Coordinate Measuring Machine (CMM) Market

Coordinate Measuring Machine (CMM) Market Size, Share & Trends (2022 - 2027)

The coordinate measuring machine market revenue is projected to reach USD 4.3 billion by 2026, registering a CAGR of 8.8% during the forecast period 2022 - 2027 from USD 2.8 billion in 2021. 

The coordinate measuring machine is used to measure the geometrical characteristics of an object. Geometrical characteristics like dimensional, optical, electromagnetic, mechanical, optical radiation, thermodynamic, and other parameters are measured using this device. These measurements play a significant role in manufacturing quality products. This device is generally used in the product development cycle, and the accurate results may enhance the quality of the end products. 

These machines can be operated through computers. These days, industries require highly accurate measurements that can easily be obtained through the machines operated with computers. 

Coordinate Measuring Machine (CMM) Market Trends:

Rising investments in developing metrology products are escalating the demand of the coordinate measuring machine market.

Recent Developments:

• In June 2021, the NEXIV CNC video measuring system model was released by Nikon Corporation. This model includes VMZ-S4540 and VMZS6555 that is best in measuring the automated dimensional measurement.
• In June 2021, Zeiss Calypso 2021 analyzes the workpieces in very little time. It was designed with 60 new functions that will enhance the quality of the end products. This model is much more efficient than the Zeiss Calypso 2020. It is projected that the 2021 model is 20 times faster than the 2020 model.
• In May 2021, Mena 3D and Nikon Metrology partnered together to mutually provide start-of-arts metrology and optical inspections. For indoor and outdoor applications, these companies are designing powerful 3D laser scanners.
• In May 2021, Zeiss acquired capture 3D to expand its national coverage in the US for Industrial Quality and Research segment. This acquisition will bring out a seamless experience for the customers as they offer the best solutions for the specific task. 

Drivers and Restraints of Market:

Drivers: 

The rise in the investments in the development of new technologies with the latest technologies is greatly influencing the demand of the market. Increasing significance for the use of 3D modeling techniques is leveling up the growth rate of the coordinate measuring machine (CMM) market. The launch of a large number of complex machinery associated with rising demand for precision instruments is likely to fuel the demand of the market. Key industries like automotive, medical, and electronics are greatly using 3D modeling that is enhancing the growth rate of the coordinate measuring machine market. The devices that are designed with the help of 3D modeling can collect data points via scanners or CMMs. This data collection helps in manufacturing the products with high accuracy. This factor is attributed to bolster the growth rate of the market. The rapid adoption of advanced technology and growing awareness over the use of the machine is promoting the demand of this market to the extent. Growing prevalence from the end-user industries like aerospace and electronics are fueling the demand of the market. An increasing number of electric vehicles are boosting the prominence of the use of modeling machines. This attribute is anticipated to leverage the demand of the market.                  

Restraints: 

However, high investment costs and fluctuations in the availability of the raw materials are slowly degrading the demand of the coordinate measuring machine market. Lack of complete knowledge over the availability of various devices in undeveloped countries is slowly degrading the market's growth rate. In addition, the availability of various similar devices where end users find difficulty in choosing the devices is hampering the market's growth rate. There is also growing demand for the operational data store that is also to slow down the demand of the coordinate measuring machine market. 

Coordinate Measuring Machine (CMM) Market Segmentation:

By Type 

• Portable CMM
• Fixed CMM

The portable CMM segment is ruling with the dominant shares of the CMM market. The increasing prevalence of the flexibility machinery and growing demand for high accuracy products are majorly lavishing the growth rate of this segment. The fixed CMM segment is deemed to grow at a higher rate during the period 2022 - 2027. 

By Industry

• Aerospace
• Automotive
• Heavy Machinery
• Energy & Power
• Electronics
• Medical

The aerospace segment is with the largest shares, whereas the medical segment is positioned next in leading the significant shares of the CMM market. Growing scale of various companies in emerging countries like the US, Canada, India, and others is outraging the demand of the market. The heavy machinery segment is expected to showcase the highest CAGR in the coming years. The automotive segment has been growing steadily from the past few years and is also to have the same growth rate in the coming years. Energy & power and electronics segments are deemed to have the highest growth opportunities during the forecast period 2022 - 2027. 

Market Region-wise analysis:

North America is the one leading with the dominant shares of the coordinate measuring machine market (CMM). Increasing expenditure and rising disposable income in urban areas are major factors driving the market's growth rate in this region. An increasing number of partnerships and acquisitions between the top companies is also a factor that surges the market's growth rate in North America. Growing demand from the end-users for high-quality products is gearing up the demand of the market. Following North America, Asia Pacific holds the dominant share of the market. The increasing scale of a number of industries like automobiles, electronics, and others is one of the factors anticipated to fuel the demand of the market. Also, the growing trend towards innovative machinery is propelling the demand of the Asia Pacific coordinate measuring machine market. Increasing population and rising disposable income are eventually gearing up the demand of the coordinate measuring machine market. 

Latin America is witnessed in having the steady growth rate from past few years and is esteemed to continue the same rate during the forecast period. An increasing number of companies and their investments in 3D modeling solutions are creating growth opportunities for the market. Middle East & Africa is to have slow growth opportunities.  

Key Players of Coordinate Measuring Machine (CMM) Market: 

Some of the key players included in the solid-state radar market are:

• Zeiss Group (Germany)
• FARO Technologies (US)
• Hexagon (Sweden)
• Nikon Corporation (Japan)
• Mitutoyo (Japan)
• Tokyo Seimitsu (Japan)
• Keyence Corporation (Japan)
• Creaform (Canada)
• Perceptron (US)
• Wenzel Group (Germany)

The impact of COVID-19 on the Coordinate Measuring Machine (CMM) Market:-

COVID 19 had a negative impact on the shares of the market, especially in 2020. Lockdown restrictions and bans on the flights disrupted the supply chain that restricted the revenue of every market. Key players are planning different strategies to bring profits amid the novel coronavirus. As a result, it is expected that the coordinate measuring machine market revenue will grow at a higher rate in the coming years.