Laser Tracker Market Overview
Market Research Future (MRFR) projects that the global laser tracker market 2020 can touch an approximate valuation of USD 520 million by 2023. MRFR also expects the market size to advance at a rate of 12.5% over the forecast period, which is between 2018 and 2023.
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Top Boosters and Main Barriers
High precision, portability and accuracy, in addition to the surge in technological innovation in distance measurement technology and increase in processing speed are inducing a higher demand for laser trackers across different industries. Moreover, the rising automation of robotic systems can lead to better business growth for the laser tracker market in the approaching years.
Quality inspection, measurement and control are significant aspects that are taken into account in automotive and aerospace & defense businesses, to ensure that all of the customer specifications and demands are fulfilled. Given the mounting demand for laser tracker to inspect and monitor the quality of the end products as well as the assembled components and parts, the laser tracker market can note robust growth during the evaluation period.
In the past couple of years, the surge in research & development (R&D) in 3D measurement method has boosted the scope as well as the applicability of laser trackers, augmenting the demand for the latter in the global market. Additionally, laser technology’s increasing application areas like manufacture and assembly of huge components and robot metrology can also lead to better growth prospects in the following years.
Laser Tracker Market Top Players
The players who are adopting effective strategies to expand their business in the laser tracker market are Hubbs Machine and Manufacturing Inc. (US), PLX Inc. (US), VMT GmbH (Germany), On-Trak Photonics Inc. (US), SGS (Switzerland), Faro (US), Hexagon (Sweden), Brunson Instrument Company (US), API (US), Variation Reduction Solutions, Inc. (US), to name a few. These companies are responsible for laser tracker market growth across the globe.
Laser Tracker Market Segmentation
Laser tracker market forecast by MRFR in its new report considers the primary segments of component, function, and vertical.
The component-based market segmentation comprises hardware, software as well as services.
The segments that are based on function include alignment, quality control & inspection, tool building and setup, reverse engineering and automated assembly system. Quality control & inspection segment can attain a significant growth rate in the near future, because of the rising adoption of the technology among several manufacturing companies. The adoption in these companies has risen considerably since the technology helps improve their quality control segment, while catering to the customer demands as well as specifications.
The verticals that are increasingly deploying laser trackers are aerospace & defense, automotive, energy & power, architecture & construction, shipbuilding, railways, and others. Industries like aerospace and automation are leading the market, since the laser tracker technology finds extensive use in a variety of applications, such as aligning body components and hinge lines, calibration for automating production lines and measuring of large panels among others.
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Laser Tracker Market Regional Outlook
Laser tracker market share is set to increase in the primary regions of North America, Asia Pacific (APAC), Europe and the rest of the world (RoW) during the appraisal period.
Europe can possibly be the dominant regional market for laser tracker in the forthcoming years, on account of the presence of highly revered automotive vendors and a flourishing automotive industry. Germany, France and the UK are touted to be the leading contributors in the European laser tracker market. Original equipment manufacturers (OEMs) in the region are increasingly deploying laser trackers to cater to the safety and quality requirements throughout the production process, which induces revenue growth.
Over the coming years, the fastest growth rate will be achieved by the APAC market, as a result of the rising adoption of automation and the expanding industrial sector, which includes aerospace, automotive and more. These industries are making a lot of use of laser trackers for applications like tool building, setup and reverse engineering. The increasing focus of various players on adopting the latest technologies also adds to the market strength. APAC has become a focal point for significant investments along with business expansion opportunities, which favors the market growth as well.