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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Technavio has announced its latest market research report titled Global Coordinate Measuring Machine Market 2020-2024 (Graphic: Business Wire).
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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
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The coordinate measuring machine market is expected to post a year-over-year growth rate of 5.43%.
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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.
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The market growth will be significant during the forecast period.
Regional Analysis
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38% of the growth will originate from the APAC region.
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The rise in electric vehicle sales will significantly influence the coordinate measuring machine market's growth in APAC.
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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:
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The coordinate measuring machine market size is expected to accelerate at a CAGR of over 7% during the forecast period.
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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).
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The market is fragmented due to the presence of many established vendors holding significant market share.
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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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Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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