Quality control & inspection to fuel laser tracker market growth
The laser tracker market is estimated to be valued at USD 290.9 million in 2018 and is expected to be worth USD 521.6 million by 2023, growing at a CAGR of 12.39% between 2018 and 2023. The growth of the laser tracker market is propelled by the necessity of quality control & inspection across industries such as automotive and aerospace & defense. Quality control & inspection methodologies verify and maintain the desired level of product quality. The major challenge for players in the laser tracker market is addressing alignment errors that may result in loss of measurement accuracy when the tracker is operational.
Increasing technology adoption in aerospace & defense industry propels laser tracker market growth
Manufacturing aircraft involves large-scale metrology, along with in-place inspection of large parts and assemblies. The most common applications of laser trackers, owing to their portability, in the aerospace industry are jig component inspection and wing component assembly. Apart from inspection, laser trackers are used for monitoring the condition of fixtures or tools and track their movements in real time. Adjustments are made if a fixture is found to be trending out of tolerance before nonconforming parts are formed. Other applications of laser trackers in the aerospace industry include process improvements in die inspection, sub- and final-assembled product inspection, and detailed part inspection. In the defense industry, laser trackers are used in 3D measurement and reverse engineering, weapon system and shaft and rail alignment, RADAR dish profiling, aircraft rigging, and many other measurement products and services.
Europe and APAC are the major markets for laser trackers
In 2017, Europe held the largest market share. Europe is among the world’s largest producers of motor vehicles, and the automotive industry represents the largest private investor in R&D. The European Commission supports the global technological harmonization and provides funding for R&D. The Commission monitors technical developments in enhanced passive safety requirements and considers possible inclusion of new safety features and enhanced active safety technologies. OEMs in Europe have started using laser trackers to meet quality and safety requirements during the production process. Laser trackers in the automotive industry find multiple applications, such as quality inspection, alignment, and calibration. Thus, the growing automotive industry boosts the demand for laser trackers. The market in APAC is gaining opportunities from various industries, such as automotive, aerospace & defense, general manufacturing, and energy & power, which use laser trackers for quality control and inspection, calibration, and alignment purposes. Advancements toward smart factory in countries such as China and India are also driving the growth of the laser tracker market in this region. In addition, the automotive industry in China is growing rapidly, and the auto shows held in Beijing, Shanghai, and other cities are drawing a lot of attention.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews have been conducted with key experts.
The breakup of the profiles of primary participants is given below:
- By Company Type: Tier 1 = 33%, Tier 2 = 45%, and Tier 3 = 22%
- By Designation: C-Level Executives = 33%, Directors = 25%, and Others = 42%
- By Region: North America = 35%, Europe = 29%, APAC = 24%, and RoW = 12%
Key players profiled in this report are Faro Technologies, Inc. (US), Hexagon AB (Sweden), and Automated Precision Inc. (US). Some of the other companies operating in the laser tracker market are 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 report estimates the size and growth potential of the laser tracker market across segments such as application, industry, and geography. Furthermore, the report includes market dynamics and the competitive analysis of the key players in the market, along with their company profiles and recent developments.
Key Benefits of Buying This Report
The report would help leaders/new entrants in this market by providing them the closest approximations of the revenue numbers for the laser tracker market segments and subsegments. This report would help stakeholders better understand the competitor landscape and gain more insights to better position their businesses and make suitable go-to-market strategies. This report also helps stakeholders understand the pulse of the market and provides them information on key market drivers, restraints, challenges, and opportunities.