Increasing demand for 3D metrology services, rising R&D investments, and growing adoption of advanced optical measurement solutions is driving the global optical measurement market.
Covid-19 Impact & Market Status
The new coronavirus pandemic has had a negative impact on a number of sectors around the world. The virus pandemic had a negative influence on industries such as automotive, aerospace and defence, energy and electricity, and manufacturing. Commercial operations in these businesses were halted, which slowed the expansion of the optical measurement market.
The global Optical Measurement market is anticipated to increase at a 9.05% CAGR to reach value US$ 8.0Bn in 2026
The healthcare business, on the other hand, was rising due to increased demand for healthcare facilities around the world, which fueled the global optical measurement market. Due to supply chain delays and frequent lockdowns, the pandemic COVID 19 has a substantial impact on manufacturers of Inertial and Optical MEMS Test Equipment.
Furthermore, the market for Inertial and Optical MEMS Test Equipment is expected to grow slowly in 2021 due to the slowing economy and geopolitical concerns. Researchers expect growth to be uneven across regions as the market recovers from the outbreak, with some countries having significant growth potential and others having low profit margins.
The influence of Coronavirus (COVID-19) on the industry's main manufacturers is examined in the Optical Measuring Devices Market study report. The Covid-19 virus made its initial appearance in China in December of this year. Since then, the disease has spread to more than 180 nations worldwide.
Many factors have been affected by the outbreak of Covid-19, including flight cancellations and isolation, declarations of state of emergency in many countries, massive supply chain speed, stock market uncertainty, restaurant closures, bans on all indoor events, declining business guarantees, growing population panic, and uncertainty about the future.
This research offers useful information on the global optical measurement market ecosystem.
Investments Related To Hardware Segment Continue To Rally In A Market
The global optical measurement market is classified into software, hardware, and services on the basis of offerings. Among these, the hardware segment rallied to highest market revenue and is anticipated to grow at a fastest CAGR in the forecasted years.
CMM Segment Witnessed Highest Market Growth
Autocollimators, measuring microscopes, profile projectors, coordinate measuring machines (CMMs), optical digitizers and scanners (ODSs), and video measuring machines are all part of the optical measurement market (VMMs). CMM has a higher demand in industries than bridge and cantilever due to its capacity to readily measure huge items due to its inherent structure.
Automotive Industry Saw High M&A Activity
In 2017, the global optical measurement market was dominated by the automotive industry. In the automotive sector, optical measuring equipment is necessary for component inspection, measurement, and quality control. Optical measurement systems are rapidly being used in the automobile sector to improve vehicle safety and comfort.
APAC Is Predicted To Have The Greatest CAGR In The Optical Measurement Market
APAC is predicted to have the greatest CAGR in the optical measurement market. The widespread deployment of optical measurement technologies for industrial applications is a major driver of market expansion in this region. Manufacturers' increased adoption of precision measurement advanced technology, with a focus on accuracy and dependability of manufactured products is likely to fuel the optical measurement market's expansion in this area.
Hexagon is one of the world's leading providers of information technology for geospatial and industrial enterprise applications, boosting efficiency and quality. Hexagon Manufacturing Intelligence is a global provider of measurement and industrial metrology systems, and is a subsidiary of Hexagon AB (Sweden). Furthermore, it expands its market footprint by purchasing companies that produce hardware and software solutions. In addition, the company plans to grow organically by diversifying its product line and using techniques such as product innovation and development.
The increasing need for better and safer measurement tools for enhancing the quality and quantity of life is improving the reliance on optical measurement tools furthering the development of global optical measurement market.
Owing to benefits such as contact free measurements, non-destructive impact, fast measuring speed, high accuracy, suitability, inspection of three dimensional objects, high frequency over long periods optical measurement is experiencing rapid adoption as opposed to conventional measuring instruments thus fostering remarkable progress of global optical measurement market.
The factors such as growing focus of pharmaceuticals & chemicals enterprises on developing high purity grade product, demand for optical metrology equipment for surface inspection, rising demand for video measuring machines (VMM) is boosting the global optical measurement market.
The advantages such as high frequency over long periods, non-invasive impact, high accuracy in application of medical diagnostics encourage further adoption of optical measurement. These factors collectively influence thumping growth of global optical measurement market estimated to estimated to reach close to USD 8.14 billion by 2029 with a CAGR of 6.87 per cent through the forecast period 2022-2029.
The rate of acceptance of these systems is increasing which has supported the global optical measurement market's growth. Advanced technologies have aided the growth of a variety of businesses. As a result of these advancements, many companies are leaning toward automation in order to provide high-quality products.
Optical measurement tools are used by many firms in a variety of industries to ensure product accuracy during the manufacturing process. The pharmaceutical and chemical industries' increased focus on creating high purity grade products is expected to boost demand for optical measuring instruments.
Video measuring machines (VMM) have recently witnessed a surge in demand due to its benefits such as faster speed and greater precision. In the coming years, advances in science and technology are likely to boost market expansion.
A major element driving market expansion is the rise in demand for 3D metrology services. The optical measurement market is also being driven by factors such as an increase in the adoption rate of advanced optical measurement systems and higher expenditure on research and development activities.
However, it can be intrusive in nature sometimes and can produce turbulent wakes. Also, it can be affected by ambient light, demands high power, and is susceptible to bio-fouling. These technical disadvantages are likely to limit the adoption of optical measurement. Also, price sensitivity associated with optical measurement solutions is hampering the global optical measurement market growth. Other market constraints include high investment and operating costs, as well as the use of delicate components.
Furthermore, technological developments and rapid industrialisation will boost the global optical measurement market's growth rate. In addition, increasing demand from various end-use sectors such as aerospace and defence, automotive, medical, electronics manufacturing, energy and power, and industrial, among others, would drive the expansion of the optical measurement market.
The key players in global optical measurement market are Carl Zeiss, GOM, Zygo Corporation, Vision Engineering, Nikon, Mitutoyo, Keyence, Jenoptik, Faro Technologies, and Hexagon among others.
Latest Innovations in the Global Optical Measurement Market: A Snapshot
- In September 2021, Yokogawa released the AQ6374, an improved Optical Spectrum Analyzer (OSA). This analyzer was created to provide researchers with the extreme high-precision measuring performance and accuracy required to develop next-generation optical communication components.
- Polytec will release 3D optical profilers in July 2020. Roughness, waviness, step s, texture, and other surface properties are measured with these profilers.
Optical Measurement Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 8.14 billion|
|Growth Rate||CAGR of 6.87 % during 2021-2028|
|Segment Covered||Offering, Equipment, Vertical, Regions|
|Regions Covered||North America, Europe, Asia Pacific, Middle East and Africa, South America|
|Key Players Profiled||Carl Zeiss, GOM, Zygo Corporation, Vision Engineering, Nikon, Mitutoyo, Keyence, Jenoptik, Faro Technologies, and Hexagon among others.|
Key Segments of the Optical Measurement Market
Offering Overview, 2022-2029 (USD Billion)
- Lenses and Sensors
- Light Sources
- Others (Microcontrollers, Data Processing Units, Frame Grabbers, and Mounting Accessories)
- After-Sales Services
- Measurement Services
Equipment Overview, 2022-2029 (USD Billion)
- Measuring Microscopes
- Profile Projectors
- Optical Digitizers and Scanners (ODSs)
- 3D Laser Scanners
- Structured Light Scanners
- Laser Trackers
- Coordinate Measuring Machines (CMMs)
- Video Measuring Machines (VMMs)
Vertical Overview, 2022-2029 (USD Billion)
- Aerospace & Defense
- Energy and Power
- Electronics Manufacturing
- Others (Chemical & Material, Food and Agriculture, Rubber, Textile, Plastic, and Educational)
Regional Overview, 2022-2029 (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and South Africa