The laser tracker market was valued at USD 259.5 Million in 2017 and is expected to reach USD 521.6 Million by 2023, at a CAGR of 12.39%
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. 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.
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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. With the advent of technology, laser trackers are now witnessing a new era of acceptance levels in several industries.
Laser tracker market for automotive to grow at highest CAGR during forecast period
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.
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.
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Laser tracker market in APAC to grow at highest CAGR during forecast period
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.
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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).
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