Metrology Services Market to Show Robust Growth Due to Growing Popularity of Connected Cars
Overview:
Metrology Services are measurement services offered by service providers
to various end-use industries. These services help in optimizing the quality, performance,
and reliability of industrial assets and resources. They provide a wide range
of benefits such as cost reduction, asset life extension, and inspection &
control. Metrology Services are available to a wide variety of industries
including automotive, aerospace, manufacturing, power generation, and energy.
These services include product development and design, 3D scanning, quality
inspection, reverse engineering, and manufacturing process improvement.
Market
Dynamics:
The popularity of connected cars is increasing among population across
the globe, which is anticipated to fuel growth of the global
metrology services market over the forecast period. For instance, as
per the ABI Research, in 2020 the U.S. had major share in the sale of connected
vehicles with 91% connected cars sold among all passenger cars, which is sale
of over 13 million connected vehicles in the country. Thus, this in turn is
creating demand for metrology services, which is likely to support growth of the
global metrology services market.
However, the risk of cyber-attacks and data breaches along with growing
complexity related to intensification in design are the factors expected to
hamper growth of the global metrology services market over the forecast period.
Impact of
COVID-19:
The global
metrology services market was severely impacted by the COVID-19
pandemic. Various industries around the world were impacted by the pandemic.
Many countries took preventative measures through nationwide lockdowns, due to
which industrial operations were disrupted during the pandemic. This in turn
impacted production and demand in metrology services market. Thus, the market
was negatively impacted by the pandemic. However, the market is likely to
regain growth as the epidemic situation is returning to normal across many
regions.
Key Takeaways:
·
The
global metrology services market
to grow with a CAGR of XY% during the forecast period, due to growing
mechanization in agriculture sector around the world. For instance, as per the
Ministry of Agriculture & Farmers Association, India, the government of
India allocated Rs. 5490.82 crore during the period from 2014-15 to 2022 for
agricultural mechanization.
·
Among
regions, Asia Pacific is expected to gain major share in the global metrology
services market over the forecast period. This is due to significant growth of
defense and aerospace industry and growing power generation and industrial
applications in the region.
·
Major
players functioning in the global metrology services market are Optical Gaging
Products, Inc., Hexagon AB, Renishaw plc., Trescal SA, FARO Technologies, Inc.,
Optical Metrological Services, Nikon Metrology Inc., Carl Zeiss Corporation,
and Danish Micro Engineering A/S.
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