Laser Tracker Market Size, Share & Growth Trends to 2028

Global Laser Tracker Market Size, Share & Industry Trends Analysis Report By Offering, By Application (Quality Control & Inspection, Alignment, Reverse Engineering, and Calibration), By Industry, By Regional Outlook and Forecast, 2022 - 2028

Published Date: September-2022 | Number of Pages: 234 | Format: PDF | Report ID: KBV-19845

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COVID-19

Get in-depth analysis of the COVID-19 impact on the Laser Tracker Market

Market Report Description

The Global Laser Tracker Market size is expected to reach $920 million by 2028, rising at a market growth of 6.8% CAGR during the forecast period.

The laser tracker is a device that precisely measures a large object by figuring out the positions of the optical targets. There are various tools available for inspecting and measuring parts, goods, and environments. Instead of physical control devices and traditional hand tools, laser trackers are frequently used to calculate objects.

Laser Tracker Market Size - Global Opportunities and Trends Analysis Report 2018-2028

An object that can be shifted anywhere within the base unit's line of sight can be measured quickly and precisely by a laser tracker by tracking a laser beam and calculating 3D coordinates. The rising demand for three-dimensional measurement solutions across a variety of industries, including aerospace and defense, automotive, and power generation, as well as the increasing use of laser trackers for the assembly of large components are some of the major and crucial factors that have contributed to these advancements in distance measurement technology and processing speed.

In addition, the market for laser trackers is predicted to expand in the above-mentioned projected timeframe due to the rising number of automotive and aviation manufacturers as well as the rising demand for research & development activities in 3D measurement techniques.

A high-definition camera or cameras, in the case of the Radian Pro is mounted on the tracker and it faces the same way as the laser beam. The laser trackers are used to measure aspheric surfaces and to assemble optical systems for the first time. As long as all of the degrees of freedom for the optics can be transferred to SMRs, the laser tracker can be utilized directly to measure the position of optical elements in a system.

COVID-19 Impact Analysis

The COVID-19 outbreak has had an impact on the economies and industries of many different nations. One of the major sectors affected by this outbreak is the automotive sector, which is currently dealing with supply chain disruptions, technology event cancellations, and office closures. As a result of this, the laser tracker market has also been negatively affected due to the reduced demand for laser trackers from the automotive industry. Due to factory closures, supply chain challenges, and the general market collapse brought on by COVID-19, the market is also being negatively impacted. As the production of laser trackers has been hampered due to the lack of resources.

Market Growth Factors

High precision, portability, & accuracy of laser trackers

The portability of laser trackers is extremely high; they have an internal battery that enables extreme precision over very long distances and can operate in the most difficult conditions while retaining the highest level of accuracy. Modern lasers are portable and, when used within a practical measurement range, have remarkably high accuracy. Additionally, modern systems are Wi-Fi enabled, allowing for even more seamless communication between sensors to speed up data transfer. The most precise portable tool for large dimensional metrology is the laser tracker.

The growing use of cloud computing

SMEs are increasingly utilizing cloud computing services due to certain benefits like no upfront infrastructure setup costs and the availability of computing services on demand. These factors are fueling an increase in the demand for cloud services across a range of organizations. The hybrid cloud has several benefits, including better workload management, increased security & compliance, and efficient integration with DevOps teams. Additionally, it offers the flexibility to switch from on-premises to cloud or between clouds and possesses the necessary scale to outperform rival businesses.

Marketing Restraining Factor:

Availability of alternatives for performing inspection and calibration tasks

The presence of alternatives like Laser Radar is a significant factor that could restrain the growth of the Laser Tracker Market. Laser radars have the high precision needed to measure intricate objects. It's frequently employed for engineering purposes. By releasing new versions and updated laser radar products, businesses have begun concentrating on expanding their footprint in high-volume metrology applications. Although skilled operators are required to operate the equipment because laser radar technology is primarily automated, it is more effective than other surveying techniques that call for more manual labour.

Laser Tracker Market Share and Industry Analysis Report 2021

Offering Outlook

Based on offering, the laser tracker market is segmented into hardware, software and services. The hardware segment dominated the laser tracker market by generating the maximum revenue share in 2021. Because laser tracking providers can gather a significant amount of data in a brief amount of time, which results in decreased inspection time, highly accurate measurements, & process stability, manufacturing companies are outsourcing their measurement and inspection tasks to them. These elements would fuel the growth of the segment.

Application Outlook

On the basis of application, the laser tracker market is fragmented into quality control & inspection, alignment, reverse engineering, and calibration. In 2021, the alignment segment covered a substantial revenue share in the laser tracker market. Engineering, manufacturing, and quality control professionals can measure & inspect large parts, machinery, and other large objects on-site by the use of laser trackers while they are being used, or wherever it is most practical and economical to do so. This benefit of laser tracker is expected to support the market growth in this segment.

Industry Outlook

By industry, the laser treatment market is divided into automotive, aerospace & defense, energy & power, general manufacturing, architecture & Construction, transportation and others. The automotive segment led the laser tracker market with the highest revenue share in the laser tracker market in 2021. The expansion of the automotive industry across a variety of applications, including reverse engineering, alignment, and quality control & inspection, is made possible by businesses' growing interest in studying emerging markets. Additionally, a number of automakers have begun to invest in cutting-edge technologies like laser trackers to upgrade contemporary cars with cutting-edge features, boost productivity, and meet the expanding demand for automobiles.

Laser Tracker Market Report Coverage
Report Attribute Details
Market size value in 2021 USD 589.4 Million
Market size forecast in 2028 USD 920 Million
Base Year 2021
Historical Period 2018 to 2020
Forecast Period 2022 to 2028
Revenue Growth Rate CAGR of 6.8% from 2022 to 2028
Number of Pages 234
Number of Tables 403
Report coverage Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Competitive Landscape, Companies Strategic Developments, Company Profiling
Segments covered Offering, Industry, Application, Region
Country scope US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria
Growth Drivers
  • High precision, portability, & accuracy of laser trackers
  • The growing use of cloud computing
Restraints
  • Availability of alternatives for performing inspection and calibration tasks

Regional Outlook

Region wise, the laser treatment market is analyzed across the North America, Europe, Asia Pacific and LAMEA. In 2021, the North America region witnessed the largest revenue share in the laser tracker market. This is because of the high availability of resources in the region. Laser trackers have enormous growth potential in these industries for applications like reverse engineering, quality control, inspection, calibration, and alignment due to the explosive growth of the electric vehicle demand and the production of solar modules. All these factors are supporting regional market growth.

Free Valuable Insights: Global Laser Tracker Market size to reach USD 920 Million by 2028

KBV Cardinal Matrix - Laser Tracker Market Competition Analysis

Laser Tracker Market - Competitive Landscape and Trends by Forecast 2028

The major strategies followed by the market participants are Product Launches. Based on the Analysis presented in the Cardinal matrix; Hexagon AB is the forerunners in the Laser Tracker Market. Companies such as 3D Systems Corporation, Faro Technologies, Inc. and Automated Precision, Inc. are some of the key innovators in Laser Tracker Market.

The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include FARO Technologies, Inc., 3D Systems Corporation, Hexagon AB, Automated Precision, Inc., Mitutoyo Corporation, InnovMetric Software, Inc., PLX, Inc., Chotest Technology, Inc., VMT GmbH (Herrenknecht AG group of companies) and Hubbs Machine & Manufacturing, Inc.

Strategies deployed in Laser Tracker Market

» Partnerships, Collaborations and Agreements:

  • Jun-2022: 3D Systems partnered with EMS-GRILTECH, a Swiss corporation with worldwide activities in High-Performance Polymers and Specialty Chemicals. Under this partnership, the companies would launch DuraForm PAx Natural, a first to market material available for all Selective Laser Sintering platforms. This partnership aimed at improving additive manufacturing materials development.
  • Nov-2021: Hexagon partnered with Airbus, a European multinational aerospace corporation. This partnership focused on integrating two Leica Chiroptera 4X bathymetric LiDAR sensors for maritime surveillance into the C295 MSA, Airbus’ Maritime Surveillance Aircraft. Further, the Hexagon's new technology would allow the detection of underwater objects in near real-time, a significant innovation in the airborne bathymetry industry.
  • May-2021: Mitutoyo came into partnership with API, a global company providing advanced dimensional metrology solutions. This partnership aimed at distributing API’s portable dimensional metrology equipment. Additionally, the partnership would offer a great opportunity for Mitutoyo to add the most complete line of high-quality portable metrology equipment to what the company can offer to its consumers.
  • Oct-2020: Automated Precision entered into a partnership MeetConsult. Through this partnership, API would be able to supply Dutch consumers with innovative mobile 3D metrology, on-site measurement services, Laser Tracker calibration, and an attractive rental program, using more than 30 years of expertise in international markets & development.

» Product Launches and Product Expansions:

  • Aug-2022: Mitutoyo launched Quick Vision Pro Series, the new generation of Mitutoyo Vision Measurement Systems. Quick Vision Pro Series machines are packed with high-performance technologies that greatly enhance 3D non-contact measurement & productivity. This highly advanced non-contact measuring system delivers even more efficiency, speed, and versatility to the Mitutoyo Vision Measurement line.
  • Jun-2022: Hexagon introduced Leica Absolute Tracker AT500. AT500 automatically re-establishes interrupted lines of sight within a broad field of view without any user interaction and offers reflector measurement up to 160 meters from the tracker to simplify 6DoF probing functionality. Various features of AT500 contribute to extremely fast setup times, that includes the system’s built-in controller unit, a first for an Absolute Tracker.
  • Apr-2022: Hexagon launched WRTL, a wireless laser tracker automation system. The launch of WRTL aimed at solving common configuration challenges faced by consumers setting up large, automated inspection systems by removing the requirement of a cable connecting the laser tracker & the scanner controller, opening up the chances for the tracker and/or the scanner to be mobile through mounting on an autonomous mobile robot (AMR) or automated guided vehicle (AGV).
  • Apr-2022: InnovMetric released PolyWorks 2022, the latest smart 3D metrology digital ecosystem. PolyWorks 2022 offers various new functionalities that would expand the capabilities of its ecosystem foundations. It facilitates multipiece inspection when CAD data is not available.
  • Apr-2022: FARO Technologies launched FARO Focus Premium Laser and FARO Stream mobile app, unprecedented, ultra-efficient data capture and collaboration platform. The launch focused on serving with fast, accurate, and complete field capture along with real-time data verification.
  • Oct-2021: Automated Precision unveiled iSCAN3D 3D scanner, a handheld laser metrology 3D scanner produced. This launch focused on the API's growing market providing the next-generation measuring solution, integrating both tactile & laser scanning into a single, seamless, high-accuracy solution.
  • Nov-2020: FARO Technologies introduced 6Probe, a new generation Vantage Laser Tracker 6 Degrees of Freedom (6DoF) Probe. The new 6Probe offers exceptional portability and is compatible with FARO VantageS6 and VantageE6 Laser Trackers, enabling users to build, inspect and measure products faster and with greater accuracy.

» Acquisitions and Mergers:

  • Jan-2022: FARO Technologies took over SpatialMetrix, a leading manufacturer as well as supplier of laser trackers, metrology software & contract inspection services. The acquisition would serve FARO with the opportunity to expand its product line with a complementary technology for the existing consumer base.
  • Aug-2021: Hexagon completed the acquisition of Wuhan Zhongguan Company, a high-tech company dedicated to the development of software & hardware products in the fields of digital photogrammetry, computer vision, and intelligence. Through this acquisition, the companies aimed at enhancing their capabilities in the field of 3D data acquisition & further expand Hexagon’s solution portfolio in the field of intelligent manufacturing.
  • Jan-2021: PLX took over Reflex Imaging, a start-up company that develops optical devices and laser scanners. This acquisition would uphold PLX’s position at the forefront of the photonics industry & adds Reflex Imaging’s ground-breaking technology to PLX’s industry-leading capabilities in the field of monolithic optics.

Scope of the Study

Market Segments Covered in the Report:

By Offering

  • Hardware
  • Software
  • Services

By Application

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

By Industry

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

By Geography

  • North America
    • US
    • Canada
    • Mexico
    • Rest of North America
  • Europe
    • Germany
    • UK
    • France
    • Russia
    • Spain
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Singapore
    • Malaysia
    • Rest of Asia Pacific
  • LAMEA
    • Brazil
    • Argentina
    • UAE
    • Saudi Arabia
    • South Africa
    • Nigeria
    • Rest of LAMEA

Key Market Players

List of Companies Profiled in the Report:

  • FARO Technologies, Inc.
  • 3D Systems Corporation
  • Hexagon AB
  • Automated Precision, Inc.
  • Mitutoyo Corporation
  • InnovMetric Software, Inc.
  • PLX, Inc.
  • Chotest Technology, Inc.
  • VMT GmbH (Herrenknecht AG group of companies)
  • Hubbs Machine & Manufacturing, Inc.

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Related Reports:

North America Laser Tracker Market Report 2022-2028

Europe Laser Tracker Market Report 2022-2028

Asia Pacific Laser Tracker Market Report 2022-2028

LAMEA Laser Tracker Market Report 2022-2028

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