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),
- Hexagon (Sweden),
- 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).
The prominent players keep innovating and investing in research and development to present cost-effective offerings. Merger and acquisitions among the various players are changing the market structure. For instance, in 2016 Faro, the world’s most trusted source for 3D measurement and imaging solutions for factory metrology, product design, construction BIM/CIM, public safety forensics and 3D solutions and services applications, acquired Laser Projection Technologies, Inc., a leader in high-speed, long-range 3D laser projection and measurement systems designed for use in manufacturing applications requiring precise component alignment.This acquisition will enhance FARO’s robust portfolio of 3D measurement solutions.
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.
Regional Analysis
The global market for unified monitoring is estimated to grow at a significant rate during the forecast period from 2018 to 2023. The geographical analysis of unified monitoring market is covered for the regions such as North America, Europe, Asia Pacific and rest of the world. Europe is expected to dominate the market due to the presence of major automotive companies. Europe is world’s largest producer of motor vehicles. 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. Also, the European Commission supports the global technological harmonization and provides funding for R&D.
Asia Pacific is expected to grow at the highest CAGR during the forecast period. The market in Asia Pacific is gaining momentum from various industries such as automotive, aerospace and others, which uses tracker for quality control & inspection. Also increasing number of automotive and aviation manufacturers who are focusing on expanding their operation and manufacturing units across the different parts of Asia is also driving the market growth significantly. China, India, Japan, and South Korea are the leading countries.
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.
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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
TABLE OF CONTENTS
1 Executive Summary
2 Scope of the Report
2.1 Market Definition
2.2 Scope of the Study
2.2.1 Research Objectives
2.2.2 Assumptions & Limitations
2.3 Markets Structure
3 Market Research Methodology
3.1 Research Process
3.2 Secondary Research
3.3 Primary Research
3.4 Forecast Model
Continued…..
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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…..
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