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Smart Handheld Metrology Devices Market To Hit US$372M

Worldwide: The global market for smart handheld metrology devices reached US$186 million in 2016 and is expected to grow at a compound annual growth rate of 10.4 percent from 2016 to 2023, to reach US$372 million in 2023, according to a report by market intelligence company Frost & Sullivan.

A driving factor in the market’s increasing demand results from rising interest from manufacturers in industrial automation and enhanced quality inspection, who value flexibility and versatility in metrology devices.

“Market growth is primarily due to an increased focus on research and development in the automotive industry,” said Viswam Sathiyanarayanan, test and measurement research analyst at Frost & Sullivan. “Automotive manufacturers are also willing to invest in a handheld system that provides six degrees of freedom over a manufacturing unit.”

The market currently only has a handful of companies providing smart handheld metrology devices. However, larger metrology companies are entering this niche segment and the pricing of devices are expected to be affected.

To capture growth opportunities in the market, manufacturers should expand their smart handheld optical scanner portfolios and develop higher proficiency in wireless data transfer, according to the report. Manufacturers should also increase the accuracy range of the devices as well as educate customers on the products’ features and capabilities to increase their market share.

“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,” said Mr Sathiyanarayanan.

A few trends in the market include significant investment in automotive and aerospace research and development inspection in North America and Europe; focus on metrology software research and development; and an increase in the use of smart handheld metrology devices for on-field inspection through the use of predictive analytics and cloud computing.

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