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Global Metrology Services Market to reach USD 1224.91 million by the end of 2029

Global Metrology Services Market Size study & Forecast, by Product (CMM, ODS), By Application (Automotive, Aerospace, Industrial, Power Generation, Others) and Regional Analysis, 2022-2029

Product Code: EESC-77277018
Publish Date: 25-01-2023
Page: 200

Global Metrology Services Market is valued approximately USD 774.35 million in 2021 and is anticipated to grow with a healthy growth rate of more than 5.90 % over the forecast period 2022-2029. Metrology Services provide to industries for the purpose of measurement. It assists organizations in increasing productivity without affecting resource requirements and it is widely used in applications such as aerospace, industrial, automotive, power generations and many others. The Metrology Services market is expanding because of factors such as increasing demand of electric vehicles and increasing demand in automotive industry. The foremost key factor driving is increasing demand of electric vehicles among the populations due to increase the market demand of metrology services over the world. Moreover, the another key factor driving is increasing the demand in automotive industry due to increase the market growth of metrology services over the world.

According to the Statista, the revenue of electric vehicles in the year 2022 is USD 384 billion and the expected revenue of electric vehicles in the year 2027 is USD 869.30 billion. Moreover, the another key factor driving is increasing demand in automotive industry. For instances, according to the India Brand Equity Foundation, the production of automotive industry of India in the year 2018 is USD 29.07 million and the production of automotive industry of India in the year 2019 is USD 30.92 million. And in United States, according to the Statista, the production of motor vehicle in the year 2017 is USD 11.1 million and the production of motor vehicle in the year 2018 is USD 11.3 million. The opportunity of Metrology Services Market is rising the demand from emerging economics due to increase the market demand over the forecast period. However, the rising the cyber-attack of Metrology Services stifles market growth throughout the forecast period of 2022-2029.

The key regions considered for the Global Metrology Services Market study includes Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America dominated the space in terms of revenue, owing to the dominance of rising the demand of electric vehicles, rising the mechanization in agriculture industry which is increase the market demand over the world. Asia Pacific is expected to grow significantly during the forecast period, owing to factors such as increasing the industrial applications, adopting latest technologies, increasing automotive industry would create lucrative growth prospects for the Metrology Services market across the Asia Pacific region.

Major market player included in this report are:
Hexagon AB
Carl Zeiss AG
Renishaw PLC
Nikon Metrology Inc.
Quality Vision International
Optical Metrology Services Ltd
Perceptron Inc.
Intertek Group PLC
Dimensional Metrology Services
Marand Precision Engineering pty Ltd

Recent Developments in the Market:
 In November 2021, Renishaw signed an agreement with Verisurf Software Inc. Verisurf Software Inc. synchronises Renishaw measuring machine (CMM) software under this agreement.
 In June 2021, FARO Technologies will acquire HoloBuilder, Inc. This acquisition enables HoloBuilder, Inc. to bring FARO its leading photogrammetry-based 3D platform, which provides hardware-agnostic image capture, registration and viewing to the rapidly growing digital twin sector.
Global Metrology Services Market Report Scope:
Historical Data 2019-2020-2021
Base Year for Estimation 2021
Forecast period 2022-2029
Report Coverage Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
Segments Covered Product, Application, Region
Regional Scope North America; Europe; Asia Pacific; Latin America; Rest of the World
Customization Scope Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Product:

By Application:
Power Generations

By Region:
North America
Asia Pacific
South Korea
Latin America
Rest of the World

Chapter 1. Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2019-2029 (USD Million)
1.2.1. Metrology Services Market, by Region, 2019-2029 (USD Million)
1.2.2. Metrology Services Market, by Product, 2019-2029 (USD Million)
1.2.3. Metrology Services Market, by Application, 2019-2029 (USD Million)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
Chapter 2. Global Metrology Services Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Scope of the Study
2.2.2. Industry Evolution
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
Chapter 3. Global Metrology Services Market Dynamics
3.1. Metrology Services Market Impact Analysis (2019-2029)
3.1.1. Market Drivers Increasing the demand of electric vehicles Increasing the demand in automotive industry
3.1.2. Market Challenges Rising the cyber-attack
3.1.3. Market Opportunities Rising the demand from emerging economics
Chapter 4. Global Metrology Services Market Industry Analysis
4.1. Porter’s 5 Force Model
4.1.1. Bargaining Power of Suppliers
4.1.2. Bargaining Power of Buyers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.2. Futuristic Approach to Porter’s 5 Force Model (2019-2029)
4.3. PEST Analysis
4.3.1. Political
4.3.2. Economical
4.3.3. Social
4.3.4. Technological
4.4. Investment Adoption Model
4.5. Analyst Recommendation & Conclusion
4.6. Top investment opportunity
4.7. Top winning strategies
Chapter 5. Risk Assessment: COVID-19 Impact
5.1. Assessment of the overall impact of COVID-19 on the industry
5.2. Pre COVID-19 and post COVID-19 Market scenario
Chapter 6. Global Metrology Services Market, by Product
6.1. Market Snapshot
6.2. Global Metrology Services Market by Product, Performance – Potential Analysis
6.3. Global Metrology Services Market Estimates & Forecasts by Product 2019-2029 (USD Million)
6.4. Metrology Services Market, Sub Segment Analysis
6.4.1. CMM
6.4.2. ODS
Chapter 7. Global Metrology Services Market, by Application
7.1. Market Snapshot
7.2. Global Metrology Services Market by Application, Performance – Potential Analysis
7.3. Global Metrology Services Market Estimates & Forecasts by Application 2019-2029 (USD Million)
7.4. Metrology Services Market, Sub Segment Analysis
7.4.1. Automotive
7.4.2. Aerospace
7.4.3. Industrial
7.4.4. Power Generations
7.4.5. Others
Chapter 8. Global Metrology Services Market, Regional Analysis
8.1. Metrology Services Market, Regional Market Snapshot
8.2. North America Metrology Services Market
8.2.1. U.S. Metrology Services Market Product breakdown estimates & forecasts, 2019-2029 Application breakdown estimates & forecasts, 2019-2029
8.2.2. Canada Metrology Services Market
8.3. Europe Metrology Services Market Snapshot
8.3.1. U.K. Metrology Services Market
8.3.2. Germany Metrology Services Market
8.3.3. France Metrology Services Market
8.3.4. Spain Metrology Services Market
8.3.5. Italy Metrology Services Market
8.3.6. Rest of Europe Metrology Services Market
8.4. Asia-Pacific Metrology Services Market Snapshot
8.4.1. China Metrology Services Market
8.4.2. India Metrology Services Market
8.4.3. Japan Metrology Services Market
8.4.4. Australia Metrology Services Market
8.4.5. South Korea Metrology Services Market
8.4.6. Rest of Asia Pacific Metrology Services Market
8.5. Latin America Metrology Services Market Snapshot
8.5.1. Brazil Metrology Services Market
8.5.2. Mexico Metrology Services Market
8.6. Rest of The World Metrology Services Market

Chapter 9. Competitive Intelligence
9.1. Top Market Strategies
9.2. Company Profiles
9.2.1. Hexagon AB Key Information Overview Financial (Subject to Data Availability) Product Summary Recent Developments
9.2.2. Carl Zeiss AG
9.2.3. Renishaw PLC
9.2.4. Nikon Metrology Inc.
9.2.5. Quality Vision International
9.2.6. Optical Metrology Services Ltd
9.2.7. Perceptron Inc.
9.2.8. Intertek Group PLC
9.2.9. Dimensional Metrology Services
9.2.10. Marand Precision Engineering pty Ltd
Chapter 10. Research Process
10.1. Research Process
10.1.1. Data Mining
10.1.2. Analysis
10.1.3. Market Estimation
10.1.4. Validation
10.1.5. Publishing
10.2. Research Attributes
10.3. Research Assumption

At Bizwit Research and Consultancy, we employ a thorough and iterative research methodology with the goal of minimizing discrepancies, ensuring the provision of highly accurate estimates and predictions over the forecast period. Our approach involves a combination of bottom-up and top-down strategies to effectively segment and estimate quantitative aspects of the market, utilizing our proprietary data & AI tools. Our Proprietary Tools allow us for the creation of customized models specific to the research objectives. This enables us to develop tailored statistical models and forecasting algorithms to estimate market trends, future growth, or consumer behavior. The customization enhances the accuracy and relevance of the research findings.
We are dedicated to clearly communicating the purpose and objectives of each research project in the final deliverables. Our process begins by identifying the specific problem or challenge our client wishes to address, and from there, we establish precise research questions that need to be answered. To gain a comprehensive understanding of the subject matter and identify the most relevant trends and best practices, we conduct an extensive review of existing literature, industry reports, case studies, and pertinent academic research.
Critical elements of methodology employed for all our studies include:
Data Collection:
To determine the appropriate methods of data collection based on the research objectives, we consider both primary and secondary sources. Primary data collection involves gathering information directly from various industry experts in core and related fields, original equipment manufacturers (OEMs), vendors, suppliers, technology developers, alliances, and organizations. These sources encompass all segments of the value chain within the specific industry. Through in-depth interviews, we engage with key industry participants, subject-matter experts, C-level executives of major market players, industry consultants, and other relevant experts. This allows us to obtain and validate critical qualitative and quantitative information while evaluating market prospects. AI and Big Data are instrumental in our primary research, providing us with powerful tools to collect, analyze, and derive insights from data efficiently. These technologies contribute to the advancement of research methodologies, enabling us to make data-driven decisions and uncover valuable findings.
In addition to primary sources, we extensively utilize secondary sources to enhance our research. These include directories, databases, journals focusing on related industries, company newsletters, and information portals such as Bloomberg, D&B Hoovers, and Factiva. These secondary sources enable us to identify and gather valuable information for our comprehensive, technical, market-oriented, and commercial study of the market. Additionally, we utilize AI algorithms to automate the collection of vast amounts of data from various sources such as surveys, social media platforms, online transactions, and web scraping. And employ Big Data technologies for storage and processing of large datasets, ensuring that no valuable information is missed during the data collection process.
Data Analysis:
Our team of experts carefully examine the gathered data using suitable statistical techniques and qualitative analysis methods. For quantitative analysis, we employ descriptive statistics, regression analysis, and other advanced statistical methods, depending on the characteristics of the data. This analysis may also incorporate the utilization of AI tools and big data analysis techniques to extract meaningful insights.
To ensure the accuracy and reliability of our findings, we extensively leverage data science techniques, which help us minimize discrepancies and uncertainties in our analysis. We employ Data Science to clean and preprocess the data, ensuring its quality and reliability. This involves handling missing data, removing outliers, standardizing variables, and transforming data into suitable formats for analysis. The application of data science techniques enhances our accuracy, efficiency, and depth of analysis, enabling us to stay competitive in dynamic market environments.
Market Size Estimation:
Our proprietary data tools play a crucial role in deriving our market estimates and forecasts. Each study involves the creation of a unique and customized model. The model incorporates the gathered information on market dynamics, technology landscape, application development, and pricing trends. AI techniques, such as machine learning and deep learning, aid us to analyze patterns within the data to identify correlations, trends, and relationships. By recognizing patterns in consumer behavior, purchasing habits, or market dynamics, our AI algorithms aid us in more precise estimations of market size. These factors are simultaneously analyzed within the model, allowing for a comprehensive assessment. To quantify their impact over the forecast period, correlation, regression, and time series analysis are employed.
To estimate and validate the market size, we employ both top-down and bottom-up approaches. The preference is given to a bottom-up approach, where key regional markets are analyzed as separate entities. This data is then integrated to obtain global estimates. This approach is crucial as it provides a deep understanding of the industry and helps minimize errors.
In our forecasting process, we consider various parameters such as economic tools, technological analysis, industry experience, and domain expertise. By taking all these factors into account, we strive to produce accurate and reliable market forecasts. When forecasting, we take into consideration several parameters, which include:
Market driving trends and favorable economic conditions
Restraints and challenges that are expected to be encountered during the forecast period.
Anticipated opportunities for growth and development
Technological advancements and projected developments in the market
Consumer spending trends and dynamics
Shifts in consumer preferences and behaviors.
The current state of raw materials and trends in supply versus pricing
Regulatory landscape and expected changes or developments.
The existing capacity in the market and any expected additions or expansions up to the end of the forecast period.
To assess the market impact of these parameters, we assign weights to each one and utilize weighted average analysis. This process allows us to quantify their influence on the market and derive an expected growth rate for the forecasted period. By considering these various factors and applying a weighted analysis approach, we strive to provide accurate and reliable market forecasts.
Insight Generation & Report Presentation:
After conducting the research, our experts analyze the findings in relation to the research objectives and the specific needs of the client. They generate valuable insights and recommendations that directly address the client’s business challenges. These insights are carefully connected to the research findings to provide a comprehensive understanding.
Next, we create a well-structured research report that effectively communicates the research findings, insights, and recommendations to the client. To enhance clarity and comprehension, we utilize visual aids such as charts, graphs, and tables. These visual elements are employed to present the data in an engaging and easily understandable format, ensuring that the information is accessible and visually appealing to the client. Our aim is to deliver a clear and concise report that conveys the research findings effectively and provides actionable recommendations to meet the client’s specific needs.

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