The global optical measuring systems market is anticipated at USD 4.3 billion in 2022. Demand is likely to remain high for optical measuring systems during the assessment period. This is due to the increased automation and garnering USD 8.0 billion in 2033, recording a CAGR of 5.9% from 2023 to 2033. The market is likely to secure USD 4.5 billion in 2023.
| Data Points | Key Statistics |
|---|---|
| Optical Measuring Systems Market Size Value in 2023 | USD 4.5 billion |
| Optical Measuring Systems Market Forecast Value in 2033 | USD 8.0 billion |
| Global Growth Rate | 5.9% |
| Forecast Period | 2023 to 2033 |
Key Factors Shaping the Demand Outlook of the Optical Measuring Systems Industry:
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| Historical CAGR (2018 to 2022) | 5.5% |
|---|---|
| Forecasted CAGR (2023 to 2033) | 5.9% |
In the chemical and pharmaceutical industries, increased demands for high-purity grade products are attributed to factors such as the adoption of optical measuring systems in various applications. Growing demand for 3D metrology services, increasing adoption of advanced optical measurement solutions, and a rise in Research and Development spending are driving the growth of the optical measuring systems market.
Some of the most commonly used optical measuring systems worldwide include autocollimators, measuring microscopes, profile projectors, optical digitizers and scanners, coordinate measuring machines, and video measuring machines. These systems are extensively used in various end-use verticals such as automotive, aerospace and defense, energy and power, electronics manufacturing, industrial, medical, and others.
A high level of traceability, precision, and repeatability is required for automated manufacturing workflows in the automotive industry. OEMs and suppliers are working together to develop innovative solutions to ensure optimal measuring system performance and proper fitting of components. Manufacturers are increasingly using metrology-grade 3D scanning solutions to virtually build high-quality components and parts.
Growing investment in research and development to introduce advanced products is expected to have a positive impact on the optical measuring systems market growth shortly. Various companies have adopted modern technologies and automation to introduce high-quality optical measurement devices as a result of optical advancements.
Increasing Application in Various Industries to Drive the Market Growth
Optical measuring systems are gaining recognition and adoption in many application industries at a rapid pace due to their exceptional attributes and characteristics that cater to the industry’s challenges efficiently. The development of application industries is the key factor driving demand for optical measuring systems in the coming years.
These optical measuring systems are required to improve accuracy in measuring of physical properties of a product. Emerging business models like collaboration and partnership between the market players present in the application universe and new product development with increased operational efficacy in a cost-effective manner are inferred as key driving factors for the adoption of optical measurement systems.
Rising research activities in the development of portable measuring devices and increased government funding for the same are one of the driving factors. The increase in the manufacturing industry in developing countries like China and India and more automation activities in the automotive sector and countries responsible for automotive throughputs like Japan and Korea fuel the demand for operating measuring systems.
High Operational Costs May Hinder Market Growth During the Forecast Period.
Although there are certain advantages of the optical measuring system, there are certain factors likely to pose a challenge to the market growth. The high operation, investment costs, and usage of fragile components are major restraints expected to negatively impact future demand and adoption barriers for optical measuring systems.
The Presence of Leading Layers in The Region to Drive the Market Growth
North America is the second-largest market for optical measuring systems market. North America is expected to capture the largest market share based on the current market scenario. It is likely to hold 18.5% of the total market share during the forecast period.
Several factors are driving market revenue growth in this region, including technological advancements in the automotive industry, the presence of key companies in countries such as the United States, and the growing adoption of optical measurement devices in aerospace.
The region has strong manufacturing sectors such as automotive, aerospace, electronics, and healthcare drive the demand for optical measuring systems in North America. The United States and Canada are the major contributors to the market growth in this region.
Increasing Automation to Boost the Market Growth in The Region
The European optical measuring systems market has the highest global market share accounting for 25.6%. The region is expected to maintain its position during the forecast period owing to increasing research and development activities and the high adoption of automation in various industries.
Europe is known for its advanced manufacturing capabilities and stringent quality control standards. Industries such as automotive, aerospace, and precision engineering have a strong demand for optical measuring systems in Europe. Countries like Germany, France, Italy, and the United Kingdom are key contributors to the market in this region.
Growing Industrialization in The Region to Spur the Market Growth
Over the forecast period, the South Asia and Pacific region is expected to grow at a lucrative rate due to expanding investments by governments and industry players to automate or semi-automate manufacturing processes, thus eliminating human error during the installation process.
Production output is likely to increase with minimal labor costs, which will further drive demand over the next ten years. Rising disposable income levels, along with industrialization across emerging economies such as China and India, are expected to fuel product demand in this region.
Latin America regions are also expected to register a significant CAGR over the forecast period owing to strategically increasing investments in the petroleum refining sector to cater to the growing demand for optical measuring systems.
The Middle East and Africa are also projected to expand with a significant CAGR over the forecast period due to expected future investments in the downstream sector to complement huge oil reserves in the region.
Manufacturing Segment to generate high Revenue
As per FMI’s analysis, the manufacturing segment accounts for 34% of the total optical measuring system market share. The segment is projected to account for a CAGR of 5.8% during the forecast period.
Optical measuring systems find extensive applications in manufacturing across various industries. These systems play a crucial role in quality control, inspection, and measurement processes.
Vertical Optimizer Segment to Remain Highly Sought After
By light beam, the vertical optimeter segment is expected to dominate the market in the forecast period. The segment is projected to account for a CAGR of 5.7% during the forecast period.
How is the Start-up Ecosystem in the Optical Measuring Systems Market?
A lot of growth opportunities are being created in the optical measuring systems market because vendors in this market are spending on research and development activities to bring up more advanced optical measuring systems solutions.
Who are the Key Players in the Optical Measuring Systems Market?
Some of the key players in the optical measuring systems markets are Nikon Metrology, Bowlers Group, Physical Digital Ltd, Mech Metrology, Carl Zeiss AG, Trimos SA, OMS Corporation, Jenoptik AG, Mitutoyo Corporation, Hexagon Manufacturing Intelligence, and others.
Through intrinsic research and development, the key companies are channeling their capital towards the development of new products.
| Report Attribute | Details |
|---|---|
| Growth Rate | CAGR of 5.9% from 2023 to2033 |
| Market Value in 2023 | USD 4.5 billion |
| Market Value in 2033 | USD 8.0 billion |
| Base Year for Estimation | 2022 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in USD Billion and CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered | Light Beam, Application, Region |
| Regions Covered | North America; Latin America; Western Europe; Eastern Europe; South Asia and Pacific; East Asia; Middle East & Africa |
| Key Countries Profiled | United States, Canada, Brazil, Mexico, Germany, United Kingdom, France, Spain, Italy, Poland, Russia, Czech Republic, Romania, India, Bangladesh, Australia, New Zealand, China, Japan, South Korea, GCC Countries, South Africa, Israel |
| Key Companies Profiled | Nikon Metrology; Bowlers Group; Physical Digital Ltd; Mech Metrology; Carl Zeiss AG; Trimos SA; OMS Corporation; Jenoptik AG; Mitutoyo Corporation; Hexagon Manufacturing Intelligence |
The industry in 2023 is valued at USD 4.5 billion.
The market is estimated to develop at a CAGR of 5.9% through 2033.
Increasing application in various industries is estimated to drive market growth.
The market is estimated to reach USD 8.0 billion by 2033.
High operational costs are limiting the market growth.
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Optical Measuring Systems Market
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