The optical measuring market was valued at USD 2.11 billion globally in 2020 and is anticipated to grow at a 6.9% CAGR in terms of revenue during the forecast period. Growing demand for high purity grade products in the chemical and pharmaceutical industries, as well as rising usage of smart optical measurement systems, are the main factors propelling global revenue development.
The optical measurement system is a sort of electronic equipment that is used to measure the physical structure and qualities of different things. When light is reflected from an object, this system analyses its spectral distribution, intensity, polarisation, and other characteristics as well as any ultraviolet or infrared radiation. It is a non-contact measurement method that makes use of diverse light sources. A lens, a light source, and a single detector make up an optical measurement device. These devices are frequently employed in a variety of end-use applications, including automotive, aerospace and defense, energy and power, electronics manufacturing, industrial, medical, and others.
Over the forecast period, several key factors are anticipated to increase demand for optical measurement devices. These include ongoing technological advancements, rapid industrialization, growing adoption of industry 4.0, and increased use of optical metrology equipment in the manufacturing, semiconductor, and healthcare sectors.
Some Key Highlights From the Report:
Companies profiled in the market report include Hexagon, Faro Technologies, Jenoptik, Keyence, Mitutoyo, Nikon, Vision Engineering, Zygo Corporation, GOM, and Carl Zeiss.
Driver: Increasing Adoption of Optical Metrology Equipment
ThroughoutImpact of COVID – 19
Globally, the new coronavirus pandemic has hurt several businesses. The virus pandemic hurt several industries, including automotive, aerospace and defense, energy and power, and manufacturing. The cessation of these industries’ commercial operations affected the expansion of the optical measurement market. However, the demand for healthcare facilities has expanded globally, which has in turn increased demand for the healthcare sector and the optical measuring industry.
Based on product type
Over the course of the projected period, the segment for coordinate measuring machines is anticipated to account for a sizably constant revenue share. Shortly, the expansion of this market is anticipated to be supported by an increase in the adoption of coordinate measuring devices due to their numerous benefits, including the need for less labor, the capacity to deliver simple and accurate measurements, and decreased risk of error.
Over the forecast period, North America is anticipated to contribute the biggest revenue share. Some of the key drivers propelling market revenue growth in this area include technological improvements in the automobile industry, the presence of important corporations in nations like the United States, and the rising acceptance of optical measurement devices in the aerospace sector.
Offering Outlook (Revenue, USD Billion; 2018-2028)
Product Type Outlook (Revenue, USD Billion; 2018-2028)
- Measuring Microscope
- Profile Projector
- Optical Digitizers and Scanners
- Coordinate Measuring Machines
- Video Measuring Machinesthe
End-use Outlook (Revenue, USD Billion; 2018-2028)
- Aerospace & Defense
- Energy and Power
- Electronics Manufacturing
Regional Outlook (Revenue, USD Billion; 2018-2028)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa