Market Highlights
The rising use of portable 3D measurement tools is expected to contribute to the growth of the laser tracker market in the forthcoming period. Moreover, the need to have a high level of accuracy while replacing physical fixtures is expected to increase the market share of the market for laser trackers around the world.
The escalating need to capture three-dimensional data on parts, products, and environments is boosting opportunities for the growth of laser trackers. Reports that judge the semiconductor and electronics industry has been offered by Market Research Future, which generates reports on industry verticals that judge the market development and possibilities. The market shows the potential to gain USD 520 million in revenues by 2023 while mounting at 12.5 % CAGR approximately.
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.
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Detailed Regional Analysis
The regional evaluation of the unified monitoring market covers regions such as Europe, North America, Asia Pacific and the rest of the world. The European region is estimated to oversee the laser tracker owing to the incidence of key automotive companies. The automotive industry needs the measurements of big parts and assemblies, such as automotive body-in-white sizes; as a result, laser trackers are widely used in the automotive industry. The UK, Germany, and France are projected to be the topmost three suppliers to the laser tracker market in the European region. The Asia Pacific region is anticipated to mature with the uppermost CAGR in the forecast period due to the budding adoption of automation in the region. The market in the region of Asia Pacific is acquiring momentum from numerous industries such as aerospace, automotive, and others who use trackers for numerous applications such as tool building, reverse engineering, and setup.
Segmentation:
The segmentation of the laser tracker market is segmented on the basis of component, function, vertical and region. On the basis of component, the laser tracker market is segmented into software, hardware, and services. The hardware segment is further segmented into a laser tracker controller, laser tracker head, retroreflector, computer system, and essential accessories. The services segment is sub-divided into professional and managed services. Based on the function, the laser tracker market is segmented into alignment, reverse engineering, quality control & inspection, tool building and setup, automated assembly system. On the basis of vertical, the laser tracker market is segmented into aerospace & defense, automotive, architecture & construction, railways, energy & power, shipbuilding, and others. On the basis of regions, the laser tracker market is segmented into Europe, Asia Pacific, North America, and other regions in the world.
Competitive Analysis
Some of the key players of laser tracker market include Faro (US), Hexagon (Sweden), and 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), and PLX Inc. (US).
The prominent players keep innovating and investing in research and development to present cost-effective offerings. Merger and Acquisitions among 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.
