Automotive, aerospace and defense, and medical devices will provide the most growth opportunities in the next 5 years, says Frost & Sullivan
SANTA CLARA, California, Sept. 29, 2020 /PRNewswire/ -- Frost & Sullivan's recent analysis, On-demand Manufacturing Propels the Global Dimensional Metrology Equipment Market for Additive Manufacturing, finds that the increasing proliferation of additive manufacturing across all manufacturing industries and rising investments in automotive manufacturing are driving the metrology equipment market for additive manufacturing. The market is heading toward a growth stage from a nascent stage and is estimated to garner revenue of $276.6 million by 2024 from $228.3 million in 2019, at a compound annual growth rate (CAGR) of 3.9%. However, the proliferation of COVID-19 is generating economic hardship across sectors. Key industries such as the automotive, medical, and aerospace and defense sectors will be affected in 2020. With production hubs shut down, the overall growth of the dimensional metrology market for additive manufacturing is expected to decline in 2020 and recover in 2021.
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"The growing trend of incorporating additive manufacturing as part of the entire production chain is leading to more adoption of a holistic approach as an integral part of the production chain," said Mariano Kimbara, Measurement & Instrumentation Research Analyst at Frost & Sullivan. "Going forward, compared to traditionally siloed environments, an integrated and holistic inspection process will have a better chance of thriving in the dynamic additive manufacturing market."
Kimbara added: "X-ray computed tomography will be the fastest-growing advanced dimensional metrology technology adopted in the market as it will evolve as the most important technology for the inspection of complex internal geometries and 3D-printed components."
From a regional perspective, North America and Europe will continue to be the key engine for market revenue growth over the forecast period, followed by Asia-Pacific, which is estimated to register the highest growth, at a CAGR of 4.7%. The three countries leading the dimensional metrology market for additive manufacturing are the US, Germany and Japan.
The growing trend of incorporating additive manufacturing as part of the entire production chain presents tremendous growth opportunities for market participants. To take advantage of these opportunities, metrology equipment providers should:
- Provide options to share the results with downstream assemblers, customers, and partners.
- Focus on closed-loop systems to improve quality assurance as it helps achieve higher accuracy and speeds, ultimately improving the quality of the final print.
- Produce better feedback upstream to control any variability in the process.
- Emphasize cost-competitive features and higher-resolution image quality.
- Consider customized options to fit various budgets, with payments lower for conventionally financed deals.
On-demand Manufacturing Propels the Global Dimensional Metrology Equipment Market for Additive Manufacturing is the latest addition to Frost & Sullivan's Measurement & Instrumentation research and analyses available through the Frost & Sullivan Leadership Council, which helps organizations identify a continuous flow of growth opportunities to succeed in an unpredictable future.
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On-demand Manufacturing Propels the Global Dimensional Metrology Equipment Market for Additive Manufacturing
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