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Learn details of the laser tracker market to grow 12.39% CAGR and projected to reach US$ 521.6 million by 2023

Industrial Market Research

Key restraining factor for laser tracker market is availability of substitutes such as laser radars for inspection. In 2016, Faro (US), API (US), and Hexagon (Sweden) led the laser tracker market. 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).

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The laser tracker market is estimated to be valued at USD 290.9 million in 2018 and is expected to be worth USD 521.6 million by 2023, growing at a CAGR of 12.39% between 2018 and 2023. The growth of the laser tracker market is propelled by the necessity of quality control & inspection across industries such as automotive and aerospace & defense.

Quality control & inspection methodologies verify and maintain the desired level of product quality.

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Key Target Audience

  • Original equipment manufacturers (OEMs) (application or electronic product manufacturers)
  • ODM and OEM technology solution providers
  • Small and large technology centers
  • Laser tracker manufacturing companies
  • Research institutes and organizations
  • Market research and consulting firms
  • Companies providing solutions in various industries that use laser trackers
  • Government bodies, venture capitalists, and private equity firms

Report covers laser tracker market segmented on basis of applications, industries, & regions. Among applications, quality control & inspection accounted for largest market share in 2017, which can be attributed to increasing use of laser trackers for monitoring & measuring quality across industries like automotive & aerospace & defense.

Quality control & inspection is an important parameter in automotive & aerospace, defense industries to ensure customer requirements & specifications are met.

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Among industries, aerospace & defense and automotive are expected to lead the overall laser tracker market. In the aerospace & defense industry, laser trackers are used in 3D measurement and reverse engineering, weapon system and shaft and rail alignment, RADAR dish profiling, aircraft rigging, and many other measurement products and services.

The most common applications of laser trackers, owing to their portability, in the aerospace industry are jig component inspection and wing component assembly.

Laser Tracker Market, by Offering

  • Hardware
  • Software
  • Services

Laser Tracker Market, by Application

  • Quality Control & Inspection
  • Alignment
  • Reverse Engineering
  • Calibration

Laser Tracker Market, by Industry

  • Automotive
  • Aerospace & Defense
  • Energy & Power
  • General Manufacturing
  • Architecture & Construction
  • Transportation

Among industries, aerospace & defense and automotive are expected to lead the overall laser tracker market. In the aerospace & defense industry, laser trackers are used in 3D measurement and reverse engineering, weapon system and shaft and rail alignment, RADAR dish profiling, aircraft rigging, and many other measurement products and services.

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Europe accounted for largest share of laser tracker market in 2017. OEMs in Europe have started using laser trackers to meet quality and safety requirements during production process.

Laser trackers in automotive industry find multiple applications, like quality inspection, alignment, and calibration. Thus, the growing automotive industry boosts demand for laser trackers.

Germany, the UK, and France are expected to be top 3 contributors to laser tracker market in Europe.

Key Benefits of Buying This Report

  • The report would help leaders/new entrants in this market by providing them the closest approximations of the revenue numbers for the laser tracker market segments and subsegments.
  • This report would help stakeholders better understand the competitor landscape and gain more insights to better position their businesses and make suitable go-to-market strategies.
  • This report also helps stakeholders understand the pulse of the market and provides them information on key market drivers, restraints, challenges, and opportunities.

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