Laser Tracker Market Size, Strategies and Insight Driven Transformation 2020-2027
Market Overview
Market
Research Future (MRFR) projects that the global laser tracker market size 2020
can touch an approximate valuation of USD 520 million by 2023. MRFR also
expects the market size to advance at a rate of 12.5% over the forecast period,
which is between 2018 and 2023.
Top Boosters
and Main Barriers
High
precision, portability and accuracy, in addition to the surge in technological
innovation in distance measurement technology and increase in processing speed
are inducing a higher demand for laser trackers across different industries.
Moreover, the rising automation of robotic systems can lead to better business
growth for the laser tracker market in the approaching years.
Quality
inspection, measurement and control are significant aspects that are taken into
account in automotive and aerospace & defense businesses, to ensure that
all of the customer specifications and demands are fulfilled. Given the
mounting demand for laser tracker to inspect and monitor the quality of the end
products as well as the assembled components and parts, the Laser Tracker Market Size can note robust growth during the evaluation
period.
In the past
couple of years, the surge in research & development (R&D) in 3D
measurement method has boosted the scope as well as the applicability of laser
trackers, augmenting the demand for the latter in the global market.
Additionally, laser technology’s increasing application areas like manufacture
and assembly of huge components and robot metrology can also lead to better
growth prospects in the following years.
Market Segmentation
Laser tracker
market forecast by MRFR in its new report considers the primary segments of
component, function, and vertical.
The
component-based market segmentation comprises hardware, software as well as
services.
The segments
that are based on function include alignment, quality control & inspection,
tool building and setup, reverse engineering and automated assembly system.
Quality control & inspection segment can attain a significant growth rate
in the near future, because of the rising adoption of the technology among
several manufacturing companies. The adoption in these companies has risen
considerably since the technology helps improve their quality control segment,
while catering to the customer demands as well as specifications.
The verticals
that are increasingly deploying laser trackers are aerospace & defense,
automotive, energy & power, architecture & construction, shipbuilding,
railways, and others. Industries like aerospace and automation are leading the
market, since the laser tracker technology finds extensive use in a variety of
applications, such as aligning body components and hinge lines, calibration for
automating production lines and measuring of large panels among others.
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Regional Outlook
Laser
tracker market share is set to increase in the primary regions of North
America, Asia Pacific (APAC), Europe and the rest of the world (RoW) during the
appraisal period.
Europe can
possibly be the dominant regional market for laser tracker in the forthcoming
years, on account of the presence of highly revered automotive vendors and a
flourishing automotive industry. Germany, France and the UK are touted to be
the leading contributors in the European laser tracker market. Original
equipment manufacturers (OEMs) in the region are increasingly deploying laser
trackers to cater to the safety and quality requirements throughout the
production process, which induces revenue growth.
Over the
coming years, the fastest growth rate will be achieved by the APAC market, as a
result of the rising adoption of automation and the expanding industrial
sector, which includes aerospace, automotive and more. These industries are
making a lot of use of laser trackers for applications like tool building,
setup and reverse engineering. The increasing focus of various players on
adopting the latest technologies also adds to the market strength. APAC has
become a focal point for significant investments along with business expansion
opportunities, which favors the market growth as well.
Top Players
The players
who are adopting effective strategies to expand their business in the laser
tracker market are Hubbs Machine and Manufacturing Inc. (US), PLX Inc. (US),
VMT GmbH (Germany), On-Trak Photonics Inc. (US), SGS (Switzerland), Faro (US),
Hexagon (Sweden), Brunson Instrument Company (US), API (US), Variation
Reduction Solutions, Inc. (US), to name a few. These companies are responsible
for laser tracker market growth across the globe.
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