Global Optical Coordinate Measuring Machine Market Report and Forecast 2024-2032

Global Optical Coordinate Measuring Machine Market Outlook

The global optical coordinate measuring machine market size reached a value of around USD 3.70 billion in 2023. The market is further expected to grow in the forecast period of 2024-2032 at a CAGR of 8.80% to reach USD 7.87 billion by 2032.

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Increasing Demand for Bridge Optical Coordinate Measuring Machines in Various End Use Industries to Augment Market Growth

Bridge optical coordinate measuring machines are extremely accurate and exhibit high tolerance to machine parts. In addition to this, bridge CMMs are compatible with small to medium sizes of machines used in various end use industries. Hence, the product is witnessing a significant demand from different industries. Moreover, bridge CMMs allows multi sensor measurements including scanning and probing.

The bridge CMMs are also convenient for workers as they can be controlled manually, as well as through computers. The cost of bridge CMMs is lower as compared to its counter parts. In this regard, over the forecast period, the anticipated increase in demand for cost-effective measuring machines across industries such as automotive, and aerospace, among others, is likely to propel the segment’s growth, surging the optical coordinate measuring machine market.

The Asia Pacific Region Holds a Significant Market Share of Optical Coordinate Measuring Machines

The market in the Asia Pacific region is being driven by the strong foothold of major manufacturing companies in the region. The steady economic growth attained by countries like India and China is expected to provide significant growth opportunities to industries such as automotive and aerospace and defence. This is likely to lead to enhanced manufacturing capabilities, thereby, propelling the demand for the optical coordinate measuring machine market in the forecast period. The anticipated rise in demand for electric automobiles in countries like Japan and South Korea are likely to generate the demand for superior quality CMMs.

Market Segmentation

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An optical coordinate measuring machine, also known as computer numerical control image measuring machine, is defined as an equipment which is used to measure the dimension of a physical object. This device uses automated technology to carry out fast and accurate measurements of a body. Optical coordinate measuring machine can be varied based on different types according to the requirements.

Based on product, the market can be segmented into:

• Multi-sensor

• 2D Vision Measurement Machine

• 3D Vision Measurement Machine

By end use, the market has been divided into:

• Aerospace and Defence

• Automotive

• Heavy Machinery and Metal Fabrication

• Others

On the basis of machine, the optical coordinate measuring machine market has been categorised into:

• Articulated

• Bridge

• Others

The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

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Growing Applications in Aerospace and Defence Sector to Surge the Optical Coordinate Measuring Machine Industry

The increasing applications of optical coordinate measuring machines in the aerospace and defence industry for quality assurance and precision engineering is driving the optical coordinate measuring machine market growth. In addition to this, the technological advancements of military aircrafts, weapon systems and increasing manufacturing capacity of the unmanned aerial vehicles are generating a high demand for measurement systems with greater accuracy. Measurement systems are used in aerospace and defence sector for prolonged hours, as much as 16 hours a day. This factor is leading to a higher spending on the maintenance of CMMs.

Over the forecast period, the growing research and development activities in the automotive industry to produce lightweight and fuel-efficient passenger vehicles are likely to boost the demand for CMMs with high mechanical performance and greater reliability. Therefore, this factor is likely to lead to progressive product innovations in the coming years. Furthermore, the market is anticipated to be aided by the increasing popularity of portable optical coordinate measuring machines in various end use sectors.

Key Players in the Global Market for Optical Coordinate Measuring Machine

The report gives a detailed analysis of the following key players in the global optical coordinate measuring machine market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• Quality Vision International

• Werth Messtechnik GmbH

• Hexagon AB

• Mitutoyo America Corporation

• Zeiss International

• Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

Key Highlights of the Report