Market Trends of Optical Coordinate Measuring Machine Industry
This section covers the major market trends shaping the Optical Coordinate Measuring Machine Market according to our research experts:
Automotive Segment is Expected to Witness Significant Growth
- The automotive industry is facing ever-reducing design-to-production times, automotive manufacturers and suppliers have embraced industrial metrology and 3D measurement as enablers of productivity, and thus, there is an increased demand for optical CMM within the industry.
- For instance, OGP UK's FlexPoint range represents a new generation of large-format multi-sensor coordinate measuring systems support various tactile and non-contact sensors, point and line scan lasers, white light sensors, and a unique video sensor, all powered by advanced ZONE3 3D CAD-based metrology software.
- Recent trends include moving off-line quality inspection to near-line or in-line measurement techniques, allowing higher sampling rates and faster inspection times. The most advanced automotive OEMs are working on automating assessment and integrating metrology data with product lifecycle management systems, statistical process control, and supply chain management software.
- Furthermore, the increasing emphasis on innovations in electric vehicle and autonomous cars are expected to fuel the adoption and demand for optical coordinate measuring machines over the forecast period. The recent goal of the German government is to produce and put 6 million electric vehicles on road by 2030, creating increased demand from the automotive sector.
- Moreover, In December 2021, Hyundai announced plans to invest Rs 4,000 crores (USD 530.25 million) in R&D in India, intending to launch six EVs by 2028. Further, according to OICA, around 26.3 million vehicles are expected to sell globally in 2021. Such developments are expected to enhance the growth of the market.
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Asia Pacific is Expected to Witness Significant Growth
- The Asia Pacific region is expected to witness robust growth during the forecast period, mainly due to the increasing demand for optical coordinate measuring machines among emerging economies. China, India, and Japan are expected to witness high demand primarily related to end-user industries such as electronics and heavy machinery.
- Various automotive giants and aerospace establishments in the region are interested in highly accurate coordinate measurement solutions. For instance, according to ITA, China is the world's second-largest and fastest-growing civil aerospace and aviation services market. According to the Civil Aviation Administration of China (CAAC), the country had 241 large commercial service airports by the end of 2020.
- In many industries, the increasing quality of Chinese manufactured precision products has been due to the growing use of coordinate measuring machines (CMM) by its manufacturing companies over the past decade. However, the core precision motion components of servo motors and measuring scales are predominately sourced outside of China, leaving very little product differentiation between the numerous CMM suppliers. This factor offers growth opportunity for raw material suppliers in the region.
- Furthermore, the automotive sector is anticipated to remain the main driver of the increasing robot installations in India. It is likely to be among the primary sources of demand in the market. In addition, according to IBEF, India could be a leader in shared mobility by 2030, opening up opportunities for electric and autonomous vehicles. Further, The Indian passenger car market was valued at USD 32.70 billion in 2021 and is expected to grow to USD 54.84 billion by 2027.
- In Japan, bridge-type CMM machines are increasingly gaining popularity. The market vendors are also investing in software solutions to enhance their offerings and product accuracy.
- Moreover, owing to multiple governmental initiatives in the region that are strengthening the manufacturing industry, key countries such as China and Japan are contributing to the growth of the Optical CMM market in this region during the forecast period. Furthermore, countries like China and India are among the fastest-growing economies globally. Various international companies are starting to build their production units in these countries primarily to reduce their overall production cost and increase profitability. Such positive developments are expected to increase the market growth during the forecast period.
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