Global Industrial Metrology Market: An Overview
The global industrial metrology market report is an in-depth study of various trends, drivers, and growth indictors that will prevail in the market during 2018-2026. The applied, industrial or technical metrology is a set of processes, techniques, and advanced equipment to measure manufacturing and other processes. The measurement is usually done to understand the calibre, and quality control in these processes. It is estimated that these processes usually save about 15% of costs in manufacturing on average. Moreover, these are becoming increasingly important for nations worldwide as trends like automation, increased drive for independence in national defence, and growth of their traceability continues to go up. Generally, peer-reviewed, agreements, or accreditation sets these processes in place with standard benchmarks. It has become an important standard in measuring the progress of a country’s industrial sector.
Global Industrial Metrology Market: Notable Developments
A team of researchers from Norway and Denmark have identified a laser-based system which can detect fires in challenging industrial environments. The system based on industrial metrology does not measure light or its wavelength. Instead, it relies on the random fluctuation of the refractive index. Earlier systems faced issues with light as ambient dust particles could block their reading of fire. However, the new system overcomes this problem and propagates the evolution of fire detection system wherein even fires without flames can be detected. The innovation is expected to create significant opportunities for players in the industrial metrology market.
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The Indian government’s advisory body, the Niti Aayog, has suggested the creation of single body for food and drug inspection, on the lines of the FDA. The proposed plan would merge the food inspection which used to come under legal metrology under a single umbrella. This evolution in government practice has much to do with a singular mode of establishment for a large number of processes, and the growing application of industrial metrology. China has also created an national inspection program similar to the FDA. Moreover, Ghana also recently adopted standards set by the Indian pharmaceutical metrology which is a major boost for the global industrial metrology market.
Global Industrial Metrology Market: Drivers and Restraints
Rising demand for industrial metrology solutions in inspection of foods, in defence sector, and for undertaking major initiatives like smart cities are expected to drive growth. The rising demand for aerospace solutions, growing availability of quality metrology solutions, and increasing awareness are expected to emerge as major drivers. Moreover, the growing demand for these solutions in automotive sector and in general manufacturing is also expected to drive growth. Automotive sector is expected to witness a major evolution during the upcoming period as automobile manufacturing quickly moves to automated facilities. The need for highly reliable and quality processes, and rising demand for electric vehicles are expected to drive major growth. Moreover, the rise in demand from the manufacturing sector due to automation is also expected to remain extremely high during the forecast period.
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Global Industrial Metrology Market: Geographical Analysis
The global industrial metrology market report is divided into key regions like North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Among these, the North America region is expected to witness considerable growth. The region is home to considerable opportunities, thanks to increasing move towards automation, and widespread use of industrial metrology market. The industrial metrology market is also expected to witness robust growth in Europe. The increasing move in the automotive sector towards automation, growing targets set due to climate change accord are expected to drive significant opportunities for the industrial metrology market in the near future.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.