Description
Coordinate measuring machines (CMMs) have changed the way dimensional measurements are made in manufacturing facilities. Their ability to cost-effectively provide accurate measurements and improve productivity has helped the market grow over the past decade. The increased penetration across different manufacturing verticals would have not been possible without an array of technological developments that improved capabilities and created new product categories.
Stationary CMMs accounted for a 76.2% market share in 2018, but they will lose share to fast-growing portable CMMs over the next few years. The need to measure products close to the manufacturing process for reducing cost of quality and improving productivity will increase the demand for shop-floor CMMs. This will drive market growth across all products, regions, and verticals.
The Asia-Pacific region is the largest market, with a 44.6% global share in 2018. This market grew by 7.0% in the year and generated $883.0 million in revenue. It is expected to reach $1,329.6 million by 2023.
Industry convergence from a technological standpoint has propelled the adoption of handheld CMMs. Market participants in this space have integrated advancements in imaging technology, computing, and communication technology with measurement probes to provide the most flexibility in comparison to other CMMs.
Market participants will continue to improve the capability of their products; in particular, they will focus on improving flexibility, productivity, and thermal stability to overcome the threat from competing solutions such as optical digital scanners and laser trackers. More than 25 companies participate in the global CMM market. This Radar focuses on the 16 companies that have a wider product portfolio and presence across 3 or more product segments.
The Frost Radar reveals the market positioning of companies in an industry using their Growth and Innovation scores as highlighted in the Frost Radar methodology. The document presents competitive profiles on each of the companies in the Frost Radar based on their strengths, opportunities, and a small discussion on their positioning. Frost & Sullivan analyzes hundreds of companies in the industry and benchmarks them across 10 criteria on the Frost Radar, where the leading companies in the industry are then positioned. Industry leaders on both the Growth and Innovation indices are recognized as best practice recipients.
Author: Author: Prabhu Karunakaran
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