Laser Tracker Market 2018 Analysis by Global Key Leaders: Faro, Hexagon, On-Trak Photonics, Variation Reduction Solutions,Hubbs Machine and Manufacturing and PLX

Market Highlights:

In today’s technical marketplace, there is a constant demand for gathering three-dimensional data on parts, products, and environments. With the evolution of technology, robust, portable 3D measurement tools have been introduced without compromising on accuracy and versatility that the companies require. There are several different tools available for the measurement and inspection of parts, products, and environments and laser tracker is one among them. Laser trackers are extensively used in an attempt of replacing physical check fixtures and traditional hand tools such as calipers, plumb bobs, and tape measures. Laser Tracker measures 3-D coordinates by tracking a laser beam to a retro-reflective target held in contact with the object of interest. It provides fast measurement of an object which can be moved almost anywhere within line-of-sight of the base unit. A key advantage in favor of laser tracker is its relatively high accuracy.

Laser tracker can instantly re-establish a broken laser beam and immediately start measuring a moving target. At the same time, it can measure absolute distances with the highest precision and arbitrarily fast with near zero integration times. A laser tracker provides the 3D data needed to get parts right and does it quickly enough so that precious downtime is reduced. It sends a laser beam to a retroreflective target held against the object to be measured.

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Major Key Players

Faro (US),
API (US),
On-Trak Photonics Inc. (US),
SGS (Switzerland),
Variation Reduction Solutions, Inc. (US),
VMT GmbH (Germany),
Hexagon (Sweden),
Brunson Instrument Company (US),
Hubbs Machine and Manufacturing Inc. (US), and PLX Inc. (US)

According to MRFR, The global Laser Tracker Market is expected to reach approximately USD 520 million by 2023 growing at ~12.5% CAGR over the forecast period 2018–2023.

Segmentation
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.

Regional Analysis
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.

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Target Audience
• Training and consulting service providers
• Support and Maintenance Service Providers
• Original equipment manufacturers (OEMs)
• ODM and OEM technology solution providers
• Small and large technology centers
• Laser tracker manufacturing companies
• Research institutes and organizations
• Market research and consulting firms
• Government bodies, venture capitalists, and private equity firms

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This release was published on openPR.