DUBLIN, Sept. 28, 2022 /PRNewswire/ -- The "Laser Tracker Market by Application (Quality Control & Inspection, Alignment, Reverse Engineering, and Calibration), Industry (Automotive, Aerospace & Defense, General Manufacturing, Energy & Power, Transportation) and Region - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The laser tracker market is estimated to grow from USD 636 million in 2022 to reach USD 866 million by 2027; it is expected to grow at a CAGR of 6.4% from 2022 to 2027.
The growth of the laser tracker market can be attributed to greater reliance of manufacturing firms on 3D data to assess product quality and performance.
The market for laser tracker hardware is expected to hold the largest share from 2022 to 2027
The increasing adoption of laser trackers in the aerospace & defense, automotive, architecture and construction, energy & power industries drive the growth of the hardware segment of the laser tracker market. Companies such as Hexagon, FARO, and, API are offering a variety of laser trackers for these industries. Hexagon launched the Leica Absolute Tracker AT500 that automatically re-establishes interrupted lines of sight within a wide field of view without any user interaction. It offers reflector measurement up to 160 meters from the tracker to simplified 6DoF probing functionality.
Laser tracker market for general manufacturing is expected to grow at the second highest CAGR during the forecast period
Laser trackers integrate data into production processes, enabling smarter decision-making, better quality control, increased throughput or production rate, and reduced cycle times, thereby completely supporting the businesses involved in general manufacturing and production of large-scale precision machining tools. VMT, On-Trak Photonics, Hubbs Machine & Manufacturing, API, and Hexagon AB are major companies offering laser tracking solutions for the manufacturing industry. In April 2022, Hexagon AB launched a new wireless laser tracker automation system, especially designed for large-scale inspection tasks performed by manufacturing companies.
The laser tracker market in Asia Pacific to hold the largest share by 2027
The market in Asia Pacific is gaining opportunities from various industries, such as automotive, aerospace & defense, general manufacturing, and energy & power, wherein laser trackers are used for quality control and inspection, calibration, and alignment purposes. Advancements toward smart factory in countries such as China and India is another reason for the growth of the laser tracker market in this region.
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Attractive Opportunities for Market Players
4.2 Market, by Offering
4.3 Market, by Application
4.4 Market in Asia-Pacific, by Country and Industry
4.5 Geographic Analysis of Market
5 Market Overview
5.2 Market Dynamics
188.8.131.52 High Accuracy, Precision, and Portability of Laser Trackers
184.108.40.206 Increased Adoption of Robotics in Developed Countries
220.127.116.11 Significant R&D Expenditure for Launching 3D Metrology Products
18.104.22.168 Greater Reliance of Manufacturing Firms on 3D Data to Assess Product Quality and Performance
22.214.171.124 Availability of Substitutes, Such as Laser Radars, to Carry Out Inspection and Calibration Tasks
126.96.36.199 Growing Trend of Outsourcing 3D Metrology Services
188.8.131.52 Increasing Adoption of Cloud Computing
184.108.40.206 Addressing Alignment Errors in Laser Trackers
5.3 Value Chain Analysis
5.4 Laser Tracker Ecosystem
5.5 Technology Analysis
5.6 Patent Analysis
5.6.1 List of Major Patents
5.7 Case Study Analysis
5.7.1 API Helps Tacquet Industries to Machine 7 M Diameter Turbine Wheel Casing Accurately
5.7.2 Acquip Helps in Alignment Measurements and Adjustments of Guide Rails Using Faro Vantage Laser Tracker
5.7.3 API Services Help Amtdc Achieve Highest Accuracy in Industrial Robots
5.7.4 API Services Help Flying-S Unlock Full Potential of Its Machine Tools
5.7.5 Pcm Innovation Achieves Agile Manufacturing in Aerospace Inspection with Faro Software and Faro Laser Tracker
5.7.6 BMW Group Uses Hexagon's Laser Trackers to Optimize Automotive Manufacturing Process
5.8 Trends and Disruptions Impacting Customers
5.9 Trade Analysis
5.10 Porter's Five Forces Analysis
5.10.1 Intensity of Competitive Rivalry
5.10.2 Bargaining Power of Suppliers
5.10.3 Bargaining Power of Buyers
5.10.4 Threat of Substitutes
5.10.5 Threat of New Entrants
5.11 Tariff Analysis
5.12 Standards and Regulations
5.12.1 Regulatory Bodies, Government Agencies, and Other Organizations
5.12.2 Iso and IEC Standards
5.12.3 Classification of Laser Standards
5.12.4 Ingress Protection (IP) Ratings
5.12.5 Restriction of Hazardous Substances (Rohs) and Waste Electrical and Electronic Equipment (WEEE)
5.12.6 Registration, Evaluation, Authorisation, and Restriction of Chemicals (Reach)
5.12.7 General Data Protection Regulation (Gdpr)
5.12.8 Import-Export Laws
5.13 Key Stakeholders and Buying Criteria
5.13.1 Key Stakeholders in Buying Process
5.13.2 Buying Criteria
5.14 Pricing Analysis
5.14.1 Asp Analysis of Laser Trackers Offered by Market Players for Top 3 Industries
5.15 Key Conferences and Events, 2022-2023
6 Laser Tracker Market, by Offering
6.3.1 Helps Acquire and Process Data Collected from Laser Trackers
6.4.1 After-Sales Services
220.127.116.11 Need for System Upgrades and Annual Maintenance Drives Demand for After-Sales Services
6.4.2 Measurement Services
18.104.22.168 Include Inspection and Alignment, Reverse Engineering, Machine Tool Calibration, and Laser Tracker Calibration Services
22.214.171.124 Focus of Companies on Adopting Cost-Reducing Measures to Boost Market Growth
7 Laser Tracker Market, by Application
7.2 Quality Control & Inspection
7.2.1 Automotive Industry Adopts Laser Trackers for Quick and Precise Measurements
7.3.1 Automotive and Aerospace Industries Use Laser Trackers to Determine Optical Coordinates
7.4 Reverse Engineering
7.4.1 Laser Trackers are Used to Generate Digital Modeling of Components in Precision Manufacturing
7.5.1 Laser Trackers are Adopted to Calibrate Industrial Robots
8 Laser Tracker Market, by Industry
8.2.1 Inspection, Alignment, and Calibration Tasks in Automotive Industry to Create Need for Laser Trackers
8.3 Aerospace & Defense
8.3.1 Reverse Engineering, Shaft Alignment, and 3D Measurement of Aircraft Components Boost Market Growth
8.4 Energy & Power
8.4.1 Precise and Accurate Measurement, Alignment, and Inspection of Turbines, Bearings, and Generators to Propel Market Growth
8.5 General Manufacturing
8.5.1 High Demand from Manufacturing Firms to Reduce Operator Interaction in Quality Control Processes
8.6 Architecture and Construction
8.6.1 Real-Time Inspection and Alignment Requirements in Construction Industry to Create Growth Opportunities
8.7.1 Flexibility, Precision, and Accuracy of Laser Trackers Encourage Adoption in Alignment Applications
9 Laser Tracker Market, by Region
10 Competitive Landscape
10.2 Key Player Strategies/Right to Win
10.3 Five-Year Company Revenue Analysis
10.4 Market Share Analysis, 2021
10.5 Company Evaluation Quadrant
10.5.2 Emerging Leaders
10.5.3 Pervasive Players
10.6 Startup/SME Evaluation Quadrant
10.6.1 Progressive Companies
10.6.2 Responsive Companies
10.6.3 Dynamic Companies
10.6.4 Starting Blocks
10.7 Market: Company Product Footprint
10.8 Market: Competitive Benchmarking
10.9 Competitive Scenarios and Trends
11 Company Profiles
11.1 Key Players
11.1.1 Hexagon Ab
11.1.2 Faro Technologies, Inc.
11.1.3 Automated Precision, Inc.
11.1.5 Hubbs Machine & Manufacturing Inc.
11.1.6 Mitutoyo Corporation
11.1.7 Vmt GmbH
11.1.8 On-Trak Photonics, Inc.
11.1.9 Chotest Technology Inc.
11.1.10 Innovmetric Software Inc.
11.2 Other Key Players
11.2.1 3D Systems, Inc.
11.2.2 Verisurf Software, Inc.
11.2.3 Metrologic Group
11.2.4 Variation Reduction Solutions, Inc.
11.2.5 Brunson Instrument Company
11.2.6 Mactech Onsite Field Machining Solutions
11.2.7 East Coast Metrology, LLC
11.2.8 Advanced Dimensional Solutions Pty Ltd.
11.2.9 Hiwe Sqs
11.2.10 Diverse Dimensions
11.2.11 Manchester Metrology Limited
11.2.12 Plx Inc.
11.2.13 Oasis Alignment Services
11.2.14 3D Engineering Solutions
11.2.15 Schaeffer Precision Alignment, Inc.
11.2.17 Aurum 3D
11.2.18 Nebula3D Services
For more information about this report visit https://www.researchandmarkets.com/r/7v6lxm
Research and Markets
Laura Wood, Senior Manager
For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
U.S. Fax: 646-607-1904
Fax (outside U.S.): +353-1-481-1716
SOURCE Research and Markets