The CMM market is a sub-segment of the metrology market; metrological equipment is used for measuring the dimensional, optical, electromagnetic, mechanical, optical radiation, thermodynamic, and time/frequency parameters of a product. It is used during the product development cycle to obtain accurate measurements and enhance the product quality during manufacture. Metrology equipment is classified into three types: coordinate measuring machines (CMMs), optical digitizers and scanners (ODS), and video measuring machines (VMMs).
Technavio’s analysts forecast the global CMM market to grow at a CAGR of 7.10% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global CMM market for 2017-2021. To calculate the market size, the report considers the revenue generated from the sales of CMMs.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global CMM Market 2017-2021
Technavio recognizes the following companies as the key players in the global CMM market: Carl Zeiss, FARO Technologies, Hexagon Metrology, Mitutoyo, and Nikon Metrology
Other Prominent Vendors in the market are: COORD3, DUKIN, International Metrology Systems, Metronor, TRIMEK, and WENZEL
Commenting on the report, an analyst from Technavio’s team said: “Over the past 25 years, the aviation sector has undergone several setbacks such as the recession, aviation fuel price shocks, and security threats. Despite these, global air traffic has been growing at 5.5% annually. The aerospace industry is expected to have a steady demand for CMMs, especially in the commercial aircraft segment. But in the case of military, missiles, and space, it is expected to grow slightly or negatively depending on the defense budget allocation in different countries.”
According to the report, the global CMM market is witnessing an increase in its applications, especially those related to the inspection of components and parts. CMMs are the most preferred option for the 3D measurement of objects in the automotive, aerospace, shipbuilding, and other industries.
Further, the report states that another major challenge facing the global CMM market is the lack of qualified personnel to operate these machines. This is because of the economic downturn and the offshoring of manufacturing processes to emerging economies, which has resulted in the scaling down of operations and the loss of skilled labor. These factors also affect the businesses and profit margins of many organizations, which leads to less number of young people opting to undergo industrial training. In addition, organizations are providing generic training while overlooking technical expertise, which is hampering the adoption of CMMs and affecting market growth negatively.
Carl Zeiss, FARO Technologies, Hexagon Metrology, Mitutoyo, Nikon Metrology, COORD3, DUKIN, International Metrology Systems, Metronor, TRIMEK, WENZEL
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook