CHICAGO, Aug. 4, 2021 /PRNewswire/ -- According to the new market research report on the "Coordinate Measuring Machine (CMM) Market by Type (Fixed CMM, Portable CMM), Industry (Automotive, Aerospace, Heavy Machinery, Energy & Power, Electronics, Medical), and Region (North America, APAC, Europe, and RoW) - Global Forecast to 2026", published by MarketsandMarkets™, the CMM market size is expected to grow from USD 2.8 billion in 2021 to USD 4.3 billion by 2026; it is expected to grow at a CAGR of 8.8% from 2021 to 2026. The key factors driving the growth of the market growing use of 3D data in modeling and analytical applications, increasing R&D spending on developing metrology products, and thriving automotive sector.
"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.
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.
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.
Major players involved in the CMM market include Zeiss Group (Germany), FARO Technologies (US), Hexagon (Sweden), Nikon Corporation (Japan), Mitutoyo (Japan), Tokyo Seimitsu (Japan), Keyence Corporation (Japan), Creaform (Canada), Perceptron (US), and Wenzel Group (Germany).
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