Laser Tracker Market Research Report – Forecast to 2027

Laser Tracker Market Research Report, By Component (Hardware, Software, Service), Function (Quality Control & Inspection, Alignment, Reverse Engineering), Vertical (Automotive, Aerospace & Defense, Architecture & Construction, Energy & Power)— Forecast till 2027

ID: MRFR/SEM/4654-HCR | February 2021 | Region: Global | 100 pages

Market Synopsis of Global Laser Tracker Market


Market Scenario


In today’s technical marketplace, there is a constant demand for gathering three-dimensional data on parts, products, and environments. With the evolution of technology, robust, portable 3D measurement tools have been introduced without compromising on accuracy and versatility that the companies require. There are several different tools available for the measurement and inspection of parts, products, and environments and laser tracker is one among them. Laser trackers are extensively used in an attempt of replacing physical check fixtures and traditional hand tools such as calipers, plumb bobs, and tape measures. Laser Tracker measures 3-D coordinates by tracking a laser beam to a retro-reflective target held in contact with the object of interest. It provides fast measurement of an object which can be moved almost anywhere within line-of-sight of the base unit. A key advantage in favor of laser tracker is its relatively high accuracy.


The market for laser tracker is expected to grow due to the benefits it offers such as high precision and accuracy, versatile mount, small & lightweight, continuous point measurement, superfast Single Point Measuring, and many more. For instance, Faro offers FARO VantageS and VantageE laser trackers. These laser trackers are extremely accurate and portable coordinate measuring machines that enable to build products, optimize processes, and deliver solutions by measuring quickly, simply, and precisely. However addressing alignment errors which result in measurement accuracy is major challenge for the market which could potentially hinder the growth of laser tracker market.


The Global Laser Tracker Market, 2018-2023 (USD Million)


 Laser Tracker Market


Source: MRFR Analysis


The global laser tracker market is expected to reach approximately USD 520 million by 2023 growing at ~12.5% CAGR over the forecast period 2018–2023.


Key Players


Some of the key players of laser tracker market 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 the 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.


Segmentation


By component, the market is segmented into Hardware, Software and Services.


Hardware is further segmented into Laser Tracker Head, Laser Tracker Controller, Retroreflector, Computer System and Essential Accessories. Services is sub-segmented into Professional Services and Managed Services.


By function, the market is segmented into Quality Control & Inspection, Alignment, Reverse Engineering, Tool building and setup, automated assembly system.


By vertical, the market is segmented into Automotive, Aerospace & Defense, Architecture & Construction, Energy & Power, Railways, Shipbuilding and others.


Regional Analysis


The geographical analysis of unified monitoring market is studied for North America, Europe Asia Pacific and the rest of the world.


Europe is expected to dominate the laser tracker due to the presence of major automotive companies. It is world’s largest producer of motor vehicle. 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.


Asia Pacific is expected to grow with the highest CAGR during the forecast period due to increasing adoption of automation in the region. The market in Asia Pacific is gaining momentum from various industries such as automotive, aerospace and others which uses tracker for various application such as reverse engineering, tool building and setup.


 Target Audience



  • Training and consulting service providers

  • Support and Maintenance Service Providers

  • Original equipment manufacturers (OEMs)

  • ODM and OEM technology solution providers

  • Small and large technology centers

  • Laser tracker manufacturing companies

  • Research institutes and organizations

  • Market research and consulting firms

  • Government bodies, venture capitalists, and private equity firms



Report Scope:
Report Attribute/Metric Details
  Market Size   USD 520 Million
  CAGR   12.5%
  Base Year   2019
  Forecast Period   2020-2027
  Historical Data   2018
  Forecast Units   Value (USD Million)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Component, Function, Vertical
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   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)
  Key Market Opportunities   The rising automation of robotic systems.
  Key Market Drivers

  • High precision, portability and accuracy.
  • Surge in technological innovation in distance measurement technology.
  • Increase in processing speed.


  • Frequently Asked Questions (FAQ) :


    The global Laser Tracker market is expected to reach revenue generation of USD 520 million by 2023.

    The global Laser Tracker market is expected witness substantial growth at a CAGR of 12.5% over the review period of

    A few major players of the Laser Tracker market are Brunson Instrument Company (US), Hubbs Machine and Manufacturing Inc. (US), and PLX Inc. (US), among others.

    increasing adoption of automation, along with massive demand from automotive industry is driving the market over the review period.

    Europe is expected to lead the laser tracker owing to the presence of major automotive companies.

    TABLE OF CONTENTS

    1 Executive Summary

    2 Scope of the Report

    2.1 Market Definition

    2.2 Scope of the Study

    2.2.1 Research Objectives

    2.2.2 Assumptions & Limitations

    2.3 Markets Structure

    3 Market Research Methodology

    3.1 Research Process

    3.2 Secondary Research

    3.3 Primary Research

    3.4 Forecast Model

    4 Market Landscape

    4.1 Porter’s Five Forces Analysis

    4.1.1 Threat of New Entrants

    4.1.2 Bargaining power of buyers

    4.1.3 Threat of substitutes

    4.1.4 Segment rivalry

    4.1.5 Bargaining power of suppliers

    4.2 Value Chain/Supply Chain of Laser Tracker Market

    5 Industry Overview of Laser Tracker Market

    5.1 Introduction

    5.2 Growth Drivers

    5.3 Impact analysis

    5.4 Market Challenges

    6 Market Trends

    6.1 Introduction

    6.2 Growth Trends

    6.3 Impact analysis

    7. Laser Tracker Market by Component

    7.1 Introduction

    7.2 Hardware

    7.2.1 Market Estimates & Forecast, 2020-2027

    7.2.2 Market Estimates & Forecast by Region, 2020-2027

    7.3 Software

    7.3.1 Market Estimates & Forecast, 2020-2027

    7.3.2 Market Estimates & Forecast by Region, 2020-2027

    7.4 Services

    7.4.1 Market Estimates & Forecast, 2020-2027

    7.4.2 Market Estimates & Forecast by Region, 2020-2027

    8. Laser Tracker Market by Hardware

    8.1 Introduction

    8.2 Laser Tracker Head

    8.2.1 Market Estimates & Forecast, 2020-2027

    8.2.2 Market Estimates & Forecast by Region, 2020-2027

    8.3 Laser Tracker Controller

    8.3.1 Market Estimates & Forecast, 2020-2027

    8.3.2 Market Estimates & Forecast by Region, 2020-2027

    8.4 Retro reflector

    8.4.1 Market Estimates & Forecast, 2020-2027

    8.4.2 Market Estimates & Forecast by Region, 2020-2027

    8.5 Computer System

    8.5.1 Market Estimates & Forecast, 2020-2027

    8.5.2 Market Estimates & Forecast by Region, 2020-2027

    8.6 Essential Accessories

    8.6.1 Market Estimates & Forecast, 2020-2027

    8.6.2 Market Estimates & Forecast by Region, 2020-2027

    9. Laser Tracker Market by Services

    9.1 Introduction

    9.2 Professional Service

    9.2.1 Market Estimates & Forecast, 2020-2027

    9.2.2 Market Estimates & Forecast by Region, 2020-2027

    9.3 Managed Services

    9.3.1 Market Estimates & Forecast, 2020-2027

    9.3.2 Market Estimates & Forecast by Region, 2020-2027

    10. Laser Tracker Market by Function

    10.1 Introduction

    10.2 Quality Control & Inspection

    10.2.1 Market Estimates & Forecast, 2020-2027

    10.2.2 Market Estimates & Forecast by Region, 2020-2027

    10.3 Alignment

    10.3.1 Market Estimates & Forecast, 2020-2027

    10.3.2 Market Estimates & Forecast by Region, 2020-2027

    10.4 Reverse Engineering

    10.4.1 Market Estimates & Forecast, 2020-2027

    10.4.2 Market Estimates & Forecast by Region, 2020-2027

    10.5 Tool Building and Setup

    10.5.1 Market Estimates & Forecast, 2020-2027

    10.5.2 Market Estimates & Forecast by Region, 2020-2027

    10.6 Automated Assembly System

    10.6.1 Market Estimates & Forecast, 2020-2027

    10.6.2 Market Estimates & Forecast by Region, 2020-2027

    11. Laser Tracker Market by Vertical

    11.1 Introduction

    11.2 Automotive

    11.2.1 Market Estimates & Forecast, 2020-2027

    11.2.2 Market Estimates & Forecast by Region, 2020-2027

    11.3 Aerospace & Defense

    11.3.1 Market Estimates & Forecast, 2020-2027

    11.3.2 Market Estimates & Forecast by Region, 2020-2027

    11.4 Architecture & Construction

    11.4.1 Market Estimates & Forecast, 2020-2027

    11.4.2 Market Estimates & Forecast by Region, 2020-2027

    11.5 Energy & Power

    11.5.1 Market Estimates & Forecast, 2020-2027

    11.5.2 Market Estimates & Forecast by Region, 2020-2027

    11.6 Railways

    11.6.1 Market Estimates & Forecast, 2020-2027

    11.6.2 Market Estimates & Forecast by Region, 2020-2027

    11.7 Shipbuilding

    11.7.1 Market Estimates & Forecast, 2020-2027

    11.7.2 Market Estimates & Forecast by Region, 2020-2027

    11.8 Others

    11.8.1 Market Estimates & Forecast, 2020-2027

    11.8.2 Market Estimates & Forecast by Region, 2020-2027

    12. Laser Tracker Market by Region

    12.1 Introduction

    12.2 North America

    12.2.1 Market Estimates & Forecast, 2020-2027

    12.2.2 Market Estimates & Forecast by Component, 2020-2027

    12.2.3 Market Estimates & Forecast by Function, 2020-2027

    12.2.4 Market Estimates & Forecast by Vertical, 2020-2027

    12.2.5 U.S.

    12.2.5.1 Market Estimates & Forecast, 2020-2027

    12.2.5.2 Market Estimates & Forecast by Component, 2020-2027

    12.2.5.3 Market Estimates & Forecast by Function, 2020-2027

    12.2.5.4 Market Estimates & Forecast by Vertical, 2020-2027

    12.2.6 Canada

    12.2.6.1 Market Estimates & Forecast, 2020-2027

    12.2.6.2 Market Estimates & Forecast by Component, 2020-2027

    12.2.6.3 Market Estimates & Forecast by Function, 2020-2027

    12.2.6.4 Market Estimates & Forecast by Vertical, 2020-2027

    12.2.7 Mexico

    12.2.7.1 Market Estimates & Forecast, 2020-2027

    12.2.7.2 Market Estimates & Forecast by Component, 2020-2027

    12.2.7.3 Market Estimates & Forecast by Function, 2020-2027

    12.2.7.4 Market Estimates & Forecast by Vertical, 2020-2027

    12.3 Europe

    12.3.1 Market Estimates & Forecast, 2020-2027

    12.3.2 Market Estimates & Forecast by Component, 2020-2027

    12.3.3 Market Estimates & Forecast by Function, 2020-2027

    12.3.4 Market Estimates & Forecast by Vertical, 2020-2027

    12.3.5 Germany

    12.3.5.1 Market Estimates & Forecast, 2020-2027

    12.3.5.2 Market Estimates & Forecast by Component, 2020-2027

    12.3.5.3 Market Estimates & Forecast by Function, 2020-2027

    12.3.5.4 Market Estimates & Forecast by Vertical, 2020-2027

    12.3.6 France

    12.3.6.1 Market Estimates & Forecast, 2020-2027

    12.3.6.2 Market Estimates & Forecast by Component, 2020-2027

    12.3.6.3 Market Estimates & Forecast by Function, 2020-2027

    12.3.6.4 Market Estimates & Forecast by Vertical, 2020-2027

    12.3.7 Italy

    12.3.7.1 Market Estimates & Forecast, 2020-2027

    12.3.7.2 Market Estimates & Forecast by Component, 2020-2027

    12.3.7.3 Market Estimates & Forecast by Function, 2020-2027

    12.3.7.4 Market Estimates & Forecast by Vertical, 2020-2027

    12.3.8 Spain

    12.3.8.1 Market Estimates & Forecast, 2020-2027

    12.3.8.2 Market Estimates & Forecast by Component, 2020-2027

    12.3.8.3 Market Estimates & Forecast by Function, 2020-2027

    12.3.8.4 Market Estimates & Forecast by Vertical, 2020-2027

    12.3.9 U.K

    12.3.9.1 Market Estimates & Forecast, 2020-2027

    12.3.9.2 Market Estimates & Forecast by Component, 2020-2027

    12.3.9.3 Market Estimates & Forecast by Function, 2020-2027

    12.3.9.4 Market Estimates & Forecast by Vertical, 2020-2027

    12.4 Asia Pacific

    12.4.1 Market Estimates & Forecast, 2020-2027

    12.4.2 Market Estimates & Forecast by Component, 2020-2027

    12.4.3 Market Estimates & Forecast by Function, 2020-2027

    12.4.4 Market Estimates & Forecast by Vertical, 2020-2027

    12.4.5 China

    12.4.5.1 Market Estimates & Forecast, 2020-2027

    12.4.5.2 Market Estimates & Forecast by Component, 2020-2027

    12.4.5.3 Market Estimates & Forecast by Function, 2020-2027

    12.4.5.4 Market Estimates & Forecast by Vertical, 2020-2027

    12.4.6 India

    12.4.6.1 Market Estimates & Forecast, 2020-2027

    12.4.6.2 Market Estimates & Forecast by Component, 2020-2027

    12.4.6.3 Market Estimates & Forecast by Function, 2020-2027

    12.4.6.4 Market Estimates & Forecast by Vertical, 2020-2027

    12.4.7 Japan

    12.4.7.1 Market Estimates & Forecast, 2020-2027

    12.4.7.2 Market Estimates & Forecast by Component, 2020-2027

    12.4.7.3 Market Estimates & Forecast by Function, 2020-2027

    12.4.7.4 Market Estimates & Forecast by Vertical, 2020-2027

    12.4.8 Rest of Asia Pacific

    12.4.8.1 Market Estimates & Forecast, 2020-2027

    12.4.8.2 Market Estimates & Forecast by Component, 2020-2027

    12.4.8.3 Market Estimates & Forecast by Function, 2020-2027

    12.4.8.4 Market Estimates & Forecast by Vertical, 2020-2027

    12.5 Rest of the World

    12.5.1 Market Estimates & Forecast, 2020-2027

    12.5.2 Market Estimates & Forecast by Component, 2020-2027

    12.5.3 Market Estimates & Forecast by Function, 2020-2027

    12.5.4 Market Estimates & Forecast by Vertical, 2020-2027

    12.5.5 The Middle East & Africa

    12.5.5.1 Market Estimates & Forecast, 2020-2027

    12.5.5.2 Market Estimates & Forecast by Component, 2020-2027

    12.5.5.3 Market Estimates & Forecast by Function, 2020-2027

    12.5.5.4 Market Estimates & Forecast by Vertical, 2020-2027

    12.5.6 Latin America

    12.5.6.1 Market Estimates & Forecast, 2020-2027

    12.5.6.2 Market Estimates & Forecast by Component, 2020-2027

    12.5.6.3 Market Estimates & Forecast by Function, 2020-2027

    12.5.6.4 Market Estimates & Forecast by Vertical, 2020-2027

    13. Company Landscape

    14. Company Profiles

    14.1 FARO Technologies, Inc.

    14.1.1 Company Overview

    14.1.2 Product/Business Segment Overview

    14.1.3 Financial Updates

    14.1.4 Key Developments

    14.2 Hexagon AB

    14.2.1 Company Overview

    14.2.2 Product/Business Segment Overview

    14.2.3 Financial Updates

    14.2.4 Key Developments

    14.3 API Sensor

    14.3.1 Company Overview

    14.3.2 Product/Business Segment Overview

    14.3.3 Financial Updates

    14.3.4 Key Developments

    14.4 VMT GmbH

    14.4.1 Company Overview

    14.4.2 Product/Business Segment Overview

    14.4.3 Financial Updates

    14.4.4 Key Developments

    14.5 On-Trak Photonics Inc.

    14.5.1 Company Overview

    14.5.2 Product/Business Segment Overview

    14.5.3 Financial Updates

    14.5.4 Key Developments

    14.6 SGS SA

    14.6.1 Company Overview

    14.6.2 Product/Business Segment Overview

    14.6.3 Financial Updates

    14.6.4 Key Developments

    14.7 Variation Reduction Solutions, Inc.

    14.7.1 Company Overview

    14.7.2 Product/Business Segment Overview

    14.7.3 Financial Updates

    14.7.4 Key Developments

    14.8 Brunson Instrument Company.

    14.8.1 Company Overview

    14.8.2 Product/Business Segment Overview

    14.8.3 Financial Updates

    14.8.4 Key Developments

    14.9 Hubbs Machine and Manufacturing Inc.

    14.9.1 Company Overview

    14.9.2 Product/Business Segment Overview

    14.9.3 Financial Updates

    14.9.4 Key Developments

    14.10 PLX Inc.

    14.10.1 Company Overview

    14.10.2 Product/Business Segment Overview

    14.10.3 Financial Updates

    14.10.4 Key Developments

    15 Conclusion

    List of Tables

    Table 1 Laser Tracker Market: By Region, 2020-2027

    Table 2 North America Laser Tracker Market: By Country, 2020-2027

    Table 3 Europe Laser Tracker Market: By Country, 2020-2027

    Table 4 Asia Pacific Laser Tracker Market: By Country, 2020-2027

    Table 5 The Middle East & Africa Laser Tracker Market: By Country, 2020-2027

    Table 6 Latin America Laser Tracker Market: By Country, 2020-2027

    Table 7 Global Laser Tracker by Component Market: By Regions, 2020-2027

    Table 8 North America Laser Tracker by Component Market: By Country, 2020-2027

    Table 9 Europe Laser Tracker by Component Market: By Country, 2020-2027

    Table10 Asia Pacific Laser Tracker by Component Market: By Country, 2020-2027

    Table11 The Middle East & Africa Laser Tracker by Component Market: By Country, 2020-2027

    Table12 Latin America Laser Tracker by Component Market: By Country, 2020-2027

    Table13 Global Laser Tracker by Vertical Market: By Regions, 2020-2027

    Table14 North America Laser Tracker by Vertical Market: By Country, 2020-2027

    Table15 Europe Laser Tracker by Vertical Market: By Country, 2020-2027

    Table16 Asia Pacific Laser Tracker by Vertical Market: By Country, 2020-2027

    Table17 The Middle East & Africa Laser Tracker by Vertical Market: By Country, 2020-2027

    Table18 Latin America Laser Tracker by Vertical Market: By Country, 2020-2027

    Table19 Global Solutions Market: By Region, 2020-2027

    Table20 Global Services Market: By Region, 2020-2027

    Table21 North America Laser Tracker Market, By Country

    Table22 North America Laser Tracker Market, By Component

    Table23 North America Laser Tracker Market, By Vertical

    Table24 Europe: Laser Tracker Market, By Country

    Table25 Europe: Laser Tracker Market, By Component

    Table26 Europe: Laser Tracker Market, By Vertical

    LIST OF FIGURES

    FIGURE 1 Global Laser Tracker Market Segmentation

    FIGURE 2 Forecast Methodology

    FIGURE 3 Porter’s Five Forces Analysis of Global Laser Tracker Market

    FIGURE 4 Value Chain of Global Laser Tracker Market

    FIGURE 5 Share of Laser Tracker Market in 2020, by country (in %)

    FIGURE 6 Global Laser Tracker Market, 2020-2027,

    FIGURE 7 Global Laser Tracker Market size by Component, 2020

    FIGURE 8 Share of Global Laser Tracker Market by Component, 2020 TO 2027

    FIGURE 9 Global Laser Tracker Market size by Vertical, 2020

    FIGURE 10 Share of Global Laser Tracker Market by Component, 2020 TO 2027

    FIGURE 11 Global Laser Tracker Market size by Vertical, 2020

    FIGURE 12 Share of Global Laser Tracker Market by Vertical, 2020 TO 2027

    FIGURE 13 Global Laser Tracker Market size by Organization size, 2020

    FIGURE 14 Share of Global Laser Tracker Market by Organization size, 2020 TO 2027

    FIGURE 15 Global Laser Tracker Market size by Vertical, 2020

    FIGURE 16 Share of Global Laser Tracker Market by Vertical, 2020 TO 2027