A laser tracker measures 3-D coordinates by following a laser beam that provides fast and accurate measurement of an object that can be moved anywhere in the line of sight of the base unit. The laser tracker is an instrument that accurately measures a large object by determining the optical positions of the target. Different tools are available to measure and inspect parts, products, and environments. Instead of traditional physical control devices and hand tools, laser trackers are widely used to attempt to measure objects.
The global laser trackers market was valued at USD 275.51 million in 2018 and is expected to reach USD 670.61 million in 2026, with a CAGR of 11.76% between 2019 and 2026. The laser tracker was developed in the mid-1980s to facilitate robotic metrology. After thirty years of invention, this technology is now being considered fully as a measurement tool in the manufacturing and assembling processes of several components. Additionally, laser tracking systems are leaders in the field in terms of durability, accuracy, and reliability of portable coordinate measuring machines. Currently, robot monitoring, calibration, maintenance and testing application where laser tracking technology is being used at a rapid pace. In recent years, the increasing demand for research and development activities in 3D measurement technique has dramatically increased the scope and applicability of laser trackers. Additionally, laser technology uses multiple applications including robotic metrology, large component manufacturing and assembly throughout the world.
Recent Developments:
The COVID-19 pandemic has had a negative impact on laser tracker market size by 2020, and small and medium enterprises are facing the burden to support their businesses in the near future. Growth in the Laser Tracker market has become variable by region, with some countries offering enormous growth potential, while others face closures and low profit margins. In the medium and long term, the analyst expects the laser trackers market to regain its growth momentum, mainly supported by developing markets.
Drivers:
Quality control, inspection and measurement is an important consideration in the aerospace and defense and automotive industries to confirm that customer specifications and requirements are being met. Due to the increasing demand for laser tracker for inspection and quality monitoring of finished products, assembled parts and components, the demand in the global market is expected to increase in the future.
Restraints:
However, alignment errors in laser trackers cause inaccuracies that can hamper this business growth to some extent.
By Application
The QA and Inspection segment is expected to grow at the highest CAGR rate in the future. This is mainly due to the fact that various manufacturing companies are adopting this technology to strengthen their quality control segment and meet customer requirements and specifications.
By Offering
The hardware segment is again segmented into laser tracking controller, retro-reflector, essential accessories, computer system, others. In 2017, the computer systems segment had the largest market share of the laser trackers market.
By Industry
Among industries, aerospace, defense, and automotive are supposed to dominate the overall market for laser trackers. In the aerospace and defense sector, laser trackers are implemented in 3D measurement and reverse engineering, alignment of weapon systems and axles and rails, RADAR antenna profiling, aircraft rigging, and many other measurement products and services. The most common applications for tracking lasers, due to their portability, in the aerospace industry are the inspection of jig components and the assembly of wing components. In the automotive industry, laser trackers are used for applications such as calibration to automate production lines, alignment of hinge lines and body components, measurement of large panels and assembled body panels, reverse engineering, surface measurement for verification of components, adjustment of industrial robots, deformations and dynamic measurements, quality control and inspection.
Laser Tracker Market Region wise analysis:
Marked Segmentation based on the region:
a. Middle East
b. Africa
Europe accounted for the significant portion of the global laser trackers market in 2019. European OEMs have started using laser trackers to meet quality and safety requirements during the production process. Tracking lasers in the automotive industry find multiple applications such as quality inspection, alignment, and calibration. Therefore, the growing automotive industry is driving the demand for laser trackers. Germany, the UK and France should be the top three contributors to the European market. The APAC region market is determined to grow at the highest CAGR during the projection period. One of the critical drivers of business growth in the APAC region is the increasing focus of various market players on the adoption of new technologies.
Key Players of Market:
Major companies operating in the global laser tracker market are Brunson Instrument Company (the U.S), Faro (the U.S), On-Trak Photonics Inc. (the U.S), Variation Reduction Solutions, Inc. (the U.S), API (the U.S), Hexagon (Sweden), PLX Inc. (the U.S). VMT GmbH (Germany), Hubbs Machine and Manufacturing Inc. (the U.S) and SGS (Switzerland) among others.
1. Introduction
1.1 Market Definition
1.2 Scope of the report
1.3 Study Assumptions
1.4 Base Currency, Base Year and Forecast Periods
2. Research Methodology
2.1 Analysis Design
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Data Modelling
2.2.4 Expert Validation
2.3 Study Timeline
3. Report Overview
3.1 Executive Summary
3.2 Key Inferencees
4. Market Dynamics
4.1 Impact Analysis
4.1.1 Drivers
4.1.2 Restaints
4.1.3 Opportunities
4.2 Regulatory Environment
4.3 Technology Timeline & Recent Trends
5. Competitor Benchmarking Analysis
5.1 Key Player Benchmarking
5.1.1 Market share analysis
5.1.2 Products/Service
5.1.3 Regional Presence
5.2 Mergers & Acquistion Landscape
5.3 Joint Ventures & Collaborations
6. Market Segmentation
6.1 Laser Tracker Market, By Offering
6.1.1 Hardware
6.1.2 Software
6.1.3 Services
6.1.4 Market Size Estimations & Forecasts (2021-2026)
6.1.5 Y-o-Y Growth Rate Analysis
6.1.6 Market Attractiveness Index
6.2 Laser Tracker Market, By Application
6.2.1 Quality Control and Inspection
6.2.2 Alignment
6.2.3 Reverse Engineering
6.2.4 Calibration
6.2.5 Market Size Estimations & Forecasts (2021-2026)
6.2.6 Y-o-Y Growth Rate Analysis
6.2.7 Market Attractiveness Index
6.3 Laser Tracker Market, By Industry
6.3.1 Automotive
6.3.2 Aerospace & Defense
6.3.3 Energy & Power
6.3.4 General Manufacturing
6.3.5 Architecture & Construction
6.3.6 Transportation
6.3.7 Market Size Estimations & Forecasts (2021-2026)
6.3.8 Y-o-Y Growth Rate Analysis
6.3.9 Market Attractiveness Index
7. Geographical Landscape
7.1 Global Identity Governance and Administration Market, by Region
7.2 North America - Market Analysis (2018 - 2024)
7.2.1 By Country
7.2.1.1 USA
7.2.1.2 Canada
7.2.2 By Offering
7.2.3 By Application
7.2.4 By Industry
7.3 Europe
7.3.1 By Country
7.3.1.1 UK
7.3.1.2 France
7.3.1.3 Germany
7.3.1.4 Spain
7.3.1.5 Italy
7.3.1.6 Rest of Europe
7.3.2 By Offering
7.3.3 By Application
7.3.4 By Industry
7.4 Asia Pacific
7.4.1 By Country
7.4.1.1 China
7.4.1.2 India
7.4.1.3 Japan
7.4.1.4 South Korea
7.4.1.5 South East Asia
7.4.1.6 Australia & NZ
7.4.1.7 Rest of Asia-Pacific
7.4.2 By Offering
7.4.3 By Application
7.4.4 By Industry
7.5 Latin America
7.5.1 By Country
7.5.1.1 Brazil
7.5.1.2 Argentina
7.5.1.3 Mexico
7.5.1.4 Rest of Latin America
7.5.2 By Offering
7.5.3 By Application
7.5.4 By Industry
7.6 Middle East and Africa
7.6.1 By Country
7.6.1.1 Middle East
7.6.1.2 Africa
7.6.2 By Offering
7.6.3 By Application
7.6.4 By Industry
8. Key Player Analysis
8.1 Brunson Instrument Company
8.1.1 Business Description
8.1.2 Products/Service
8.1.3 Financials
8.1.4 SWOT Analysis
8.1.5 Recent Developments
8.1.6 Analyst Overview
8.2 Faro
8.3 On-Trak Photonics Inc
8.4 Variation Reduction Solutions, Inc
8.5 API
8.6 Hexagon
8.7 PLX Inc
8.8 VMT GmbH
8.9 Hubbs Machine and Manufacturing Inc
8.10 SGS
9. Market Outlook & Investment Opportunities
Appendix
List of Tables
List of Figures
