The report "Surface Roughness Measurement Market by Component (Probes, software Cameras, Lighting Equipment), Surface Type (2D and 3D), Technique Type (Contact and noncontact), Vertical (Automotive, Energy & Power) and Geography - Global forecast to 2025", is expected to grow from USD 766 million in 2019 to USD 998 million by 2025, at a CAGR of 4.5% during the forecast period.
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The market in APAC is expected to grow at a significant rate during 2019–2025
APAC is expected to grow at the highest CAGR during forecast period. Rapid technological developments and increased adoption of automation in the automotive industry is the key factor driving the growth of the market in APAC. The continuous increase in the demand for automation has been recognized by Chinese industries and the government. The SRM market in China is dominated by the automotive industry. OEMs are seeking to improve production in automotive manufacturing through quality checks and component inspection, which, in turn, is expected to drive the market growth in China. China has the world's largest automotive manufacturers and a leading producer of consumer electronics.
Key Market Players
The major value to SRMMs is added by component suppliers and OEMs. CARL Zeiss AG (Germany)), Mitutoyo Corporation (Japan), Starrett (US), Mahr (Germany), Tokyo Seimitsu Co., Ltd. (Japan), Hexagon AB (Sweden), JENOPTIK AG (Germany), EXTECH (US), Wenzel (Germany), Taylor Hobson (UK), Faro Technologies(US), Nikon Corporation (Japan), KEYENCE Corporation (Japan),The Sempre Group (UK), Alicona Imaging GmbH (Austria), Kosaka laboratory Ltd (Japan), KRÜSS GmbH (Germany), Zygo Corporation (US), Horiba Ltd (Japan) and Fowler (US) are some of the major companies dominating the SRM market.
Carl Zeiss (Germany) is one of the leading players in the optical measuring system market. For instance, the company acquired 60% shares of Steinbichler Optotechnik GmbH, Neubeuern (Bravaria), which helped the company to focus on the optical 3D digitization sector. The company invests heavily in research and development, which has increased its efficiency in the Medical Technology segment. Product launches and developments have helped the company to improve its productivity and explore growth opportunities for all its segments. It has an established brand image, which leads to an increased demand for products from industries such as automobile, machinery, aerospace, medical, energy, and plastics. The company focuses on growing organically by extensively spending on product launches and inorganically through acquisitions.
Mitutoyo Corporation (Japan) is one of the prominent players in the measuring system market owing to its large product portfolio. The company has a diverse product portfolio of measurement solutions offering the complete selection of machines, sensors, systems including surface roughness measurement machines, vision and precision tools and instruments, and metrology data management software, and related services. Key strategies of Mitutoyo Corporation include expansions through new subsidiaries and launching new measuring tools with the help of the latest technologies. For instance, in December 2017, the company opened a new subsidiary, Mitutoyo Optics Manufacturing America Corporation (MOMAC) located in Washington. The company’s domestic revenue in APAC was more than 20% of the total global sales in 2017. Additionally, it has 46 companies located across the world. Thus, the company has strong presence in APAC and all over the world.
Mahr (Germany) is one of the most trusted sources of measurement systems providing products and services across the world. Growth strategies adopted by the company include product launches, acquisitions, and strategic agreements. For instance, in 2018, Mahr introduced new product families called MarSurf CM and MarSurf CP that offer five confocal measuring systems. These are the measuring stations for non-contact testing of surfaces measuring in minimum time and with higher resolution offering users more precise information about surfaces improving quality and increasing efficiency. The company is focused on launching innovative products in different industries.
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