Optical Metrology Market Analysis by Key Manufacturers, And Various End-Use Industries 2021-2031

 

Optical Metrology Market: Overview

  • According to Transparency Market Research’s latest research report on the global optical metrology market for the historical period of 2017–2019 and the forecast period of 2021–2031, increasing demand for optical metrology solutions, rising investments in research & development, and surging adoption of 3D optical metrology solutions are major factors that are expected to boost the global optical metrology market during the forecast period
  • The global optical metrology market has been segmented based on offering, hardware, software, and services. In terms of offering, the hardware segment has been further classified into cameras, lenses & sensors, light sources, and others. The hardware segment of the optical metrology market is projected to expand at a CAGR of 5.19% from 2021 to 2031, due to growing installations of metrology inspection and measurement equipment in manufacturing plants. However, the number of metrology service providers have been increasing for the past few years due to the developments of 3D measurement solutions.
  • Based on end-use industry, the market has been segregated into automotive, electronics manufacturing, aerospace & defense, energy & power, industrial, medical, and others. The automotive segment is projected to expand at a CAGR of 5.81% during the forecast period, due to increasing usage of optical measurement systems and coordinate measuring machines as an alternative to conventional strain gauges. Additionally, the aerospace & defense as well as industrial segments are expected to expand considerably in the near future.
  • In terms of revenue, the global optical metrology market is expected to exceed the value of US$ 5 Bn by 2031, expanding at a CAGR of ~5% during the forecast period

Rising Awareness about Benefits of Optical Metrology

  • Optical metrology offers several advantages and hence, it is being adopted in industries such as automotive, medical, and aerospace. The advantages include accuracy and limited laser as well as quantum noise. Additionally, the measurement through optical metrology can be obtained rapidly, which makes it an ideal process. Optical metrology also measures without marking the surfaces such as antibody sheet metal, composite parts, as well as surgical implants.
  • These benefits of optical metrology enable it to become the go-to technology for manufacturers in order to achieve competitive advantage. These factors are boosting the global optical metrology market.

Increasing Demand for Optical Metrology in Automotive Industry

  • Demand for high precision manufacturing is increasing in the automotive industry due to rising focus on safety. Moreover, the cost of low quality control varies between 15% and 20% and therefore, the adoption of optical metrology helps manufacturers to reduce losses and boost revenues.
  • The automotive industry witnesses various applications of optical metrology, which include fuel injection nozzles, high resolution measurement of valve seat roundness, and automatic cam inspection. Moreover, rising production of vehicles in countries such as China, Japan, the U.S., and Germany is fueling the demand for optical metrology. These factors are boosting the market.

Optical Metrology Market: Key Developments

  • Key providers of optical metrology, such as Nikon Instruments Inc, Carl Zeiss Industrial Metrology LLC., KLA-Tencor Corporation, and Mitutoyo Corporation are focusing on technological developments
  • Some other key developments in the global optical metrology market are highlighted below:
    • In February 2020, Mitutoyo Corporation and Kitov Systems Limited signed a partnership agreement to integrate Kitov's Automated Planning and Smart Visual Inspection Technology into Mitutoyo's metrology solutions. As part of the agreement, Mitutoyo is estimated to invest and become a shareholder in Kitov.
    • In February 2020, KLA-Tencor Corporation released the launching of the new Archer 750 imaging-based IC metrology systems. This new metrology system helps IC manufacturers to maintain stringent control of the complex processes required for applications such as 5G, AI, data centers, and edge computing.
    • In July 2018, Quality Vision International introduced SmartScope SP high-performance dimensional measuring systems to the metrology marketplace in North America. SmartScope SP optics are designed for maximum imaging performance and flexibility over a wide range of applications. This product launch is estimated to help the company gain competitive advantage.
  • In the global optical metrology market report, we have discussed individual strategies, followed by company profiles of providers of optical metrology. The ‘Competition Landscape’ section has been included in the report to provide readers with a dashboard view and company market share analysis of key players operating in the global optical metrology market.

TMR is a leader in the market research space providing end-to-end business solutions and consulting services. TMR operates from its own office space of almost 10,000 sq. ft located in a prime commercial complex at Pune. We serve clients in 150 countries with an approach to deep dive into the economic aspects and geographical nuances for unfailing business intelligence.

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