LONDON--(BUSINESS WIRE)--The new coordinate measuring machine market research from Technavio indicates neutral growth in the short term as the business impact of COVID-19 spreads.
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"One of the primary growth drivers for this market is the 3D inspection of products using CMM,” says a senior analyst for industrials at Technavio. Vendors should focus on growth prospects in the fast-growing segments while maintaining their positions in the slow-growing segments. As the markets recover Technavio expects the coordinate measuring machine market size to grow by USD 1.20 billion during the period 2020-2024.
Coordinate Measuring Machine Market Segment Highlights for 2020
- The coordinate measuring machine market is expected to post a year-over-year growth rate of 5.43%.
- Based on the product, the bridge segment saw maximum growth in 2019. Factors such as 3D inspection of products using CMM will increase the growth of the segment.
- The market growth will be significant during the forecast period.
Regional Analysis
- 38% of the growth will originate from the APAC region.
- The rise in electric vehicle sales will significantly influence the coordinate measuring machine market's growth in APAC.
- China and Japan are the key markets for coordinate measuring machines in APAC. This report provides an accurate prediction of the contribution of all segments to the growth of the coordinate measuring machine market size.
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Notes:
- The coordinate measuring machine market size is expected to accelerate at a CAGR of over 7% during the forecast period.
- The coordinate measuring machine market is segmented by product (Bridge, Articulated arm, Horizontal arm, and Gantry), end-user (Automotive, Aerospace, and Others), and geography (APAC, Europe, North America, South America, and MEA).
- The market is fragmented due to the presence of many established vendors holding significant market share.
- The research report offers information on several market vendors, including Carl Zeiss AG, FARO Technologies Inc., Hexagon AB, Keyence Corp., Mitutoyo Corp., Nikon Corp., Perceptron Inc., Quality Vision lnternational lnc., Tokyo Seimitsu Co. Ltd., and WENZEL Group GmbH & Co. KG.
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December 16, 2020 at 03:00PM
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New Coordinate Measuring Machine Market to Showcase at Par Growth Due to the COVID-19 Spread | Technavio - Business Wire
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