Laser Tracker Market Highlights
Many industrial applications require extremely accurate large-scale measurements. A laser tracker market is a portable coordinate measuring machine that allows users to achieve their accuracy goals quickly and easily and can replace traditional tools such as piano wire, plumb bobs, layout machines, theodolites, optical transits, and total stations. The growth of the laser tracker market is gaining momentum due to increasing demand for quality control & inspection, alignment, reverse engineering across industries such as automotive and aerospace & defense.
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Laser Tracker Market Key Players
Some of the key players of Laser Tracker Market Demand 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.
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Segment Overview
The Laser Tracker Market Demand has been bifurcated into various segments that will help the market to achieve the highest CAGR during the forecast period. The market Segments are as follows:
Based on the Component
- Hardware
- Laser Tracker Head
- Laser Tracker Controller
- Retroreflector
- Computer System
- Essential Accessories
- Software
- Services
- Professional Services
- Managed Services
Based on the Function
- Quality Control and Inspection
- Alignment
- Reverse Engineering
- Tool building and Setup
- Automated Assembly System
Based on the Vertical
- Automotive
- Aerospace and Defense
- Architecture and Construction
- Energy and Power
- Railways
- Shipbuilding
- Others
Based on the Region
- North America
- Europe
- Asia-Pacific (APAC)
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Laser Tracker Market 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.
According to the new market research report "Laser Tracker Market by Application (Quality Control & Inspection, Alignment, and Reverse Engineering), Industry (Automotive, Aerospace & Defense, General Manufacturing, Energy & Power), and Geography - Global Forecast to 2023", The laser tracker market is expected to grow from USD 290.9 Million in 2018 to USD 521.6 Million by 2023, at a CAGR of 12.39% between 2018 and 2023.
Browse 67 market data Tables and 37 Figures spread through 136 Pages and in-depth TOC on "Laser Tracker Market - Global Forecast to 2023" Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=190633310 Early buyers will receive 10% customization on reports.
Quality control & inspection dominated the overall laser tracker market in 2017 Among applications, quality control & inspection held the largest share of the overall laser tracker market in 2017.
The increasing adoption of laser trackers for quality control & inspection owing to their compactness, portability, repeatability, and accuracy across industries such as automotive, aerospace, power generation, and machine alignment in manufacturing units is driving the laser tracker market.
The increasing adoption of laser trackers across industries is leading to advancements in technologies powering such equipment.
Laser trackers will help in cutting down OPEX for both large and small players involved in the manufacturing and assembly of critical products and equipment.
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