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.
Many industrial applications require extremely accurate large-scale measurements. A laser tracker is a portable coordinate measuring machine that allows users to achieve their accuracy goals quickly and easily and can replace traditional tools such as piano wire, plumb bobs, layout machines, theodolites, optical transits, and total stations. The growth of the laser tracker market is gaining momentum due to increasing demand for quality control & inspection, alignment, reverse engineering across industries such as automotive and aerospace & defense.
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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 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.
The global market for unified monitoring is estimated to grow at a significant rate during the forecast period from 2018 to 2023. The geographical analysis of unified monitoring market is covered for the regions such as North America, Europe, Asia Pacific and rest of the world. Europe is expected to dominate the market due to the presence of major automotive companies. Europe is world’s largest producer of motor vehicles. 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. Also, the European Commission supports the global technological harmonization and provides funding for R&D.
Asia Pacific is expected to grow at the highest CAGR during the forecast period. The market in Asia Pacific is gaining momentum from various industries such as automotive, aerospace and others, which uses tracker for quality control & inspection. Also increasing number of automotive and aviation manufacturers who are focusing on expanding their operation and manufacturing units across the different parts of Asia is also driving the market growth significantly. China, India, Japan, and South Korea are the leading countries.
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.
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