The video measuring system market is estimated to be worth USD 423.0 Million in 2018 and is projected to reach USD 636.0 Million by 2023, at a CAGR of 8.5% between 2018 and 2023. The base year considered for this study is 2017, and the market forecast is provided for the period between 2018 and 2023.
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According to the new market research report "Video Measuring System Market by Product Type (Manual, Semi-Automated, Automated), Application (Automotive, Aerospace & Defense, Heavy Machinery, Energy & Power, Electronics, Medical), Offering, and Geography - Global Forecast to 2023", The video measuring system market is estimated to be worth USD 423.0 Million in 2018 and is projected to reach USD 636.0 Million by 2023, at a CAGR of 8.5% during the forecast period.
Browse 66 market data Tables and 48 Figures spread through 156 Pages and in-depth TOC on "Video Measuring System Market - Global Forecast to 2023"
The rapid growth of the video measuring system market can be attributed to various factors, including the increasing popularity of video measurement applications in automotive and aerospace & defense sector. It is also expected that the cost of video measuring systems will decrease in the next couple of years, mainly because of the declining trend in prices of major hardware components.
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As a result, the video measuring system market is expected to propel during the forecast period. The video measuring system market is likely to gain impetus from the rising demand for quality machine parts, as producers look forward for maintaining the overall quality of manufactured products.
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Manual video measuring system expected to hold the largest market share during the forecast period
The increasing adoption of video measuring systems by manufacturers across the globe is the major factor propelling the demand for this technology. The market for manual video measuring systems held the largest size, owing to low cost and early adoption of this technology in automotive, aerospace & defense, electronics metal, plastic, rubber, and medical industries.
The manual video measuring system market is also expected to grow in terms of popularity owing to its compact and portable design for several applications during designing and manufacturing stages.
Automotive application accounted for the largest share of the video measuring system market in 2017
The integration of automobile manufacturing process with video measuring systems is expected to propel the growth of the automotive sector, improving the measurement accuracy and overall performance of the vehicles. The automotive segment held the largest share among all application areas owing to the increasing adoption of video measuring systems for the verification of objects, high-precision dimensional measurement, and geometrical tolerances.
Furthermore, a video measuring system provides non-contact dimensional measurements with high speed, greater accuracy, and much more flexibility.
North America expected to hold the largest size for the video measuring system market during the forecast period
North America held the largest share of video measuring system market in 2017, with the US being the major contributor to the market in North America. North America held a substantial share of 32.0% of the video measuring system market in 2017, owing to the early adoption of video measurement technology in industries such as automotive, aerospace & defense, energy & power, electronics, and medical.
Furthermore, the requirement of high accuracy and small tolerance limits in many industrial manufacturing processes may lead to the increase in the adoption of video measuring systems in North America. The video measuring system market in North America is expected to grow at a moderate rate during the forecast period, owing to technological advancements and revival of industrial growth and the overall economy.
The report profiles key players such as Hexagon (Sweden), Carl Zeiss (Germany), Faro Technologies (US), Mitutoyo Corporation (Japan), Nikon Corporation (Japan), GOM Metrology (Germany), Perceptron (US), Renishaw (UK), Zygo Corporation (US), Advantest Corporation (Japan), Wenzel Prazision (Germany), Creaform (Canada), Keyence (Japan), Vision Engineering (UK), and Carmar Accuracy Co. (Taiwan) operating in the video measuring system market.
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