According to the report titled ‘Global Coordinate Measuring Machine (CMM) Market Size, by Type (Fixed CMM and Portable CMM), by Application (Quality control & inspection, Reverse Engineering, Virtual Simulation and Others), by End-use Industries (Automotive, Aerospace & Defense, Heavy Machinery, Energy & power, Electronics, Medical and Others) and Regional Forecasts 2020-2027’, available with Market Study Report, global coordinate measuring machine (CMM) market was valued at USD 3.02 billion in 2019 and is projected to expand with a CAGR of 8% during 2020-2027.
 

Demand for exact dimensional validation and precise geometric measurements, along with supportive government initiatives for expansion of manufacturing sector are the key factors driving the growth of global coordinate measuring machine (CMM) market.
 

Citing an instance, in India, the government has introduced "Make in India" policy to invite and encourage international players to partner with Indian companies. The initiative is aimed at increasing the manufacturing share in the country's GDP from 16% to 25% by 2022, through a collaboration with Indian manufacturers. It also seeks to make the nation self-reliant and less dependent on imports.
 

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For those uninitiated, equipment used to calculate the physical geometric form of an entity is referred to as the coordinate measuring machine. Processor, software, computer control system, and probe contact or non-contact are the major components of CMM. It meets different inspection needs as per versatility and use of technology and sets a standard for the quality and accuracy of product inspection in different sectors of production.
 

Widespread use of CMM in several sectors such as aerospace, automotive, power, energy, and electronics is augmenting the market outlook. Moreover, growing interest in industrial internet of things (IIoT) and emphasis on superior quality inspections are anticipated to propel global coordinate measuring machine market expansion over the estimated timeframe. However, hefty cost involved in setting up the machine is likely to hamper the industry landscape over the study period.
 

From the regional perspective, global coordinate measuring machine (CMM) industry sphere is segmented into Asia Pacific, Latin America, Europe, North America, and Rest of the World. The report claims that North America holds a significant market share currently and is projected to grow further over the forecast period. The regional growth is credited to surging demand for non-contact probing technology.
 

Meanwhile, Asia Pacific market is expected to witness modest gains by the year 2027, on account of increasing popularity of IIoT (Industrial Internet of Things).
 

Leading organizations influencing global coordinate measuring machine (CMM) market trends are Tokyo Seimitsu Co. Ltd., Perceptron Inc., Creaform Inc., GOM, Keyence Corporation, Mitutoyo Corporation, Carl Zeiss AG, Nikon Corporation, Hexagon AB, and FARO Technologies Inc.