ID: MRFR/SEM/4654-HCR | 100 Pages | Author: Ankit Gupta | May 2023
Laser Tracker Market Size is to reach USD 520 Million at a CAGR of 12.5% during the predicted forecast period.
Globally, the size of the Laser Tracker Market is expected to reach USD 520 Million by 2027 at a CAGR of 12.5% driven by, these laser trackers are highly accurate and portable coordinate measuring instruments.
There is a continuing demand for acquiring three-dimensional data about parts, products, and environments in today's technology industry. Robust, portable 3D measurement instruments have been introduced as technology has progressed, without sacrificing the accuracy and versatility that businesses seek. A laser tracker is one of the various tools available for measuring and inspecting parts, goods, and environments. Thus, increases the Laser Tracker Market Share. In an attempt to replace physical check fixtures and traditional hand tools like calipers, plumb bobs, and tape measures, laser trackers are widely utilized. By tracking a laser beam to a retro-reflective target held in contact with the item of interest, the Laser Tracker measures 3-D coordinates. It allows for quick measurement of an object that can travel practically anywhere within the line of sight of the base unit. The comparatively great accuracy of a laser tracker is a significant advantage. This helps in increasing the Laser Tracker Industry Growth.
Several industrial applications necessitate highly precise large-scale measurements. A laser tracker is a portable coordinate measuring machine that may replace traditional tools like piano wire, plumb bobs, layout machines, theodolites, optical transits, and total stations to help users accomplish their accuracy targets fast and effectively. The requirement for quality control & inspection, alignment, and reverse engineering in industries like automotive and aerospace and defense is propelling the laser tracker industry forward.
Due to supply chain interruptions and repeated lockdowns, the pandemic COVID 19 has had a substantial impact on Laser Tracker Industry. Furthermore, the Laser Tracker market's growth has been hampered by the economic downturn and geopolitical issues. As the market recovers from the epidemic, we expect growth to be uneven across geographies, with some nations having enormous growth potential and others having low-profit margins. The global Laser Tracker market analysis analyses the impact of COVID-19 on the supply chain, economy, and customer preferences by country and region. The research outlines competitive measures being taken and planned by prominent Laser Tracker firms to mitigate negative consequences and capitalize on new opportunities offered by the pandemic crisis. Different scenarios are evaluated based on the virus's projected containment in the medium to long term and thus, expected to provide Laser Tracker Market Forecast.
Because of the advantages it provides, such as high precision and accuracy, versatile mount, tiny and lightweight, continuous point measuring, ultrafast Single Point Measuring, and others, the Laser Tracker industry Demand is predicted to develop. Faro, for example, sells FARO VantageS and VantageE laser trackers. These laser trackers are highly accurate and portable coordinate measuring instruments that allow you to design goods, improve processes, and offer solutions by measuring quickly, easily, and precisely.
The expansion of the Laser Tracker Market Opportunities is fueled by next-generation Laser Trackers with enhanced performance, higher precision, and flexibility, as well as easier integration into systems. However, a paradigm shift toward a connected world and an increasing demand for downsizing are forcing the Laser Tracker industry to improve and build smarter solutions.
Addressing alignment issues that lead to measurement accuracy is a big challenge for the business, and it could stymie the Laser Tracker Market Demand. In the medium term, research and development in the Laser Tracker Market Analysis are to reduce costs and increase functionality is projected to slow. With autonomous vehicles on the horizon, as well as increasing advancements in AI processing capabilities and better advertisements, the Laser Tracker Market Revenue is seeing fewer prospects. However, laser tracker alignment issues cause inaccuracy, which slows the market.
The laser tracker is a device that determines the optical target positions to properly measure a large object. Measurement and inspection of parts, products, and environments can be done with a variety of equipment. Laser trackers are often utilized to measure objects instead of physical check fixtures and traditional hand instruments. The Laser Tracker Market is likely to be led by aerospace and defense and automotive. Laser trackers are utilized in 3D measurement and reverse engineering, weapon system and shaft and rail alignment, RADAR dish profiling, aircraft rigging, and many other measuring products and services in the aerospace and defense industries. Because of their portability, Laser Tracker are most commonly used in the aerospace sector for jig component inspection and wing component assembly and technology has proved its worth.
The Laser Tracker Market Size has been bifurcated into various segments that will help the market to achieve the highest CAGR during the forecast period. The market Segments are as follows:
Due to the existence of large car firms, Europe is projected to dominate the laser tracker. It is the world's leading automotive manufacturer. Large parts and assemblies, such as automobile body-in-white measures, are required in the automotive sector. As a result, the car sector uses laser trackers extensively. The top three contributors to Europe's laser tracker market are predicted to be Germany, the United Kingdom, and France. Due to the increasing usage of automation in the area, Asia Pacific is predicted to develop at the fastest CAGR throughout the projection period. Various industries, such as automotive, aerospace, and others, are driving the market in the Asia-Pacific, which employs trackers for reverse engineering, tool development, and set up, among other applications.
To produce cost-effective offerings, the major firms continue to innovate and engage in research and development. The market structure is evolving as a result of mergers and acquisitions among various companies. Due to a large number of large and small competitors churning the market, the Laser Tracker Market is fragmented. These companies attempt to achieve a competitive advantage in the market by launching new products and technologies, forming strategic partnerships, acquiring, expanding, and collaborating. Major key players of the Laser Tracker Market are Faro (US), Hexagon (Sweden), and API (US), VMT GmbH (Germany), OEMs (Europe) On-Trak Photonics Inc. (US), Variation Reduction Solutions, Inc. (US), SGS (Switzerland), Brunson Instrument Company (US), Hubbs Machine and Manufacturing Inc. (US), and PLX Inc. (US), etc.
The research outlines competitive strategies being adopted and planned by leading players in the Laser Tracker market in order to mitigate negative effects and capitalize on new possibilities. Laser Tracker industry projections are based on various scenarios based on predicted viral control in the medium to long term. The laser tracker industry is split by applications, industries, and regions in this analysis. The research offers a complete examination of the market. It does so by providing in-depth qualitative insights, historical data, and reliable market size forecasts. The figures in the paper are based on a well-known research methodology and assumptions. As a result, the research study functions as a clearinghouse for market analysis and data on all facets of the market. The study also looks at market drivers, restraints, and technological analysis in the market.
The report provides Market analysis, both qualitative and quantitative, based on segmentation encompassing both economic and non-economic aspects. Data on market value (in billions of dollars) for each segment is provided. Indicates the region and market segment that is likely to expand the fastest and dominate the market.
|Market Size||USD 520 Million|
|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||
The expected CAGR growth of the Laser Tracker Market during the forecast period is 12.5%.
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)
Europe is expected to lead the Laser Tracker Market during the forecast period.
The estimated Laser Tracker Market Size is USD 520 Million during the forecast period.
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