranked third in the video measuring system market. It is one of the leading providers of video measurement, imaging, and realization systems for various industries such as aerospace, automotive, consumer electronics, power generation, and heavy equipment. It has a strong R&D expenditure, which leads to constant technological advancements and product launches. In April 2016, the company launched a new 3D laser scanner, Focus3D X 130/330 HDR, which is capable of high-dynamic range photography (HDR) that produces incredibly detailed images in bright and dark conditions, as well as high resolution for superior color depth.
Mitutoyo Corporation ranked fourth in the video measuring system market. The company offers vision measuring systems and 3D coordinate measuring machines in more than 40 countries and provides after-sales service in more than 100 countries. The company’s main strategy is product launches; for instance, in April 2016, the company launched Quick Vision Active series, a general purpose small/mid-sized CNC Vision measuring system that is useful for automotive and industrial applications.
Nikon ranked fifth in the video measuring system market. The company operates in metrology and vision measuring instrument business segments through its subsidiary Nikon Metrology. The company follows the strategy of product launches to expand its sales in the instrument business segment. Additionally, it focuses on research and development activities to launch technologically advanced products in the market. Nikon expanded its portfolio with optical 3D measuring instruments by acquiring Metris in 2009. Apart from measurement instruments, the company also provides software solutions for coordinate measuring machine (CMM), video measurement and point cloud-based inspection, and reverse engineering applications.
Video Measuring System Market by Product Type (Manual, Semi-Automated, Automated), Application (Automotive, Aerospace & Defense, Heavy Machinery, Energy & Power, Electronics, Medical), Offering, And Geography - Global Forecast to 2023
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