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 Vantage 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),
- Hexagon (Sweden), f
- API (US),
- VMT GmbH (Germany),
- On-Trak Photonics Inc. (US),
- SGS (Switzerland),
- Variation Reduction Solutions, Inc. (US),
- Brunson Instrument Company (US),
- Hubbs Machine and Manufacturing Inc. (US),
- 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.
Industry News:
FARO, the world’s most trusted source for 3D measurement, realization and imaging technology, has announced the introduction of 6DoF Vantage series of laser trackers.
API, a pioneer in laser-based equipment for calibration and measurement, launched a new series of RADIAN Laser Trackers.
Mitutoyo, a Japanese multinational corporation specializing in measuring instruments has added “SpaceTrac Series” of laser trackers to its product line.
Laser measurement technology company API, a world leader on coordinate measurement solutions, has announced the launch of laser tracker-based robot calibration solution for increasing robot accuracy 12-fold.
Regional Analysis:
The global laser tracker market, by region, has been segmented into North America, Europe Asia Pacific and the Rest of the World. Europe, at present, holds the pole position in the global market and is projected to retain its position through the forecast period. This region is the largest producer of automobiles, and the growth of its automotive sector is anticipated to reflect on the expansion of the laser tracker market. Germany, the UK, and France are the major country-level markets expected to contribute significantly towards the development of the laser tracker market.
Asia Pacific is expected to strike a relatively higher CAGR during the review period. The region poses immense potential and is prognosticated to benefit from the rising adoption of automation. The laser tracker market in the region is anticipated to be favored by the growth of end-user industries such as automotive, aerospace and others. The increasing application base of the technology such as reverse engineering, tool building, and setup is also presumed to catalyze the expansion of the laser tracker market over the next couple of years.
Segmentation:
By component, the global laser tracker market has been segmented into hardware, software, and services. Among these, the hardware segment is further sub-segmented into laser tracker head, laser tracker controller, retroreflector, computer system, and essential accessories. The services segment is further sub-segmented into professional services and managed services.
By function, the laser tracker market has been segmented into quality control & inspection, alignment, reverse engineering, tool building and setup, automated assembly system.
By vertical, the global laser tracker market has been segmented into automotive, aerospace & defense, architecture & construction, energy & power, railways, shipbuilding, and others.
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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
List of Tables
Table 1 Laser Tracker Market: By Region, 2018-2023
Table 2 North America Laser Tracker Market: By Country, 2018-2023
Table 3 Europe Laser Tracker Market: By Country, 2018-2023
Table 4 Asia Pacific Laser Tracker Market: By Country, 2018-2023
Continued……
LIST OF FIGURES
FIGURE 1 Global Laser Tracker Market Segmentation
FIGURE 2 Forecast Methodology
FIGURE 3 Porter’s Five Forces Analysis of Global Laser Tracker Market
FIGURE 4 Value Chain of Global Laser Tracker Market
Continued……
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