The study involved four major activities in estimating the size of the industrial metrology market. Exhaustive secondary research has been conducted to collect information on the market, the peer markets, and the parent market. Both top-down and bottom-up approaches have been employed to estimate the total market size. Market breakdown and data triangulation methods have also been used to estimate the market for segments and subsegments.
Secondary Research
Revenues of companies offering industrial metrology have been obtained from the secondary data available through paid and unpaid sources. The revenues have also been derived by analyzing the product portfolio of key companies, and these companies have been rated according to the performance and quality of their products.
Various secondary sources have been referred to in the secondary research process for identifying and collecting information important for this study. Secondary sources include corporate filings (such as annual reports, investor presentations, and financial statements); trade, business, and professional associations; white papers; IoT technologies journals and certified publications; articles by recognized authors; gold-standard and silver-standard websites; directories; and databases.
Secondary research has been conducted mainly to obtain critical information about the market’s value chain, the total pool of key players, market classification and segmentation according to the industry trends to the bottom-most level, geographic markets, and key developments from both demand- and technology-oriented perspectives. Secondary data has been collected and analyzed to determine the overall market size, further validated by primary research.
Primary Research
Extensive primary research has been conducted after understanding and analyzing the current scenario of the industrial metrology market through secondary research. Several primary interviews have been conducted with key opinion leaders from both demand and supply sides across four major regions: North America, Europe, Asia Pacific, and RoW. Approximately 25% of the primary interviews have been conducted on the demand side, while 75% have been conducted on the supply side. Primary data has been collected mainly through telephonic interviews, which consist of 80% of the total primary interviews. Questionnaires and e-mails have also been used to collect data.
After interacting with industry experts, brief sessions were conducted with highly experienced independent consultants to reinforce the findings from our primary. This, along with the in-house subject matter experts’ opinions, has led us to the findings as described in the remainder of this report. The breakdown of primary respondents is as follows:
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Market Size Estimation
The bottom-up procedure has been employed to arrive at the overall size of the industrial metrology market.
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Identifying various industrial metrology products, software, and services provided or expected to be offered by players in the value chain
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Tracking the major manufacturers and providers of industrial metrology equipment and related services for different regions
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Tracking the ongoing and upcoming product launches and different inorganic strategies such as acquisitions, partnerships, and collaborations
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Estimating and forecasting the industrial metrology market in each country and, thereby region based on trade data and GDP analysis
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Conducting multiple discussions with key opinion leaders to understand the types of equipment, software, and services deployed by industrial metrology players and analyzing the break-up of the scope of work carried out by each major company
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Verifying and crosschecking the estimates at every level by discussing with key opinion leaders, including CEOs, directors, and operation managers, and then finally with the domain experts at MarketsandMarkets
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Studying various paid and unpaid information sources such as annual reports, press releases, white papers, and others
The top-down approach has been used to estimate and validate the total size of the industrial metrology market.
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More than 30 companies offering industrial metrology products and services were identified. Their offerings were mapped based on offering, equipment, and application.
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After understanding the different types of products offered by various manufacturers, based on the data gathered through primary and secondary sources, the market was categorized into different segments.
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The global industrial metrology market size was derived through the data sanity method. For each equipment, the revenues of respective providers were analyzed through annual reports and press releases and summed up to derive the overall market size.
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For each company, a percentage was assigned to the overall revenue, or in some cases, to segmental revenue, to derive the revenue from the industrial metrology segment. The percentage for each company was assigned based on the company’s product portfolio and its range of industrial metrology-related offerings.
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For the CAGR, the market trend analysis of industrial metrology was carried out by gauging the industry penetration rate and the demand and supply of industrial metrology products for different end-user industries.
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The estimates at every level were verified and crosschecked through discussions with key opinion leaders, including CXOs, directors, and operation managers, and with domain experts in MarketsandMarkets.
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Various paid and unpaid information sources, such as annual reports, press releases, white papers, and databases, were studied.
Data Triangulation
After arriving at the overall size of the industrial metrology market through the process explained, the total market has been split into several segments and subsegments. Market breakdown and data triangulation procedures have been employed, wherever applicable, to complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments. The data has been triangulated by studying various factors and trends from the demand and supply sides. The market has also been validated using the top-down and bottom-up approaches.
Market Definition
Industrial metrology is the part of metrology that deals with measurements in production and quality control. It includes calibration procedures, calibration intervals, control of measurement processes, and management of measuring instruments in various industries to ensure that they match the requirements pertaining to their intended use. The industrial metrology ecosystem includes various hardware, software, and service providers. The market is diversified, with more than 25 companies competing across the value chain to sustain their position in the market and increase their market share.
Key Stakeholders
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Raw material suppliers
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Industrial metrology product manufacturers
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Original equipment manufacturers (OEMs)
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OEM technology providers
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Technology, service, and solution providers
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Intellectual property (IP) core and licensing providers
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Suppliers and distributors
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Government and other regulatory bodies
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Forums, alliances, and associations
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Technology investors
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Research institutes and organizations
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Analysts and strategic business planners
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Market research and consulting firms
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Associations, organizations, forums, and alliances related to metrology
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Government bodies such as regulatory authorities and policy-makers
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Venture capitalists, private equity firms, and start-up companies
Report Objectives
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To define, describe, and forecast the industrial metrology market by offering, application, end-user industry, and region in terms of value
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To forecast the industrial metrology market by equipment in terms of volume and value.
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To provide the market size estimation for North America, Europe, Asia Pacific, and Rest of the World (RoW), along with their respective country-level market sizes, in terms of value
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To provide detailed information regarding the drivers, restraints, opportunities, and challenges that influence market growth
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To provide a detailed overview of the industrial metrology supply chain
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To strategically analyze micromarkets1 with respect to individual growth trends, prospects, and contributions to the total market
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To map competitive intelligence based on company profiles, key player strategies, and key developments.
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To analyze opportunities in the market for stakeholders and provide a detailed competitive landscape of the market
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To provide information pertaining to key technology trends and patent analysis related to the industrial metrology market
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To provide information regarding trade data related to the industrial metrology market
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To strategically profile key players in the industrial metrology market and comprehensively analyze their market shares and core competencies2
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To benchmark the market players using the proprietary company evaluation matrix framework, which analyzes the market players on various parameters within the broad categories of market rankings/shares and product portfolios
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To analyze competitive developments such as contracts, agreements, expansions, acquisitions, product launches, collaborations, and partnerships, along with research and development (R&D), in the industrial metrology market
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To analyze the impact of the recession on the growth of the industrial metrology market
Available customizations:
With the given market data, MarketsandMarkets offers customizations according to the specific requirements of companies. The following customization options are available for the report:
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Detailed analysis and profiling of additional market players based on various blocks of the supply chain
Growth opportunities and latent adjacency in Industrial Metrology Market