Several industries including aerospace, medical, automotive, power generation, industrial, and consumer product industries use metrology services. The growth of this market is expected to be augmented by the introduction of technological advancements in the field.
The market is segmented by product, application, and geographical regions. In addition, the dimensional metrology applications in the power age industry are also anticipated to drive the market.
The key factors driving the growth of the market are the introduction of technological advancements in the field and increasing demand for industrial applications. The market is characterized by the use of 3D measurement solutions. Moreover, the metrology service providers offer various equipment and services for different applications. This includes reverse engineering, scanning, testing, and CAD design systems. The equipment used in the field of metrology are of high accuracy and are certified by international bodies such as the ANSI, ISO, and CSA. The companies providing the metrology service are also required to be ISO/IEC 17025 accredited.
The key advantage of metrology services is that they ensure accurate and consistent results. The equipment provided by metrology service providers are very accurate and provide a wide range of options for customers. These include non-contact 3-D metrology, optical metrology, and robotic-mounted optical CMM scanner. The company offering the metrology service should be flexible with the production schedule of the customer. The service providers should also have a fast turnaround time.
The key players operating in the global metrology services market are Academia, Innovative Technology Companies, Pilot Plants, Manufacturers, and Service Companies. These companies are providing services for a variety of industries such as aerospace, industrial, and manufacturing. The global market is anticipated to grow at a CAGR of 5.9% from 2017 to 2023. The major players in the market include EDM Intelligent Solutions, Northrop Grumman, and Metrology Solutions Arizona. The companies provide their metrology services with a one week turnaround time. They can also provide multiple engineers on a shift basis for their clients.
The key players in the global metrology services market have adopted various strategies to achieve their growth objectives. These strategies include growth analysis, market share projections, financial performance analysis, and new product launches. Among the major players, America is projected to hold the largest share of the market. In 2021, the market is expected to expand at a CAGR of 5.7% in North America due to the rise in the demand for electric vehicles and mechanization in the agricultural industry. In Europe, the market is estimated to account for USD 190.3 million in 2018. The countries in the Europe region are mainly focusing on the pilot plant sector.
In the Asia-Pacific region, the metrology market is estimated to grow at a CAGR of 5.7% over the forecast period. The main factors promoting the market are the presence of large consumer base, increasing demand for industrial applications, and the development of metrology administrations using 3D scanners.