Video Measuring System Market by Type (Automated, Semi-automated, and Manual), by Offering (Hardware, Software, and Others), by Application (Energy & Power, Electronics, Aerospace & Defence, Automotive, Heavy Machinery Industry, and Medical), and by Geography (North America, Europe, Asia Pacific, Middle East & Africa, and Latin America) – Global Forecast to 2026
Video Measuring System Market is expected to grow from USD 419 Million in 2017 to USD 858.75 Million by 2026, at a CAGR of 8.3% between 2017 and 2026.
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Key factors expected to drive the growth of market include increasing popularity of video measurement applications in automotive and aerospace & defense sector, growing adoption of precise measurement advanced technology by manufacturers, with a focus on the accuracy and reliability of the manufactured products. However, lack of expertise to handle video measuring system efficiently is restraining video measuring system market growth.
Hardware segment accounted for the largest market share in 2016
By Offering video measuring systems market is divided into Hardware, Software, and Others. From this segment, Hardware held largest share of video measuring systems market in 2016 owing to rising interest in industrial automation and enhanced quality inspection
Manual video measuring systems accounted for the largest market share
By Product Type Video measuring system market is divided into Automated, Semi-automated, and Manual. From this segment, Manual video measuring systems held the largest market size of the video measuring systems market. This can be attributed to low cost and early adoption of this technology in aerospace & defense, automotive, plastic, electronics metal, medical, and rubber industries.
Automotive applications held largest market size among all application segment
Among all application segments, automotive application segment accounted for the largest size of the overall video measuring system market. video measuring systems market share of automotive segment can be attribute to growing adoption of video measuring systems market systems for the verification of objects, high-precision dimensional measurement.
APAC is anticipated to witness highest CAGR by 2026
Geographically video measuring systems market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. APAC region is estimated to grow at the highest CAGR during the forecast period, owing to growing adoption of precise measurement advanced technology by manufacturers in APAC
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