Laser Tracker Market By Application (Alignment, Quality Control & Inspection And Calibration), By Offering (Software, Hardware), By Industry Vertical (Aerospace -Defense, Energy -Power, Automotive) 2018 - 2023

Global Laser Tracker Market was valued at USD 255.4 Million in the year 2017. Global Laser Tracker Market is further estimated to grow at a CAGR of 12.9% from 2018 to reach USD 529 Million by the year 2023. Europe region holds the highest market share in 2017 and Asia-Pacific market is considered as the fastest growing market in the forecasted period. At country level, developed markets like Germany as well the emerging markets like Japan holds the notable market share in 2017 and it is projected to grow at a gradual rate in the coming years.

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FARO Technologies, Inc. (U.S), Hexagon AB (Sweden), Ripple Technologies (India), SGS SA (Switzerland), Brunson Instrument Company (U.S), On-Trak Photonics, Inc. (U.S), Hubbs Machine & Manufacturing Inc. (U.S), API Sensor (U.S), Variation Reduction Solutions, Inc. (U.S), VMT GmbH (Germany), are some of the key players in the Laser Tracker Market with FARO Technologies, Inc. holding the substantial market share because of its better technological advancements and global reach. Technological upgradation to cater changing demand of end users, similarly growth strategies such as acquisition & merger were few techniques adopted by most of the top players in last 5 years.

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Drivers:

• Rising adoption of automation in robotic systems

Restraints:

• Availability of substitutes for reviewing

Opportunities:

• Growing demand for manufacturing process requiring condition monitoring

Challenges:

• Addressing configuration errors in laser trackers

Segmentation done on the basis of Application type includes Alignment, Quality Control & Inspection, Calibration and Reverse Engineering of which the Quality Control & Inspection segment is expected to hold the highest market share during the forecast period. On the other hand, segmentation done on the basis of Industry Vertical type includes Aerospace & Defense, Energy & Power, Automotive, Transportation, General Manufacturing and Others of which Aerospace & Defense and Automotive segment is expected to grow at the highest CAGR during the forecast period.

Key Benefits for Stakeholders

• Original equipment manufacturers and technology solution providers,
• Laser Tracker equipment companies, Research institutes and firms
• Regulatory bodies, venture capitalists, and private equity firms.

By Application

• Alignment
• Quality Control & Inspection
• Calibration
• Reverse Engineering

By Offering

• Software
• Hardware
• Services

By Industry Vertical

• Aerospace & Defense
• Energy & Power
• Automotive
• Transportation
• General Manufacturing
• Others

By Region

• North America
• Europe
• Asia-Pacific
• ROW

Key Market Players

• FARO Technologies, Inc.
• Hexagon AB
• Ripple Technologies
• SGS SA
• Brunson Instrument Company
• On-Trak Photonics, Inc.
• Hubbs Machine & Manufacturing Inc.
• API Sensor
• Variation Reduction Solutions, Inc.
• VMT GmbH

(Another brief information of 10 companies will provided in report)

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This release was published on openPR.