Industry 4.0 is making it imperative for manufacturing industry to adopt efficient processes with application of novel technologies. With more and more new technologies obviating the need for manual oversight, manufacturers must take care of the product quality as just the speed of production is not enough to be successful. Hence, the demand for precision measuring tools has increased more than ever. The overall test and measurement equipment market is expected to become worth USD 32.3 billion by 2024, growing at a CAGR of 3.90 percent.
With the advent of digitalization and technologies like IoT and 5G, the fourth industrial revolution has picked up pace and it has in turn galvanized the measuring tools market. Several industries have been witnessing this increased demand with manufacturing industry being one of the foremost. To meet the demand, the precision measuring tools market has also been evolving and there are several trends emerging as a result.
Three most important trends that are changing the face of precision measuring are: automation, non-contact precision measuring and 3D precision measuring technologies.
With accelerating automation strategies, manufacturers are now facing quality issues more than ever. This has created the need for more stringent methodology to be adopted for checking the product quality and ensuring that it meets the expected standards. This is compelling precision measurement to evolve in sync and become more aligned with new operational procedures. With increased adoption of automation technologies, the onus of quality assurance lies more than ever on precision measuring.
Non-contact precision measuring
Although the usage of non-contact precision measuring tools has become more relevant in the current times, its efficacy has been proven even before the pandemic. Their ability to offer enhanced productivity and fast and accurate results is an established fact. Compared to conventional precision measuring tools, non-contact or laser scanners are more effective.
3D precision measuring
Another important trend engulfing the precision measuring tools market is 3D technology. With 3D precision measuring technologies, manufacturers are able to enable control through precise measurement of machined components. As a result, the manufacturer is able to produce with much higher accuracy.
Fuelled by these trends, the precision measuring tools and equipment market is expected to keep moving faster in terms of growth and become more ingrained in the manufacturing lifecycle across industries.