- Quality control & inspection dominated the overall laser tracker market in 2017
- Laser tracker market for automotive to grow at highest CAGR during forecast period
- Laser tracker market in APAC to grow at highest CAGR during forecast period
The laser tracker market is expected to grow from $290.9 Million in 2018 to $521.6 Million by 2023, at a CAGR of 12.39% between 2018 and 2023. High accuracy, precision, and portability, along with technological advancements in distance measurement technology and improvements in processing speed, facilitate the larger use of laser trackers across industries.
Also, the automation of robotic systems is expected to foster the growth of the laser tracker market.
Download PDF Brochure Early buyers will receive 10% customization on reports.
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.
Increasing adoption of laser trackers across industries is leading to advancements in technologies powering such equipment. With the advent of technology, laser trackers are now witnessing a new era of acceptance levels in several industries.
Automotive manufacturing is complex and requires a wide range of equipment. The automotive industry is a technological trendsetter among manufacturing industries. It deploys equipment that helps the automotive industry speed up the manufacturing process efficiently, which helps market products quickly. Laser trackers are able to address the challenge of quality assurance of large parts to ensure periodic condition monitoring.
- Buy Research Report: Rising Cyber Threats to Expand Covid-19 Impact on User and Entity Behavior Analytics Market
- Buy Research Report: Planar Solid Oxide Fuel Cell Market Revenue and Value Chain 2018-2026
- 100 Photo Remove Backgrounds $25 – Fast
- Buy Research Report: The Prefilled Syringes Fill/Finish Servcies Market – Present Scenario and the Growing Future Potential
- Buy Research Report: Fermentation Ingredients Market size Surge at a Robust Pace in Terms of Revenue over COVID-19 2023
These can inspect large construction machinery in which the frame alone could exceed 2 m, which can make the inspection process both labor-intensive and time-consuming. 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. Therefore, the presence of a large number of players involved in the automotive as well as other industrial component manufacturing process is a crucial factor that will create growth opportunities for the laser tracker market.
The laser tracker market in APAC is expected to grow at the highest CAGR during the forecast period. One of the key drivers for the growth of the laser tracker market in APAC is the growing focus of several market players on the adoption of new technologies. This region has become a global focal point for major investments and business expansion opportunities. The market in APAC is expected to witness significant growth in sectors such as automotive and aerospace.
Major players in the laser tracker market include Faro (US), API (US), and Hexagon (Sweden). Some of the other companies operating in the laser tracker market are 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).