Coordinate Measuring Machine (CMM) Market Size, Share, Industry Growth, Trends & Analysis
The global coordinate measuring machine (CMM) market size is expected to reach USD 4.3 billion by 2026 from USD 2.8 billion in 2021, growing at a CAGR of 8.8%. The key factors driving the growth of the market include the growing use of 3D data in modeling and analytical applications, increasing R&D spending on developing metrology products, and thriving automotive sector.
Major Coordinate Measuring Machine companies include:
Coordinate Measuring Machine Companies - Hexagon (Sweden) and Nikon Corporation (Japan) are the Key Players
Hexagon has a huge and diversified portfolio of CMMs. For the last three years, the company has been investing more than 10% of its annual revenue in R&D activities. The company conducts operations through 300 operating facilities in 50 countries. It serves clients from several industries, including surveying, electronics and manufacturing, infrastructure and construction, energy & power, automotive, aerospace & defense, natural resources, and public safety.
Nikon Metrology, a dedicated subsidiary of Nikon Corp., has a strong and broad product portfolio of CMM solutions for applications ranging from miniature electronics to large aircraft. To grow in the CMM market, the company has adopted the strategies of product launches and developments. Nikon strives to offer innovative products, allowing manufacturers to deliver premium quality products in a shorter time. Additionally, the company follows the strategy of partnerships and contracts to increase its client reach and client database.
Keyence develops and manufactures leading-edge solutions that enable high-precision 3D capture, measurement, and analysis across a variety of industries, including manufacturing, construction, engineering, and public safety. Keyence offers portable metrology and 3D documentation solutions to a wide range of industries. The spread of COVID-19 could affect the company’s future developments, operations, and businesses. Furthermore, the CMM market is characterized by rapid technological change. Competitors may develop new or improved products, processes, or technologies that may make Keyence’s products obsolete or less competitive.
“Type-wise, fixed CMM segment captured the larger market size of the overall CMM market in 2020“
The rising need for validating the dimensional and geometric accuracy in the manufacturing, automotive, and aerospace industries is the factor responsible for the largest share of the fixed CMM segment. The bridge CMM is the most common type in the CMM market. As the manufacturing processes are getting complex, along with constant changes in quality and accuracy standards of the manufacturing processes in industries such as automotive, aerospace, and manufacturing, accuracy and precision have become the topmost requirements.
The demand for bridge CMMs is increasing. Better rigidity and higher accuracy are the major factors responsible for the high adoption of bridge CMMs in industrial metrology. Bridge CMMs require less setup time and are most accurate and flexible.
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Industry-wise, heavy machinery segment to grow at the highest rate from 2021 to 2026”
As CMMs can provide an onsite dimensional measurement to manufacturers of heavy equipment including earthmoving, excavation, and agricultural machinery, the adoption of CMMs is expected to grow significantly during the forecast period.
The market in APAC is expected to grow at the highest CAGR during the forecast period. China is the largest market for heavy machinery, which poses increased demand for CMM solutions and is driving the growth of the market in APAC. China’s economic restructuring includes focusing on the development of advanced manufacturing and high-tech industries. Given this focus, sub-sectors that offer the most promising business opportunities are CNC machine tools, robotics, 3D printing equipment, and energy-efficient and environment protection equipment. Furthermore, Made in China 2025, a Chinese government initiative to upgrade China’s machinery industry to manufacture major machine goods with their own innovation and intellectual property rights is a huge opportunity for the CMM market.
“APAC to record highest CAGR from 2021 to 2026”
Asia Pacific is the most rapidly growing market and offers a huge opportunity for the automotive industry, whose growth is driven by the growing population. The heavy machinery industry is booming rapidly, which, in turn, has driven the market for CMMs in India and China. The rising awareness related to automation, increasing emphasis of leading economies such as China and Japan on heavy machinery industries are some primary factors contributing to the largest market share of APAC.
The rapid growth of the automotive, heavy machinery, and aerospace industries in emerging economies, such as China and India, has contributed to the growth of the CMM market in APAC. Funding for R&D of heavy machinery and an extensive industrial base are the major factors that make APAC a dynamic region for CMMs, with China and Japan being the major contributors.
The APAC region has already started recovering from the COVID-19 pandemic. With the fear of the new strain of COVID-19 and another wave of pandemics hitting this region, countries are opening their trade and businesses cautiously. The use of CMMs reduces the wastage of material due to inaccuracy and faulty manufacturing, which is one of the factors fueling the demand for CMMs in this region.
Table of Content :
MARKET OVERVIEW (Page No. - 58)
5.1 INTRODUCTION
5.2 MARKET DYNAMICS
FIGURE 16 COORDINATE MEASURING MACHINE MARKET DYNAMICS
5.2.1 DRIVERS
5.2.1.1 Growing use of 3D data in modeling and analytical applications
5.2.1.2 Increasing R&D spending on developing metrology products
5.2.1.3 Thriving automotive sector
TABLE 1 CAR SOLD IN US, 2020
FIGURE 17 GLOBAL ELECTRIC VEHICLE (EV) STOCK, BY REGION
FIGURE 18 MARKET DRIVERS OF AND THEIR IMPACT
5.2.2 RESTRAINTS
5.2.2.1 High cost of ownership
FIGURE 19 CMM MARKET RESTRAINTS AND THEIR IMPACT
5.2.3 OPPORTUNITIES
5.2.3.1 Surging adoption of cloud computing and Industry 4.0
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FIGURE 20 HISTORICAL AND ANTICIPATED SPENDING ON PUBLIC CLOUD SERVICES BY WORLDWIDE END USERS, 2019–2022
5.2.3.2 Escalating need for coordinate measuring machine services
FIGURE 21 CMM MARKET OPPORTUNITIES AND THEIR IMPACT
5.2.4 CHALLENGES
5.2.4.1 Bringing speed and accuracy improvement in CMM scanning
5.2.4.2 Lack of simplified software solutions
FIGURE 22 CHALLENGES FOR CMM MARKET AND THEIR IMPACT
5.3 VALUE CHAIN ANALYSIS
FIGURE 23 VALUE CHAIN ANALYSIS : COORDINATE MEASURING MACHINE MARKET
5.4 ECOSYSTEM
TABLE 2 COORDINATE MEASURING MACHINE MARKET : ECOSYSTEM
FIGURE 24 COORDINATE MEASURING MACHINE MARKET : ECOSYSTEM
5.5 TRENDS/DISRUPTIONS IMPACTING CUSTOMER’S BUSINESS
5.5.1 REVENUE SHIFT AND NEW REVENUE POCKETS FOR CMM MANUFACTURERS
FIGURE 25 REVENUE SHIFT FOR MARKET PLAYERS
5.6 PORTER’S FIVE FORCES ANALYSIS
TABLE 3 IMPACT OF PORTERS 5 FORCES ON CMM MARKET
FIGURE 26 PORTER’S FIVE FORCES ANALYSIS: CMM MARKET
5.6.1 THREAT OF NEW ENTRANTS
5.6.2 THREAT OF SUBSTITUTES
5.6.3 BARGAINING POWER OF SUPPLIERS
5.6.4 BARGAINING POWER OF BUYERS
5.6.5 RIVALRY AMONG EXISTING COMPETITORS
5.7 CASE STUDY
5.7.1 HEAVY MACHINERY
5.7.1.1 Zeus engineering chooses FARO CAM2 software and FARoARM to support business growth plans
5.7.1.2 CMM is installed at express engineering
5.7.2 AUTOMOTIVE
5.7.2.1 ITM engineering opts for flexible and high-precision 3D measurement services
5.8 TECHNOLOGY TRENDS
5.8.1 CLOUD COMPUTING
5.8.2 PORTABLE METROLOGY
5.8.3 ROBOTIC LASER METROLOGY
5.9 PRICING ANALYSIS
TABLE 4 AVERAGE SELLING PRICE OF CMM IN 2020 (USD)
TABLE 5 AVERAGE SELLING PRICE OF CMM, BY TYPE, IN 2020 (USD)