Flexibility and Versatility Drive Demand for Smart Handheld Metrology Devices
Vendors must aggressively expand their smart handheld optical scanner portfolios to capture growth opportunities, finds Frost & Sullivan's Test & Measurement team
LONDON, Aug. 1, 2017 /PRNewswire/ -- A growing interest in industrial automation and enhanced quality inspection are driving the adoption of smart handheld metrology devices, with flexibility and versatility boosting demand. 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.
"Market growth is primarily due to an increased focus on research and development (R&D) in the automotive industry. Automotive manufacturers are also willing to invest in a handheld system that provides six degrees of freedom over a manufacturing unit," said Test & Measurement Research Analyst Viswam Sathiyanarayanan.
Global Market for Smart Handheld Metrology Devices, Forecast to 2023, new research from Frost & Sullivan's Test & Measurement Growth Partnership Service, 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.
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"The biggest challenges for the smart handheld metrology devices market remain intense competition from fixed and portable optical scanners with high accuracy range and end users looking toward traditional fixed and portable scanners due to lack of smart handheld metrology scanner awareness," noted Sathiyanarayanan.
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.
Frost & Sullivan's study covers smart handheld metrology devices market segments such as automotive, industrial design, architecture, engineering and construction, aerospace and defense, and forensic/research/education.
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Global Market for Smart Handheld Metrology Devices, Forecast to 2023
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