Coordinate Measuring Machine Market Insights, Competitive Analysis, Latest Trends, And Forecast To 2033

The coordinate measuring machine market size has grown strongly in recent years. It will grow from $3.43 billion in 2023 to $3.76 billion in 2024 at a compound annual growth rate (CAGR) of 9.7%. The growth in the historic period can be attributed to growth in automotive sector, rise in automation, rise in emphasis on sustainable manufacturing, shortened product development cycles, industrialization.

The coordinate measuring machine market size is expected to see strong growth in the next few years. It will grow to $5.44 billion in 2028 at a compound annual growth rate (CAGR) of 9.6%. The growth in the forecast period can be attributed to rising aerospace industry, growing medical sector, industry 4.0 and smart manufacturing adoption, rising demand for high-quality goods, . Major trends in the forecast period include non-contact metrology, 3d scanning and digitization, shop-floor cmms, multi-sensor cmms, portable cmms.

Market Overview -
The coordinate measuring machine is used to measure the dimensions of machines and tool parts. A coordinate measuring machine (CMM) is an instrument that measures the geometry of real objects. It is commonly used to test a part or assembly to see if it adheres to the original design intent. The dimensions of manufactured components are checked using CMMs as part of workflows for quality assurance or quality control in order to prevent or address quality issues. The application of CMM over manual inspections or checks carried out with traditional metrology tools offers advantages in accuracy, rapidity, and a decreased risk of human mistakes.

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Automotive Sector Expansion Driving Growth In The Coordinate Measuring Machines Market
The expansion of the automotive sector is expected to propel the growth of the coordinate measuring machine market during the forecast period. The automotive industry refers to all businesses and endeavors concerned with the production of motor vehicles, including the majority of their parts, such as bodywork and engines. CMMs are used in the automotive industry to measure suspension hard points for use in vehicle dynamics simulations. For instance, according to the India Brand Equity Foundation, an Indian government export promotion agency, the total number of passenger vehicles, three-wheelers, two-wheelers, and quadricycles produced in January 2022 was 1,860,809 units. Also in 2023, the Indian government projects that the automotive sector will bring in $8-10 billion in domestic and foreign investment. Also, according to Crunchbase, a US-based prospecting platform for dealmakers, in 2020, Tesla, a US-based automotive and clean energy company, raised a total of $20.2 billion in funding over 35 rounds. Therefore, the expansion of the automotive sector will propel the growth of the coordinate measuring machine market.

Competitive Landscape -
Major companies operating in the coordinate measuring machine market market include Carl Zeiss AG, Creaform Inc., Eley Metrology, FARO Technologies Inc., Hexagon AB, Keyence Corporation, Metronor AS, Mitutoyo Corporation, Nikon Metrology NV, Tokyo Seimitsu Co. Ltd., Perceptron Health Inc., WENZEL Group GmbH & Co. KG, Aberlink Ltd., Accurate Gauging & Instruments Pvt Ltd, Dukin Co. Ltd., Carl Zeiss AG, Applied Automation Technologies Inc., Avon-Dynamic, Velocity Machine Inc., Dimensional Engineering, Sipcon Instrument Industries, Helmel Engineering Products Inc., International Metrology Systems, N. J. Metrology Inc., Optical Gaging Products Inc., Renishaw plc, TESA SA, Trimek S.A., Werth Inc., Zett Mess Technik GmbH, Automated Precision Inc.

3D Measurement Systems Revolutionize The Coordinate Measuring Machine Market
The emergence of 3D measurement systems is a key trend gaining popularity in the coordinate measuring machine market. 3D measurement is a metrology process that collects 3D data from physical objects, such as their shapes, textures, geometries, and colors, using various types of 3D measurement tools, such as 3D scanners. For instance, in October 2022, SCANTECH, a France-based high-tech company that develops, manufactures, and sells high-tech 3D scanners, launched the TrackScan-P, an optical target-free 3D measurement system. The TrackScan-P has increased laser lines for enhanced scanning efficiency, upgraded high-resolution cameras, and advanced edge inspection. Using intelligent optical tracking measurement and high-resolution cameras, TrackScan-P can precisely measure parts without the use of reference targets. The optical 3D measurement system, which includes a portable 3D scanner and an optical tracker, is ideal for scanning large objects in 3D.

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Key Segments -

The coordinate measuring machine market market covered in this report is segmented -

1) By Type: Fixed CMM, Portable CMM
2) By Application: Inspection, Reverse Engineering
3) By Industry: Automotive, Aerospace, Heavy Machinery, Energy and Power, Electronics, Medical, Other Industries

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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