The coordinate measuring machines (CMM) market has been forecast to exceed a valuation of US$5.0 billion by the 2018, with the industry set to rise at a compound annual growth rate (CAGR) of 3.38% through to 2015.
Growth within the industry is set to be driven by numerous factors including the recent advancements in automation, along with high accuracy needs and tighter tolerance rates of end-use industries, including aerospace, defence, and automotive.
A CMM is a 3D device for measuring the physical geometrical characteristics of an object. This machine may be manually controlled by an operator or it may be computer controlled. Measurements are defined by a probe attached to the third moving axis of this machine. Probes may be mechanical, optical, laser, or white light, amongst others.
The Asia-Pacific market, spurred by intense activity in China, represents the single-largest region for the CMM market. Asia-Pacific also emerges as the most promising global market for CMM, surging ahead at a CAGR of 11.3% through 2018.
The global CMM market is characterised by the presence of a few yet strong players, together accounting for over 70% of the market space. As the industry becomes more globalized, international players are anticipated to grow organically as well as through strategic mergers and acquisitions to tap the potential of emerging markets in order to offset the sluggishness of western markets.
Key companies currently dominating the CCM market include Hexagon AB, Carl Zeiss AG, and Mitutoyo Corp.
For more information on the CCM market, see the latest research: Global CMM Market
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