Potential Growth Avenues for Global Shaft Measurement and Inspection Solutions
Future growth potential of the solutions due to demand in the automotive, aerospace, and medical industries
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This research service analyzes the global trends in the optical shaft metrology market. The niche global optical shaft metrology market witnessed steady growth with an emphasis on quality control, especially in the automotive and aerospace industries. The onset of COVID-19 disrupted the supply chain globally and demand contracted across the automotive and aerospace industries. Manufacturers reduced their capital expenditures and focused on liquidity due to the global economic uncertainty caused by the pandemic. Despite many developed economies managing to contain the spread of the virus through strict restrictions and effective vaccination, several emerging economies are still struggling with the pandemic. Although demand recovery was seen toward the end of 2020 and early 2021, it is unlikely to be similar to pre-COVID-19 levels soon. The market for optical shaft metrology will see a marginal positive growth in 2021 driven by the automotive, defense, and medical industries. This is based on the assumption that there will be no more supply chain disruptions similar to H1 2020. The market for optical shaft metrology is likely to return to normalcy during 2022 as plant utilization levels in industries reach the maximum limit.
The market has been segmented by product type, vertical markets, and regional markets. The study covers market share analysis of top competitors, and mentions the prominent channel of distribution used in this market.
Annual estimates and forecasts are provided for the period 2017 through 2025. The geographical scope of the study includes North America, Europe (EU), Asia-Pacific (APAC), and Rest of World (RoW).
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