Laser Tracker Market 2019 2019 Global Industry Analysis, Market Size, Share, Trends, Application Analysis and Growth by Forecast to 2023

The report on the global Laser Tracker market covers historical market trends, current market dynamics, market valuation by segmentation as well as region, country-level analysis for every segment, key player's market share analysis, competitive landscape and supply chain analysis.

Market Highlights:
According to Market Research Future (MRFR), the global laser tracker market is set to strike a high CAGR of 12.5% during the forecast period 2018 to 2023. The valuation of the market is expected to touch USD 520 Mn by the end of 2023. Laser trackers are extensively used for the accurate measurement of large objects by determining the positions of optical targets. It has paved its way across different industry verticals and is projected to witness an upsurge in demand over the assessment period.

Laser trackers are used in the aerospace industry for the alignment of aircraft wings. It has also developed a core application in the automobile industry. The growth of these industries is poised to propel the expansion of the global laser tracker market in the forthcoming years.

These trackers are highly accurate and offer versatile mount, high precision, superfast Single Point Measuring, etc. In addition, the continuous research & development for the development of novel technologies are further expected to expedite the proliferation of the laser tracker market. Nevertheless, addressing alignment errors is a major challenge faced by the market which is forecasted to check the growth of the laser tracker market in the forthcoming years.

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Major Key Players

• Faro (US),
• Hexagon (Sweden),
• 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),
• 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.

Industry News:

In October 2018, FARO, the world's most trusted source for 3D measurement, realization and imaging technology, has announced the introduction of 6DoF Vantage series of laser trackers.
In October 2018, API, a pioneer in laser-based equipment for calibration and measurement, launched a new series of RADIAN Laser Trackers.
In November 2018, Mitutoyo, a Japanese multinational corporation specializing in measuring instruments has added “SpaceTrac Series” of laser trackers to its product line.
In December 2018, Laser measurement technology company API, a world leader on coordinate measurement solutions, has announced the launch of laser tracker-based robot calibration solution for increasing robot accuracy 12-fold.

Regional Analysis

The global laser tracker market, by region, has been segmented into North America, Europe Asia Pacific and the Rest of the World. Europe, at present, holds the pole position in the global market and is projected to retain its position through the forecast period. This region is the largest producer of automobiles, and the growth of its automotive sector is anticipated to reflect on the expansion of the laser tracker market. Germany, the UK, and France are the major country-level markets expected to contribute significantly towards the development of the laser tracker market.
Asia Pacific is expected to strike a relatively higher CAGR during the review period. The region poses immense potential and is prognosticated to benefit from the rising adoption of automation. The laser tracker market in the region is anticipated to be favored by the growth of end-user industries such as automotive, aerospace and others. The increasing application base of the technology such as reverse engineering, tool building, and setup is also presumed to catalyze the expansion of the laser tracker market over the next couple of years.

Segmentation

By component, the global laser tracker market has been segmented into hardware, software, and services. Among these, the hardware segment is further sub-segmented into laser tracker head, laser tracker controller, retroreflector, computer system, and essential accessories. The services segment is further sub-segmented into professional services and managed services.
By function, the laser tracker market has been segmented into quality control & inspection, alignment, reverse engineering, tool building and setup, automated assembly system.
By vertical, the global laser tracker market has been segmented into automotive, aerospace & defense, architecture & construction, energy & power, railways, shipbuilding, and others.

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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

List of Tables
Table 1 Laser Tracker Market: By Region, 2018-2023
Table 2 North America Laser Tracker Market: By Country, 2018-2023
Table 3 Europe Laser Tracker Market: By Country, 2018-2023
Table 4 Asia Pacific Laser Tracker Market: By Country, 2018-2023
Continued……

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This release was published on openPR.