Laser Tracker Market 2018-2023: Historical Analysis, Key Findings, Growth by Industry, Key Players Profiles and Future Prospects

“Laser Tracker Market”
Laser Tracker Market Research Report, By Component (Hardware, Software, Service), Function (Quality Control & Inspection, Alignment, Reverse Engineering), Vertical (Automotive, Aerospace & Defense, Architecture & Construction, Energy & Power)—Forecast till 2023

Market Highlights:

In today’s technical marketplace, there is a constant demand for gathering three-dimensional data on parts, products, and environments. With the evolution of technology, robust, portable 3D measurement tools have been introduced without compromising on accuracy and versatility that the companies require. There are several different tools available for the measurement and inspection of parts, products, and environments and laser tracker is one among them. Laser trackers are extensively used in an attempt of replacing physical check fixtures and traditional hand tools such as calipers, plumb bobs, and tape measures. Laser Tracker measures 3-D coordinates by tracking a laser beam to a retro-reflective target held in contact with the object of interest. It provides fast measurement of an object which can be moved almost anywhere within line-of-sight of the base unit. A key advantage in favor of laser tracker is its relatively high accuracy.

The market for laser tracker is expected to grow due to the benefits it offers such as high precision and accuracy, versatile mount, small & lightweight, continuous point measurement, superfast Single Point Measuring, and many more. For instance, Faro offers FARO VantageS and VantageE laser trackers. These laser trackers are extremely accurate and portable coordinate measuring machines that enable to build products, optimize processes, and deliver solutions by measuring quickly, simply, and precisely. However addressing alignment errors which result in measurement accuracy is major challenge for the market which could potentially hinder the growth of laser tracker market.

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Major Key Players

Faro (US),

API (US),

On-Trak Photonics Inc. (US),

SGS (Switzerland),

Variation Reduction Solutions, Inc. (US),

VMT GmbH (Germany),

Hexagon (Sweden),

Brunson Instrument Company (US),

Hubbs Machine and Manufacturing Inc. (US), and PLX Inc. (US)

According to MRFR, The global Laser Tracker Market is expected to reach approximately USD 520 million by 2023 growing at ~12.5% CAGR over the forecast period 2018–2023.

Segmentation

By component, the market is segmented into Hardware, Software and Services.

Hardware is further segmented into Laser Tracker Head, Laser Tracker Controller, Retroreflector, Computer System and Essential Accessories. Services is sub-segmented into Professional Services and Managed Services.

By function, the market is segmented into Quality Control & Inspection, Alignment, Reverse Engineering, Tool building and setup, automated assembly system.

By vertical, the market is segmented into Automotive, Aerospace & Defense, Architecture & Construction, Energy & Power, Railways, Shipbuilding and others.

Regional Analysis

The geographical analysis of unified monitoring market is studied for North America, Europe Asia Pacific and the rest of the world.

Europe is expected to dominate the laser tracker due to the presence of major automotive companies. It is world’s largest producer of motor vehicle. The automotive industry requires measurement of large parts and assemblies, such as automotive body-in-white measurements. So, laser tracker is widely used in automotive industry. Germany, the UK, and France are expected to be the top three contributors to the laser tracker market in Europe.

Asia Pacific is expected to grow with the highest CAGR during the forecast period due to increasing adoption of automation in the region. The market in Asia Pacific is gaining momentum from various industries such as automotive, aerospace and others which uses tracker for various application such as reverse engineering, tool building and setup.

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Target Audience

  • Training and consulting service providers
  • Support and Maintenance Service Providers
  • Original equipment manufacturers (OEMs)
  • ODM and OEM technology solution providers
  • Small and large technology centers
  • Laser tracker manufacturing companies
  • Research institutes and organizations
  • Market research and consulting firms
  • Government bodies, venture capitalists, and private equity firms

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