Global Coordinate Measuring Machines (CMM) Market Experiences Significant Growth

Global Market for Coordinate Measuring Machines (CMM)

Dublin, Aug. 03, 2023 (GLOBE NEWSWIRE) -- The "Coordinate Measuring Machines (CMM): Global Strategic Business Report" report has been added to ResearchAndMarkets.com's offering.

The global Coordinate Measuring Machines (CMM) market is experiencing significant growth, with developing countries playing a vital role in driving future expansion. The off-shoring of manufacturing activities has led to increased demand for CMMs in these regions. In particular, the automobile sector has emerged as a key driver, as the upward trajectory in automobiles production spurs market demand.

The aerospace & defense sector also offers substantial growth opportunities for CMM adoption. The advent of smaller field-of-view laser sensors has been a boon to the aircraft industry. Additionally, the heavy equipment industry shows promising prospects for CMM market growth. The medical device sector has witnessed a growing penetration of CMMs, while portable CMMs continue to rise in demand.

Market trends also indicate that articulated arm machines, optical CMMs, and macro CMMs are gaining rapid popularity. Expanding CMM capabilities, software upgrades, and advanced probes are keeping the market dynamic. Automated CMMs are becoming the new 'it' in dimensional metrology, and technology advancements are spearheading overall market growth. Notably, technology that reduces the set-up time of coordinate measuring machines, optical CMM for automatic measurement of small cast parts, the rise of optical scanners, and the emergence of multi-axis industrial robots have contributed to the market's progress.

Other notable trends include portable articulated arms, on-machine probing, comparative gauging, and automated metrology software. CMM verification is gaining prevalence in the market. However, it's important to note that the market faces certain challenges that industry players are actively addressing.

The global market for Coordinate Measuring Machines (CMM) estimated at US$2.9 Billion in the year 2022, is projected to reach a revised size of US$6.7 Billion by 2030, growing at a CAGR of 11% over the analysis period 2022-2030. Fixed, one of the segments analyzed in the report, is projected to record 10.4% CAGR and reach US$3.7 Billion by the end of the analysis period. Taking into account the ongoing post pandemic recovery, growth in the Portable segment is readjusted to a revised 11.7% CAGR for the next 8-year period. The Coordinate Measuring Machines (CMM) market in the U.S. is estimated at US$788 Million in the year 2022. China, the world's second largest economy, is forecast to reach a projected market size of US$1.6 Billion by the year 2030 trailing a CAGR of 16.4% over the analysis period 2022 to 2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 5.8% and 9.7% respectively over the 2022-2030 period. Within Europe, Germany is forecast to grow at approximately 7% CAGR.

The market research report provides a comprehensive analysis of Coordinate Measuring Machines (CMM) sales across various geographic regions. The report includes three main sections for each category: recent past, current, and future analysis. These sections provide annual sales figures in US dollars (US$) million for the years 2022 through 2030, along with the corresponding compound annual growth rate (CAGR). The report also includes a historical review of CMM sales for the years 2014 through 2021, with CAGR values. Furthermore, the report offers a 16-year perspective, presenting the percentage breakdown of value sales for the years 2014, 2023, and 2030 in the regions of USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East, and Africa.

Additionally, there are specific tables focusing on different types of Coordinate Measuring Machines, such as "Fixed" and "Portable." These tables provide detailed independent analysis of annual sales in US$ million for the years 2022 through 2030, along with % CAGR values. Historical data from 2014 to 2021 with CAGR values are also provided for each of these types. The 16-year perspective tables in these categories show the percentage breakdown of value sales for the years 2014, 2023, and 2030 in the regions of USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East, and Africa. Additionally, there are specific tables for the application sectors of CMM, such as "Automotive," "Aerospace," "Heavy Machinery," "Energy & Power," "Electronics," "Medical," and "Other End-Uses." These tables follow the same format, providing independent analysis of annual sales in US$ million for the years 2022 through 2030, along with % CAGR values, and historical data from 2014 to 2021 with CAGR values. The 16-year perspective tables in these categories show the percentage breakdown of value sales for the years 2014, 2023, and 2030 in the regions of USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East, and Africa.

Key Attributes:

Report Attribute

Details

No. of Pages

281

Forecast Period

2020 - 2027

Estimated Market Value (USD) in 2020

$3 Billion

Forecasted Market Value (USD) by 2027

$4.9 Billion

Compound Annual Growth Rate

7.3%

Regions Covered

Global

Key Topics Covered:1. MARKET OVERVIEW

Recent Market Activity

Future of Coordinate Measuring Machines (CMMs)

Portable CMMs Take Dimensional Measurement Activity from Quality Laboratories onto Production Floor

Quintessential Growth Factors for CMM Market

Higher Levels of Awareness among End-Users

Demand for High Accuracy Devices Drive the Market

Trend towards Miniaturization

Recovery in Global GDP and Outlook for Industrial & Manufacturing Production Promise Stronger Growth for Metrology Equipment and CMMs

Global Market Outlook

Coordinate Measuring Machines (CMM) - Global Key Competitors Percentage Market Share in 2022 (E)

Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2022 (E)

2. FOCUS ON SELECT PLAYERS

Accurate Sales & Services Pvt.

Carl Zeiss Industrial Metrology

Chien Wei Precise Technology

Dukin

FARO Technologies

Helmel Engineering Products

Hexagon

INSPECT 3D

ITP Group

Metrologic Group

Metronor

Mitutoyo

Nikon Metrology

Renishaw

Sipcon Instrument Industries

Tarus Products

Trimek

WENZEL Group

3. MARKET TRENDS & DRIVERS

Developing Countries Drive Future Market Growth

Off-Shoring of Manufacturing Activity Boosts Demand for CMM Market in Developing Countries

Automobile Sector Key to Automated CMMs Demand

Upward Trajectory in Automobiles Production Spurs Market Demand

Aerospace & Defense Sector Offers Growth Opportunities for CMM

Advent of Smaller Field-of-View Laser Sensors - A Boon to the Aircraft Industry

Heavy Equipment Industry Promises Bright Prospects

Growing Penetration of CMMs in the Medical Device Sector

Portable CMMs Continue to Rise in Demand

Articulated Arm Machines Market to Grow

Optical CMMs Gain Rapid Popularity

Macro CMMs Steal the Show

Expanding CMM Capabilities Drive Adoption

Software Upgrades and Probes Keep the Market Ticking

Automated CMMs: The New 'It' in Dimensional Metrology

Technology Advancements: Spearheading Growth

Technology Reduces Set-Up Time of Coordinate Measuring Machine

Optical CMM for Automatic Measurement of Small Cast Parts

Rise of Optical Scanners

Emergence of Multi-Axis Industrial Robot

Portable Articulated Arm

On-Machine Probing

Comparative Gauging

Automated Metrology Software

Recent Metrology Software Advancements

CMM Verification Gains Prevalence

Market Challenges

4. GLOBAL MARKET PERSPECTIVEFor more information about this report visit https://www.researchandmarkets.com/r/y38r5o

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Global Market for Coordinate Measuring Machines (CMM)