Market Dynamics- Drivers
1. Growing adoption of CAD/CAM and international quality standards is expected to drive growth of the global metrology services market during the forecast period
Manufacturers are increasingly adopting computer-aided design and computer-aided manufacturing (CAD/CAM)-based processes to the manufacturing cycle for its advantages such as cost reduction, reduced defects, and shorter production cycle. Manufacturers are adopting internationally-accepted standards such as QS-9000, ISO-9001, Six sigma, in order to cater to global clients’ requirements. As a result of this, the demand for metrology services has increased significantly. Hence, these factors are expected to drive growth of the global metrology services market during the forecast period.
2. Rising pressure on global infrastructure is expected to propel the global metrology services market growth over the forecast period
According to the United Nations (UN), the global population is expected to reach around 9 billion by 2050 with around 180,000 people being added to the urban population every day. According to the same source, over 2 billion people would be age above 60 years. All this is directly expected to put substantial stress on food, energy, and other primary needs. As a result, manufacturers are under constant pressure to meet the growing demand and keep their production capacity at par with rising demand. Thus, trends such as fast-growing and aging population and rising consumerism are putting pressure on global infrastructure and resources. There is a need to effectively manage these challenges for sustainable growth. Hence, these factors are expected to propel the global metrology services market growth over the forecast period.
Market Dynamics- Restraints
1. Lack of universal standards is expected to hamper the global metrology services market growth over the forecast period
Although there is high demand for metrology services, there are several challenges services providers are facing, especially on the front of customized metrology solutions. This, in turn, hinders the development of universal systems with multiple functionalities. As a result of this, end users have to seek multiple service providers or a single service provider that can offer a wide range of metrology services. This, in turn, increases cost involved and enforces buyers to procure their own metrology products. Therefore, these factors are expected to hamper the global metrology services market growth over the forecast period.
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2. High risk associated with regional trend is expected to restrain growth of the global metrology services market during the forecast period
There are several factors that affect growth of the market including the manufacturing process, automotive, etc. However, for metrology services providers, market development requires substantial capital investment in terms of facility, metrology products, labor, and other operational expenses. Therefore, for metrology services providers, it becomes difficult to immediately respond to global changes. Hence, these factors are expected to restrain growth of the global metrology service market in the near future.
Market Opportunities
1. Growing outsourcing trend for dimensional inspection in medical sector can present lucrative growth opportunities
Manufacturers are outsourcing the task of dimensional inspection (measurement process used for examination of dimensions (2D or 3D) of an object), in order to ensure quality and consistency. Furthermore, it gives them access to advanced products at affordable prices. Opportunity exists especially in medical sector which has been an untapped market yet. This is because manufacturers of medical devices tend to rely on in-house solutions in order to maintain quality standards.
2. Major business opportunities in emerging economies
In current economic scenario, emerging economies such as Brazil, India, China, and Russia, are seen as a hub for manufacturing activities with growing output. This surge in manufacturing is more attributable to new small and medium-sized businesses, which are growing at a rate of 8.4%. These manufacturers due to limited capital are potential customers for metrology services, as it would help them to meet their production requirements in an economical way.
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