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Precision Engineering: Advances in Construction Lasers
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According to The Business Research Company's, The construction lasers market size has grown strongly in recent years. It will grow from $2.7 billion in 2023 to $2.86 billion in 2024 at a compound annual growth rate (CAGR) of 5.9%. The growth in the historic period can be attributed to smart city initiative, increasing investment in research and development, expansion of the construction industry in emerging markets, focus on sustainable and green construction practices, demand for compact and portable laser solutions, increasing applications in interior construction.
The construction lasers market size is expected to see strong growth in the next few years. It will grow to $3.5 billion in 2028 at a compound annual growth rate (CAGR) of 5.2%. The growth in the forecast period can be attributed to integration with building automation systems, rise in prefabricated construction, expansion of mixed-reality construction, focus on safety features, use in large-scale industrial construction. Major trends in the forecast period include growing adoption of advanced technologies, integration of laser technology with building information modeling (bim), advancements in laser measurement technologies, automated and robotic solutions, shift toward digital construction workflows.
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Market Drivers and Trends:
The increasing smart city projects around the globe are driving the construction laser market. Smart cities refer to an administrative territory that uses information and communication technology (ICT) to improve its operational efficiency and provide better infrastructural facilities to its residents. As cities become more connected and technologically advanced, the need for accurate and efficient construction methods is paramount. Construction lasers play a crucial role in ensuring that buildings, roads, and other infrastructure are built to precise specifications, which is essential for the success of smart city projects. For instance, in November 2021, the federal government announced the Investment and Jobs Act in its annual bill, in which it allocated $500 million for accelerating its smart city initiative and increasing the number of smart cities in the country. Additionally, the Indian government allocated $868 million for smart city development in FY 21-22, which was an increase from $457 million in FY 2020-2021. Therefore, the increasing number of smart city projects across the globe is driving the construction laser market.
Technological advancements are the key trends gaining popularity in the construction laser market. Major companies operating in the construction lasers market are focused on developing new technological solutions to strengthen their position in the market. For instance, in August 2022, Trimble, a US-based company operating in construction lasers launched the Trimble X12 scanning system, which combines Zoller+Fröhlich (Z+F) 3D laser scanning and imaging hardware technology with Trimble software for perfect data capture and on-site registration. Its unique features include a 0.3 to 365-meter scanning range and a maximum scan speed of 2.2 million points per second. The Trimble X12 scanning system takes high-resolution area scans for additional details on places of interest and captures inaccessible areas even from a safe distance. It scans intricate industrial facilities for modelling and redesigning designs.
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Major Key Players of the Market:
Stanley Black & Decker Inc., Hilti Corporation, Kapro Industries Ltd., PLS Pacific Laser Systems LLC, Robert Bosch Gmbh, Hexagon AB, Trimble Inc., Leica Geosystems AG, Spectra Precision Lasers LLC, Johnson Level & Tool Mfg Co. Inc., Stabila Messgeräte Gustav Ullrich GmbH, Fluke Corporation, Pacific Laser Systems LLC, Sokkia Co. Ltd., Dewalt company Ltd., Makita Corporation, Milwaukee Electric Tool Corporation, Laser Alignment Inc., Greenlee Tools LLC, CST/Berger Corporation, Geomax International AG, Topcon Corporation, Laserliner Messtechnik GmbH, Firecore Laser Systems, Nivel System, Laser Technology Inc.
Construction Lasers Market 2024 Key Insights:
• The construction lasers market size is expected to see strong growth in the next few years. It will grow to $3.5 billion in 2028 at a compound annual growth rate (CAGR) of 5.2%.
• Construction Lasers Market Set To Grow With The Rising Construction Industry
• Trimble Launches Revolutionary X12 Scanning System For Construction Lasers Market
• Asia Pacific was the largest region in the construction lasers market in 2023
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