Report: Video Measuring System Market Will Grow to $636 Million by 2023
PUNE, India — The video measuring system market is estimated to grow from $423 million in 2018 to $636 million by 2023, a growth rate of 8.5% during the forecast period, according to the new market research report, "Video Measuring System Market by Product Type," published by MarketsandMarkets.
The rapid growth of the video measuring system market can be attributed to various factors, including the increasing popularity of video measurement applications in automotive and aerospace and defense sector. It is also expected that the cost of video measuring systems will decrease in the next couple of years, mainly because of the declining trend in prices of major hardware components. As a result, the video measuring system market is expected to propel during the forecast period. The video measuring system market is likely to gain impetus from the rising demand for quality machine parts, as producers look forward for maintaining the overall quality of manufactured products.
The increasing adoption of video measuring systems by manufacturers across the globe is the major factor propelling the demand for this technology. The market for manual video measuring systems held the largest size, owing to low cost and early adoption of this technology in automotive, aerospace and defense, electronics metal, plastic, rubber, and medical industries. The manual video measuring system market is also expected to grow in terms of popularity owing to its compact and portable design for several applications during designing and manufacturing stages.
North America held the largest share of video measuring system market in 2017, with the U.S. being the major contributor to the market in North America. North America held a substantial share of 32% of the video measuring system market in 2017, owing to the early adoption of video measurement technology in industries such as automotive, aerospace and defense, energy and power, electronics, and medical.
Furthermore, the requirement of high accuracy and small tolerance limits in many industrial manufacturing processes may lead to the increase in the adoption of video measuring systems in North America. The video measuring system market in North America is expected to grow at a moderate rate during the forecast period, owing to technological advancements and revival of industrial growth and the overall economy.