Laser Tracker Market Share, Industry Size, Growth, Opportunities and Forecast to 2023

Market Highlights

Laser tracking has been used since older times and has become stronger as the technology advanced and the demand for next-generation technologies. The major feature of laser-guided systems is the accuracy associated with performing, which makes it a favorable tool for measuring and calibrating. Therefore increasing the customer base of the laser tracking market. Laser tracking has replaced traditional hand measuring tools & techniques by providing fast and reliable results, which has empowered the demands for laser tracking.

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.

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.

Top Boosters and Main Barriers

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.

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.

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.

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Segmentation:

The global laser tracking market is segmented into classes as follows:

The global laser tracking market is categorized as software, hardware, and services based on components.

The global laser tracking market is categorized into alignments, tool building & setup, quality control & inspection, and others based on applications.

The global laser tracking market is divided among automotive, energy & power aerospace & defense, and others based on end-users.

Regional Outlook

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.

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.

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