Micrometers Market: Introduction
A micrometer is also known as a micrometer screw gauge. It is a device incorporated with a calibrated screw and is widely used for the precise measurement of mechanical components in manufacturing and machining industries as well as in most mechanical trades, accompanied by instruments, such as dial digital calipers and vernier calipers. Micrometers are typically in the form of calipers, hence they are also known as micrometer calipers in some markets. A micrometer consists of parts, such as frame, anvil, sleeve, lock nut, screw, spindle and thimble. The spindle of a micrometer is a precisely machined screw and the component to be measured is placed between the anvil and the spindle.
Manufacturing and machining of automobiles, equipment and others machinery are the prominent areas of application for micrometers and hence, these industries influence the micrometers market largely. Micrometers are prominent measuring tools in the global market. Additionally, they have a good replacement rate and hence, the global micrometers market is estimated to grow with a prominent pace over the forecast period.
Micrometers Market: Dynamics
Measuring tools, such as vernier calipers and micrometers, used for measuring all types of objects are in high demand in the global market and find increasing applications in all end use industries, such as automotive, defense and marine, manufacturing and several machine shops. Attributing to this, the demand for measurement tools, such as micrometers, in the global market is estimated to grow with an incremental rate in the coming years. The global micrometers market has been experiencing a global shift indicating the rising adoption of digital micrometers. Additionally, digital micrometers used for the measurement of manufactured objects that require great accuracy are expected grow to hold a prominent market share in terms of value and volume during the forecast period in the global micrometers market. Some of the prominent factors contributing to the market growth are high reliability, high accuracy and quick response time for measurement.
The most significant factors accelerating the growth of micrometers in the global market are the introduction of advanced technology, the manufacturing industry and the increasing need for greater accuracy & reliability. With the flourishing industrial sector, which includes manufacturing, mining, construction, utilities and oil and gas, the demand for measuring equipment, including micrometers, in the global market is expected to rise during the forecast period. Attributing to these factors, many companies are entering the market in Asia-Pacific and MEA with a hope to capitalize on the surging demand and expand their geographical footprint.
Demand for industry-specific micrometers is expected to increase with growing knowledge and awareness regarding manufacturing accuracy and reliability. Many industry verticals, including mining, food processing, chemical, military and automotive, have potentially benefited from customized micrometer solutions. Leading companies are employing dedicated teams of specialized professionals to understand the changing preferences of employees towards the use of micrometers in various end use industries. These specialists cognize the challenges, needs and concerns of workers to enhance accuracy at the workplace. They provide a complete set of customized micrometer solutions drawn from the existing set of conventional micrometer portfolio of companies. However, growing competition among market participants could pose a challenge to the growth of this market during the forecast period.
Micrometers Market: Segmentation
The micrometers market can be segmented on the bases of product type, operation, sales channel and end use.
By product type:
By sales channel:
By end use:
Micrometers Market: Regional Outlook
Asia-Pacific is estimated to hold a prominent share of the micrometers market. Developing countries, such as India and China, are significant players boosting the demand for automobiles, which in turn is supporting growth of the micrometers market. Furthermore, automation and up gradation of technology are propelling demand for the global micrometers market. North America, Europe and MEA are continuously witnessing infrastructural growth, which in turn is creating a need to manufacture new materials and objects. Attributing to this, the micrometers market in these regions is estimated to grow significantly in the upcoming future.
Micrometers Market: Market Participants
Examples of some of the market participants in the global micrometers market are:
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