According to the new research report the "Laser Interferometer Market by Interferometer Type (Michelson, Fabry-Perot, Fizeau, and Twyman-Green), Type (Homodyne and Heterodyne), Application (Surface Topology, Engineering, and Science), End-Use Industry, and Geography - Global Forecast to 2025", is expected to grow from USD 237 million in 2020 to USD 334 million by 2025; it is expected to grow at a CAGR of 7.1% during 2020–2025.
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Driver: Growing demand for 3D metrology services
3D metrology can be used for measurement modeling that involves the visualization of measurement during the production process of a product whose quality can be controlled through statistical sampling. 3D metrology data is important in the manufacturing industry as it is directly related to the product quality and the efforts of performance assessment. The data needs to be shared with production scheduling, designing, purchasing, and many other business units of the manufacturing company to ensure the accuracy of the manufactured products. A large amount of 3D data is required to define a product adequately for precision inspection. 3D modeling is used in key industries such as aerospace & defense, automotive, heavy machinery, medical, electronics, and energy & power. 3D models, created from 3D objects, are a collection of data points generated via optical measurement systems such as VMMs or CMMs that are integrated with intelligent data models and tools for integrating data. Laser interferometers are used for displacements and other measurements in a reliable, quick, and accurate manner. Laser interferometers play an important role in 3D metrology; therefore, the growing demand for 3D metrology in various industries drives the laser interferometer market.
Restraint: Price sensitivity associated with laser interferometer solutions
The costs associated with setting up measurement and calibration tools make it difficult to achieve the targeted ROI that fits within a business plan. Different types of measurements require various measuring devices that are expensive. Specialized professionals are required to operate this measuring equipment and measure the device under test in accordance with the applicable regulations and directives. The laser interferometer market faces challenges during measurement and testing processes due to the high pricing exerted by operators. Decreasing testing time, which produces substantial cost savings for OEMs, acts as a restraint for measurement equipment vendors. Moreover, measurement tools come with a high capital share, and to stay in line with innovative technologies, companies need to work on product ranges, which results in recurrent software and hardware advancements, thereby increasing the overall maintenance costs..
Based on industry, market for industrial end-user industry to grow at the highest CAGR from 2020 to 2025
The market for the industrial end-user industry is expected to grow with the highest CAGR during the forecast period. Manufacturing is an economic industry that continues to focus on delivering high-quality machinery parts on time. Laser interferometers are used to inspect and measure integrated data in production processes and for quality control and ensuring complete maintenance of the production process in general manufacturing and precision machining.
Laser interferometer market in APAC to grow at the highest CAGR during the forecast period
The laser interferometer market in APAC is expected to grow at the highest CAGR during the forecast period. The wide-scale adoption of optical measurement technologies for industrial applications is the key factor supporting market growth in this region. This growth can also be attributed to the increasing use of laser interferometers in the automotive, aerospace & defense, and industrial verticals in developing countries such as India and China. The increasing adoption of precision measurement by manufacturers in APAC, with a focus on accuracy and reliability of the manufactured products, is further expected to propel the growth of the laser interferometer market in APAC.
Key players in the market include Renishaw plc (UK), Keysight Technologies, Inc. (US), SIOS Meßtechnik GmbH (Germany), Zygo Corporation (US), Mahr Inc. (US), Carl Zeiss (Germany), 4D Technology Corporation (US), Olympus Corporation (Japan), Status Pro Maschinenmesstechnik GmbH (Germany), and Logitech Limited (UK). These players are increasingly undertaking product launches and developments, acquisitions, collaborations, agreements, partnerships, and expansions, to increase their market shares.
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