Optical Measuring Devices Market Size, Share, Growth, and Industry Analysis, By Type (2D Optical Measuring Devices, 3D Optical Measuring Devices, Other), By Application (Mechanical Industry, Electronic, Aerospace, Construction, Others), Regional Insights, and Forecast To 2031

Updated On: 22 April 2024

Optical Measuring Devices Market Report Overview

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The global optical measuring devices market size was USD 5490.5 million in 2022. As per our research, the market is projected to touch USD 7735.6 million by 2028, exhibiting a CAGR of 5.9% during the forecast period.  The global COVID-19 pandemic has been unprecedented and staggering, with the global optical measuring devices market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

High-tech optical measurement combines mechanical measurement with photoelectric technology. Computer technology makes it possible to measure quickly and precisely. Simple to record, store, print, query, and other processes. The introduction claims that optical measurement equipment is primarily employed in contemporary industrial testing, with qualified testing of product shape and position tolerance and numerical aperture. A type of measuring device used to evaluate the physical traits of diverse items is an optical measurement system. It is a non-contact measurement technique used in quality assurance and inspection.

COVID-19 Impact: Imposed Restrictions in the Economy Resulted in Decline in the Market

The COVID-19 outbreak caused temporary business closures as well as supply chain and manufacturing disruptions, which in turn reduced the development of telecom infrastructure and had a negative effect on the sales and marketing efforts of rugged phone companies competing in the market. The effects were severe, particularly for startups and small- to medium-sized businesses operating in this industry. Companies did, however, make a lot of restructuring efforts to address the supply chain difficulties and improve collaboration with suppliers and partners to lessen the negative market impact.

LATEST TRENDS

"Growth of the market in recent years"

The market is anticipated to be driven by automation and advancements in form measuring equipment. Shape measuring tools are a crucial aspect of the manufacturing sector since they are used to evaluate the micro-level measurements of tools used in the production of automotive parts. As a result, these instruments are mostly used in micro precision production sectors including steel and metal, aerospace, and defence. In addition, major market participants have been concentrating on the introduction of new products to meet the expanding needs of various industries. For instance, in January 2023, HORIBA, Ltd. introduced its two new micro-XRF (X-ray fluorescence) analyzers, the XGT-9000 Pro and XGT-9000 Expert X-ray analytical microscopes, expanding the XGT-9000 series product range.

Optical Measuring Devices Market Segmentation

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• By Type

Based on type the global optical measuring devices market is classified as 2D optical measuring devices, 3D optical measuring devices, other.

• By Application

Based on application the global optical measuring devices market is classified as mechanical industry, electronic, aerospace, construction, others.

DRIVING FACTORS

"Utilization as a Catalyst to Boost the Market Growth "

It requires measuring optical beams and transmitting light over the product at various angles, after which the light is reflected by optical sensors. Light is refracted before passing through the camera, which has optical chips to gauge its optical characteristics. These technologies are being used at an accelerated rate, which has helped the optical measuring industry expand. Increased demand for 3D metrology services is a major factor fueling market growth. A rise in the adoption rate of sophisticated optical measuring systems and an increase in financial spending in R&D activities are some factors that are driving the optical measurement market. Furthermore, the optical measuring market would experience faster expansion due to rapid industrialization and technological improvements.

"Extensive Application in Laundering Process to Multiply the Production and Market Growth"

Furthermore, the optical measuring market would experience faster expansion due to rapid industrialization and technological improvements. A significant element supporting the growth of the optical measurement market is the expanding demand from numerous end-use sectors, including aerospace and defence, automotive, medical, electronics manufacturing, energy and power, and industrial, among others.   Additionally, the rise in industry 4.0 demand and the expansion of manufacturing in developing nations would foster favorable conditions for the expansion of the optical measuring market.

RESTRAINING FACTORS

"Several Challenges Associated with the Local Irritation to Restrain the Market"

But optical measurement solutions' price sensitivity will slow the market's expansion. Further challenging the market will be the increase in rental and leasing services. Other issues, including as high investment and operating costs and the use of delicate components, operate as market restraints and will further slow the optical measuring industry's growth pace. The offering, equipment, and vertical segments are used to divide the optical measuring market. The development of the many market segments enables you to learn about the various growth variables anticipated to prevail across the board and to develop various tactics to assist in identifying key application areas and the differences in your target market.

Optical Measuring Devices Market Regional Insights

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"North American Region to Dominate the Market with Extensive Utilization and Multiplying Manufacturers"

Due to the presence of significant key players and the rapid growth of the automotive industry in this area, North America now dominates the optical measuring market and will likely maintain this trend going forward. Due to its expanding industrialisation and increased use of cutting-edge technologies like the internet of things (IoT), Asia-Pacific is predicted to rise throughout the projection period of 2022–2029.Regarding Asia, the two important markets are Japan and South Korea, with CAGRs of and over the following six years, respectively.

KEY INDUSTRY PLAYERS

"Financial Players to Contribute Towards Expansion of Market"

This market is extremely competitive and consists of various global and regional players. Major players are involved in strategizing various plans such as mergers and acquisitions, partnerships, introduction of new and enhanced products, along with joint ventures. The report is extensive research of a list of market players who contribute towards the expansion of the market. The information is a collusion of latest technological developments, trends, production lines mergers and acquisitions, market study and others. Other factors such as regional wise analysis and segment wise analysis are also considered to understand the market share, product growth, revenue growth and others during the forecasted period.

List of Market Players Profiled

• Yamasaki Optical Technology – Japan
• Nikon Metrology – Japan
• Prior Scientific - United Kingdom
• RedLux - United Kingdom
• Retsch – Germany
• Opto Engineering – Italy
• Alicona Imaging – Austria
• Creaform – Canada
• Gooch & Housego - United Kingdom
• Gamma Scientific - United States
• AICON – Germany
• Yokogawa – Japan
• OptiPro - OptiPro Systems - United States

REPORT COVERAGE

The SWOT analysis and information on future developments are covered in the study. The research report includes a study of several factors that promote market growth. This section also covers the range of numerous market categories and applications that could potentially affect the market in the future. The specifics are based on current trends and historical turning points. The state of the market's components and its potential growth areas over the following years. The paper discusses market segmentation information, including subjective and quantitative research, as well as the impact of financial and strategy opinions. Additionally, the research disseminates data on national and regional assessments that take into account the dominant forces of supply and demand that are influencing market growth. The competitive environment, including market shares of significant competitors, is detailed in the report along with fresh research methodology and player strategies for the anticipated time.