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 can note robust growth during the evaluation period.
The escalating need to capture three-dimensional data on parts, products, and environments is boosting opportunities for the growth of laser trackers. Reports that judge the semiconductor and electronics industry has been offered by Market Research Future, which generates reports on industry verticals that judge the market development and possibilities. The market shows the potential to gain USD 520 million in revenues by 2023 while mounting at 12.5 % CAGR approximately.
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.
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.
The market competitors are making decisions that are improving business performance and supervise risk. The change in the way’s consumers interrelate with market companies is also opening up new business models. The strategic intent in the market of players is enhancing the operations in the market overall. Furthermore, the market leaders are considering streamlining all aspects of operations at a macro and micro level in the global market. The fastest-growing companies are initiating a dramatic growth phase in the market in recent times. The extensive set of capabilities developed by market players is aiding in accelerating and delivering sustainable growth. The high-growth aspirations currently in place are inspiring a profound level of development in the market. Moreover, the companies are also well equipped to effectively implement their growth strategy over the long term. As the companies are making their customers an important focal point for strategy formulation, they are creating a strong competitive advantage in today’s turbulent market.
The notable companies in charge of shaping the laser tracker market include Hexagon (Sweden), Variation Reduction Solutions, Inc. (US), API (US), VMT GmbH (Germany), Faro (US), On-Trak Photonics Inc. (US), Brunson Instrument Company (US), SGS (Switzerland), Hubbs Machine and Manufacturing Inc. (US), and PLX Inc. (US).
Detailed Regional Analysis
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.
The segmentation of the laser tracker market demand is segmented on the basis of component, function, vertical and region. On the basis of component, the laser tracker market is segmented into software, hardware, and services. The hardware segment is further segmented into a laser tracker controller, laser tracker head, retroreflector, computer system, and essential accessories. The services segment is sub-divided into professional and managed services. Based on the function, the laser tracker market is segmented into alignment, reverse engineering, quality control & inspection, tool building and setup, automated assembly system. On the basis of vertical, the laser tracker market is segmented into aerospace & defense, automotive, architecture & construction, railways, energy & power, shipbuilding, and others. On the basis of regions, the laser tracker market is segmented into Europe, Asia Pacific, North America, and other regions in the world.