The global CMM market is anticipated to grow at a CAGR of 7.4% during the forecast period (2021-2027). Portable CMM collects the geometrical measurements of an object in 3D. Unlike traditional CMMs, portable CMMs are lightweight and easy to bring from one location to another, whether across a shop floor or to a lab in another city. Portable CMMs are comprised of an articulated arm or with seven rotary axes and rotary encoders, unlike traditional CMMs that are made with a granite table and a gantry or bridge superstructure which makes them less moveable. Portable CMMs have found their large scope in various end-user verticals which include aerospace & defense, automotive & manufacturing, medical device, energy & power, and others. Portable CMMs provides high accuracy in results, and they are robust enough to work in a wide range of environments. Besides, the tolerances of CMMs can be adjusted, depending on the projects. Due to these advantages, their adoption in above verticals is gaining popularity which is driving the market growth. 

The increase in CMM’s application and significant growth in the 3D printing industry, and rising demand of reverse engineering in various industries are also the prominent factors boosting the market growth. Furthermore, the high cost of the portable CMMs may limit their adoption that will be projected to impact the market growth during the forecast period. Besides, the development in cloud-based CMM systems, growth in industry 4.0 may offer lucrative opportunities in the market during the forecast period. 

Impact of COVID-19 on Global CMM Market

The CMM market has registered a decline in growth due to the COVID-19 pandemic. Disruption in supply chain, shortage of labors, shutdown on end-user verticals, and restriction of mobility to curb the spreading of virus has adversely affected the market growth. Automotive & manufacturing industry is the biggest end-user of CMMs. The automotive industry significantly relies on the exact measurements and reverse engineering that CMMs are known to provide at a large scale. The halt on transportation, and presence of a smaller number of vehicles on roads affected the new production of vehicles. According to the International Organization of Motor Vehicle Manufacturers (OICA), in 2020, the automobile production decreased by 16.0% globally due to COVID-19. The decrease in automobile production has impacted the demand for CMMs. Hence global market experienced declination in revenue.

Segmental Outlook  

The global CMM market is segmented based on type, application, and end-user. Based on type, the market is trifurcated into articulating arm, laser trackers, and optical. On the basis of application, the market is categorized into quality control & inspection, reverse engineering, virtual simulation, and others. Among these, the reverse engineering segment is anticipated to show fastest-growth rate in the market during the forecast period. Reverse Engineering (RE) is a method to produce 3D CAD model or 2D drawings from an existing component. With use of CMMs in reverse engineering, measurements of the 3D objects can be taken with easy. Further, based on end-user, the market is again segmented into aerospace & defense, automotive & manufacturing, medical device, energy & power, and others. 

Global CMM Market Share by End-User, 2020 (%)

The Automotive & Manufacturing Segment is Projected to Dominate the Global Portable CMMs Market

Among end-user, the automotive & manufacturing segment holds the significant share and contributes high in the market. The segment is expected to dominate the market during the forecast period. The rapid growth in automotive sector globally increasing the demand for CMMs. The use of CMMs in automotive sector supports the vehicle fleet management which includes administrative management, logistics and vehicle maintenance, batch inspection, batch measurement, fault finding, and reverse engineering. In addition, with use of CMMs, automotive manufacturers not only can meet their maintenance objectives but also get more visibility into their supply chain and the production process. This factor increases their demand and need in automotive sector. With further development in automotive sector, the production of automobiles will be increase which in turn, drive the market growth during the forecast period. 

Regional Outlook 

Geographically, the global CMM market is classified into four major regions including North America (the US and Canada), Europe (UK, Germany, France, Italy, Spain, and Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia-Pacific), and Rest of the World (Latin America and the Middle East and Africa (MEA)). North America is expected to have a significant share in the market during the forecast period. The US and Canada are the two major economies contributing high in the growth of the market. The well-developed automotive, aerospace, and defense industry in the region is the key factor driving the scope of CMMs market in the region. The US is a hub to aerospace companies including Boeing, Lockheed Martin and so on. The demand for high precision work is also expected to augment the market in the region.

Global CMM Market Growth, By Region 2021-2027

Asia-Pacific is anticipated to Lead the Global CMMs Market 

Geographically, Asia-Pacific is anticipated to lead CMMs market during the forecast period. China, India, Japan, and South Korea will be the major contributors to the market. The growth in automotive sector in these economies is creating the high demand for CMMs. In 2020, the automobile sales in China reached to 2.83 million, up 6.4 percent year on year, while production totaled 2.84 million, up 5.7 percent from 2019 as per the China.Org.cn. Whereas in India, as per the India Brand Equity Foundation, in 2021, total volume of passenger vehicles production reached to 806,755 units. Apart from the automotive sector, the aviation industry is also expected to drive the market growth in major economies of the Asia-Pacific. China is the world’s second largest and fastest growing civil aerospace and aviation services market. As per the data from Civil Aviation Administration of China, in 2019, the value of China’s aviation industry output was $53.3 billion. Growth in these industries in Asia-Pacific major economies drives the demand for CMM. Moreover, growth in industrialization, high disposable income, and R&D spending on developing metrology products are the prominent factors boosting the market growth. 

Market Players Outlook

The key players in the CMM market contributing significantly by providing different types of products and increasing their geographical presence across the globe. The key players of the market include Creaform, Inc., Eley Metrology Ltd., Faro Technologies, Inc., Hexagon AB, Mitutoyo Corp., and Nikon Metrology, Inc. among others. These market players are adopting several market strategies including product launch and approvals, merger and acquisition, partnership collaboration, business, and capacity expansion, and others. 

The Report Covers

    • Market value data analysis of 2020 and forecast to 2027.

    • Annualized market revenues ($ million) for each market segment.

    • Country-wise analysis of major geographical regions.

    • Key companies operating in the global CMM market. Based on the availability of data, information related to pipeline products, and relevant news is also available in the report.

    • Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

    • Analysis of market-entry and market expansion strategies.

    • Competitive strategies by identifying ‘who-stands-where’ in the market.