LONDON--(EON: Enhanced Online News)--Technavio analysts forecast the global coordinate measuring machine market to grow at a CAGR of more than 7% during the forecast period, according to their latest report.
“Coordinate measuring machines are being increasingly used for the inspection of components and parts in the automotive, aerospace, shipbuilding, and other industries. These machines can provide a 3D analysis of the parts, and allows for the detection of minor flaws”
The research study by Technavio on the global coordinate measuring machine (CMM) market for 2017-2021 provides detailed segmentation based on the product (bridge, articulated arm, and gantry), end-user (automotive and aerospace industries), and geography (EMEA, APAC, and the Americas).
Analysts at Technavio estimate the global coordinate measuring machine market to be worth USD 3.13 billion by 2021. APAC will generate the maximum incremental revenue in the market, driven by the presence of a healthy automotive industry in the region.
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Technavio analysts highlight the following three factors that are contributing to the growth of the global coordinate measuring machine market:
- 3D inspection of products using CMM
- Rise in electric vehicle sales
- Increasing use of metrology in power sector
3D inspection of products using CMM
“Coordinate measuring machines are being increasingly used for the inspection of components and parts in the automotive, aerospace, shipbuilding, and other industries. These machines can provide a 3D analysis of the parts, and allows for the detection of minor flaws,” says Gaurav Mohindru, one of the lead analysts at Technavio for tools and components research.
The need to adopt quality standards QS-9000, ISO9001, and Six Sigma in product development processes across manufacturing industries drives the growth of the market. These industries depend on CMMs to ensure that the dimensional quality of the manufactured product is consistent, which has resulted in an increase in the adoption of CMMs.
Rise in electric vehicle sales
Over the past few years, the sales of electric vehicles (EVs) has surged, with manufacturers beginning to introduce new EV models equipped with advanced technology. The electric vehicle market in the US and China are witnessing high adoption rates, with an increase in incentives, subsidies, and awareness in these regions. Manufacturers are currently trying to reduce the cost while improving the performance and safety of Li-ion batteries in EVs. Such advanced technologies need precise parts, which is resulting in the growth of the CMM market.
Increasing use of metrology in power sector
“The global power requirements are ever increasing, and the amount of power generated from unconventional sources such as wind, solar, and domestic waste is on the rise. Coordinate measuring machines are mainly used in gas-based and hydroelectric power to check the frequency alignments and clearance in many components like engines and generators,” says Gaurav.
CMMs are primarily used in the revamping of existing facilities, where exact measurements are needed while replacing motors to ensure its compatibility with the stator body. Metrology is also used in high voltage direct current (HVDC) and smart electrical grids to aid the development and implementation of smart grids.
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, resellers, and end-users.
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