Frost & Sullivan’s Test & Measurement (T&M) team sees a growing interest in industrial automation and enhanced quality inspection that’s driving the adoption of smart handheld metrology devices. At present, only a handful of market participants exist; however, with metrology giants entering this space, pricing will be impacted. To succeed in a niche market, vendors must develop expertise in wireless data transfer and product intelligence and aggressively expand their smart handheld optical scanner portfolios.
A research report from Frost & Sullivan’s Test & Measurement Growth Partnership Service title “Global Market for Smart Handheld Metrology Devices, Forecast to 2023” finds that the smart handheld metrology devices market is estimated to grow at a compound annual growth rate (CAGR) of 10.4 percent from a market size of $186.4 million in 2016 to $372.1 million in 2023. The study highlights market drivers, restraints, opportunities, and technology trends, and analyzes the regional influence on market dynamics. Market share and competitive analysis of major players such as Creaform, Artec 3D, FARO, Hexagon Manufacturing Intelligence, and Mitutoyo are also provided.
Increasing the accuracy range of smart handheld metrology scanners through R&D as well as educating end users about product attributes will create more opportunities and help participants expand their market share. Major trends in the market include:
- Significant investment in automotive and aerospace R&D inspection in North America and Europe;
- Participant focus on metrology software R&D with metrology hardware innovation;
- Strong regulatory landscape that governs product quality and warranty costs in North America;
- Recurring revenue opportunities with the adoption of Metrology Service 2.0;
- Creation of a new breed of client engagement models through predictive insights; and
- Boost in use of smart handheld metrology devices for on-field inspection through the use of predictive analytics and cloud computing.
Complimentary access to an executive summary of the report is available on the company’s dedicated webpage.