At 6.5% CAGR, South & Central America 3D Metrology Market is Projected to be Worth US$ 931.64 Million by 2031, says Business Market Insights

According to Business Market Insights' research, the South & Central America 3D metrology market was valued at US$ 561.98 million in 2023 and is expected to reach US$ 931.64 million by 2031, registering a CAGR of 6.5% from 2023 to 2031. Rising demand for industry 4.0 and increasing demand for 3d metrology in automotive industry are among the critical factors attributed to drive the South & Central America 3D metrology market growth.

Industry 4.0 includes automation, enhanced analytics, data interchange, and digital technology integration. These latest advancements facilitate communication between the dynamic digital world and the physical world. Industry 4.0 has resulted in the development and deployment of cutting-edge sensors capable of capturing data with unprecedented precision and detail. Their incorporation into automated systems improves efficiency and streamlines procedures while enabling multidimensional assessments, real-time monitoring, and non-contact measures, which is expected to fuel the market growth during the forecast period. In addition, the integration of IoT is also increasing worldwide. IoT devices are integrated into machinery, production equipment, and even finished goods. Throughout the production process, these devices can supply real-time data to engineers, alerting them to deviations, abnormalities, quality problems, and other pertinent information. Additionally, a major component of Industry 4.0 is the integration of the digital and physical worlds. A digital twin is a virtual representation of a component or system that allows one to test, measure, and even model its response to various scenarios. It is similar to having a clone that allows one to experiment without actually touching the original. Thus, digital twins are improving the intelligence and efficiency of manufacturing by fusing real-world and virtual components. Hence, the rising demand for Industry 4.0 is expected to propel the growth of the 3D metrology market during the forecast period.

On the contrary, the divergent measurement systems and standards hampers the growth of South & Central America 3D metrology market.

Based on product, the South & Central America 3D metrology market is segmented hardware, services, and software. The hardware segment held 49.2% market share in 2023, amassing US$ 276.57 million. It is projected to garner US$ 486.80 million by 2031 to register 7.3% CAGR during 2023-2031. The hardware segment is further sub segmented into coordinate measuring machine, optical digitizer and scanner, video measuring machine, 3D automated optical inspection, and others.

Based on application, the South & Central America 3D metrology market is segmented into quality control and inspection, reverse engineering, virtual simulation, and others. The quality control and inspection segment held 46.9% share of South & Central America 3D metrology market in 2023, amassing US$ 263.80 million. It is projected to garner US$ 450.83 million by 2031 to expand at 6.9% CAGR from 2023 to 2031.

In terms of end user, the South & Central America 3D metrology market is segmented into automotive, electronics, aerospace and defense, medical, energy and power, heavy machinery, and others. The automotive segment held 31.5% share of South & Central America 3D metrology market in 2023, amassing US$ 177.05 million. It is projected to garner US$ 318.16 million by 2031 to expand at 7.6% CAGR from 2023 to 2031.

By country, the South & Central America 3D metrology market is segmented into Brazil, Argentina, and the Rest of South & Central America. Our regional analysis states that Brazil captured 50.4% share of South & Central America 3D metrology market in 2023. It was assessed at US$ 283.18 million in 2023 and is likely to hit US$ 501.46 million by 2031, registering a CAGR of 7.4% during 2023-2031.

Key players operating in the South & Central America 3D metrology market are Creaform Inc, FARO Technologies Inc, Hexagon AB, Intertek Group Plc, Keyence Corp, Mitutoyo America Corporation, Nikon Metrology NV, and ZEISS Group, among others.


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