Kind of: Take DIN (Deutsches Institut für Normung) for example which sets standards used in hardware (like normed screws or normed metal alloys). Albeit not free (as in free beer) it guarantees that I can buy eg. screws with guaranteed minimal properties from different vendors. I would see this at least somehow equivalent to open source software, which can be copied at minimal marginal cost and thus is easy to provide for free (as in free beer).