The Optical Measurement by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Optical Measurement, the optical measurement market size has grown strongly in recent years. It will grow from $4.25 billion in 2023 to $4.58 billion in 2024 at a compound annual growth rate (CAGR) of 7.7%. The growth in the historic period can be attributed to growing demand for 3d metrology services, increasing adoption of advanced optical measurement solutions, increasing r&d spending, growing industrialization, growing demand for quality control in various industries.
The optical measurement market size is expected to see strong growth in the next few years. It will grow to $6.14 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%. The growth in the forecast period can be attributed to continued emphasis on miniaturization in manufacturing, rise in demand for non-contact measurement techniques, expansion of applications in healthcare and life sciences, increasing complexity of manufacturing processes, growing demand for non-contact measurement techniques. Major trends in the forecast period include adoption of industry 4.0 and smart manufacturing, integration of artificial intelligence in optical measurement, increase in the use of hyperspectral imaging for material analysis, emergence of portable and handheld optical measurement devices, technological advancements.
The increase in aerospace and defense industries are expected to propel the growth of the optical measurement market going forward. Aerospace and defense industries refer to companies that build aircraft, ships, spacecraft, weapon systems, and defense equipment. Optical coatings are largely employed in aerospace and defense machines as precise optics. As a result, the increasing aerospace and defense industries help to increase the demand for the optical measurement market. For instance, in 2021, according to the Indian Brand Equity Foundation, an India-based government agency, India’s defense budget for 2020-21 stood at INR 4,71,378 crore (USD 67.4 billion), which is 9.37% higher than that in 2019-20. Therefore, the increase in aerospace and defense industries is driving the growth of the optical measurement market.
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The optical measurement market covered in this report is segmented –
1) By Offering: Hardware, Software, Services
2) By Component: Autocollimators, Measuring Microscopes, Profile Projectors, Optical Digitizers and Scanners, Coordinate Measuring Machines (CMMs), Video Measuring Machines
3) By End-User: Automotive, Aerospace & Defense, Energy and Power, Electronics Manufacturing, Industrial, Medical, Other End Users
New technological innovations have emerged as the key trend gaining popularity in the optical measurement market. Major companies operating in the optical measurement market are introducing innovations to reinforce their position in the market. For instance, in March 2021, Hexagon's Manufacturing Intelligence division, a Sweden-based technology company, introduced a new coordinate measuring machine (CMM) that addresses the challenges of measuring delicate components such as smartphone camera lens assemblies. This CMM allows manufacturers to perform quality inspections four to six times faster than conventional methods while maintaining uncompromising sub-micron accuracy. The new CMM leverages advanced technology and features to provide accurate and efficient measurements of delicate components. It is designed to minimize the risk of damage to fragile parts during the inspection process and offers high-speed, non-contact measurement capabilities.
The optical measurement market report table of contents includes:
1. Executive Summary
2. Optical Measurement Market Characteristics
3. Optical Measurement Market Trends And Strategies
4. Optical Measurement Market - Macro Economic Scenario
5. Global Optical Measurement Market Size and Growth
................
31. Global Optical Measurement Market Competitive Benchmarking
32. Global Optical Measurement Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Optical Measurement Market
34. Optical Measurement Market Future Outlook and Potential Analysis
35. Appendix
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According to the new market research report "Optical Measurement Market by Offerings (Hardware, Software, and Services), Equipment (Autocollimator, Measuring Microscope, Profile Projector, ODS, CMM, and VMM), Vertical (Industrial, Automotive), and Geography - Global Forecast to 2023", is projected to grow from USD 3.68 Billion in 2018 to USD 5.14 Billion by 2023, at a CAGR of 6.87% between 2018 and 2023.
Browse 65 market data Tables and 40 Figures spread through 156 Pages and in-depth TOC on "Optical Measurement Market - Global Forecast to 2023" Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=138961460 Early buyers will receive 10% customization on reports.
VMM is an emerging measurement solution among industries as it enables manufacturers to monitor the quality and efficiency of components required to build desired industrial products.
This system has gained tremendous popularity in recent years because of its features such as improved speed, greater accuracy, and the availability of customization based on application.
Manufacturing industry continues to focus on delivering machinery parts with high quality on time.
Optical measurement solutions are used to inspect and measure integrate data in production processes, enabling smarter decision-making, quality control, and ensuring complete maintenance for productions in general manufacturing and precision machining.
Global Optical Measurement Market was valued at US$ 4.0Bn in 2019 and is expected to reach US$ 8.0Bn by 2026 at a CAGR of 9.05%.
The report has covered the current short-term and long-term impact on the market, and it would help the decision-makers to prepare the outline and strategies for companies by region.
The development of application industries is the key factor driving demand of the optical measuring market in upcoming years.
Emerging business models like collaboration and partnership amid the market players present in the application universe and new product development with improved operational efficiency in a cost-effective manner are inferred as one of the driving factors for the acceptance of an optical measurement system.
A Video measuring machine (VMM) is expected to grow at the highest rate during the forecast period.
This system has gained marvelous popularity in recent years as of its features such as improved speed, greater accuracy, and the availability of customization based on application.
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