8.06% growth predicted for booming optical metrology market
The optical metrology market is expected to witness a high growth trajectory over the next five years, owing to the increasing demand for precision optics and the growing adoption of optical metrology in various industrial sectors. In terms of application, the industrial segment has dominated the global optical metrology market in recent times and is expected to retain its dominance throughout the forecast period.
The global optical metrology market is witnessing a dynamic growth due to the emergence of advanced imaging and sensing technologies. The rapid adoption of automation and robotics across various industrial sectors is driving the demand for high-precision components, which has led to the growth of the optical metrology market. Furthermore, the increase in demand for ophthalmic medical devices is further expected to drive the growth of the global market for optical metrology over the next five years.
Global Optical Metrology Market: Overview
The global optical metrology market was valued at USD 2.73 billion in 2021 and is expected to reach USD 4.96 billion by 2026, at a CAGR (Compound Annual Growth Rate) of 8.06% during the forecast period. The industrial segment accounted for the largest share of the global optical metrology market in 2021 and is expected to remain the dominant segment over the forecast period. The growing demand for automation solutions is projected to fuel the growth of the industrial segment of the global optical metrology market over the next five years. On the other hand, the increasing demand for highly accurate parts is likely to create lucrative opportunities in the optical metrology market.
Based on product type, the global optical metrology market is segmented into lasers, projectors, cameras and sensors, microscopes, and others. In 2020, the laser segment accounted for the largest share of the global optical metrology market. This segment is expected to grow at the highest CAGR from 2021 to 2026, owing to the increasing demand for accurate positioning and depth measurement in various industrial applications. However, the optical measurement segment is expected to be the fastest growing product type in the global optical metrology market from 2021 to 2026. This is primarily due to the growing application of optical measurement technologies in healthcare devices.
The Global Optical Metrology Market report by Reports and Data analyses important market trends and factors such as drivers, restraints, challenges, and opportunities that are impacting the growth of the optical metrology market. The report also provides deep insights into the competitive landscape of the optical metrology market with analysis of leading players in the market and their portfolios, as well as detailed competitive landscape of optical metrology market by geography. The report covers the key regions of North America, Europe, Asia-Pacific, Middle East & Africa and Latin America that provide an analysis of the overall competitive scenario in these geographies.
Increasing automation across various industries such as automotive manufacturing, aerospace and defence, power generation, oil and gas extraction, food and beverages processing, healthcare, etc. is anticipated to drive the demand for optical metrology systems across the globe. Rapid adoption of non-contact techniques owing to their ease of use and cost-effectiveness is projected to fuel the growth of the global market in the coming years.
OGP is a leading player in global optical metrology market. Owing to the best-in-class ZONE3 software and OGP’s proven array of high-precision contact and non-contact 3D measurement solutions, the company enjoys a strong position in the optical metrology market primed for establishing itself firmly as a leader in the segment as the transition from laser -based solutions to digital image correlation continues in the next decade.