The laser tracker market is expected to be valued at USD 290.9 Million in 2018 and is likely to reach USD 521.6 Million by 2023, at a CAGR of 12.39% during the forecast period.
The overall laser tracker market is projected to witness significant growth during the forecast period. The growth of the laser tracker market is propelled by the need for quality control & inspection, alignment, reverse engineering, and calibration across industries.
The report covers the laser tracker market segmented on the basis of applications, industries, and regions. Among applications, quality control & inspection accounted for the largest market share in 2017, which can be attributed to the increasing use of laser trackers for monitoring and measuring quality across industries such as automotive and aerospace & defense.
Quality control and inspection is an important parameter in automotive and aerospace & defense industries to ensure customer requirements and specifications are met. To do so, they mainly rely on laser trackers for inspecting and monitoring the quality of components, assembled parts, and finished products. Laser trackers are accurate, portable coordinate measuring machines for building products, optimizing processes, and delivering solutions by quick and precise measurements.
Among industries, aerospace & defense and automotive are expected to lead the overall laser tracker market. In the aerospace & defense industry, laser trackers are used in 3D measurement and reverse engineering, weapon system and shaft and rail alignment, RADAR dish profiling, aircraft rigging, and many other measurement products and services. The most common applications of laser trackers, owing to their portability, in the aerospace industry are jig component inspection and wing component assembly.
In the automotive industry, laser trackers are used for applications such as calibration to automate production lines, alignment of hinge lines and body components, measurement of large panels and assembled body panels, reverse engineering, surface measurement for component verification, adjustment of industrial robots, deformation and dynamic measurements, and quality control and inspection.
Europe accounted for the largest share of the laser tracker market in 2017. OEMs in Europe have started using laser trackers to meet quality and safety requirements during the production process. Laser trackers in the automotive industry find multiple applications, such as quality inspection, alignment, and calibration. Thus, the growing automotive industry boosts the demand for laser trackers. Germany, the UK, and France are expected to be the top 3 contributors to the laser tracker market in Europe.
The market in APAC is expected to grow at the highest CAGR during the forecast period. One of the key drivers for the growth of the laser tracker market in APAC is the growing focus of several market players on the adoption of new technologies. This region has become a global focal point for major investments and business expansion opportunities.
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights 4.1 Attractive Opportunities in Laser Tracker Market 4.2 Laser Tracker Market, By Application 4.3 Laser Tracker Market, By Industry and Region 4.4 Laser Tracker Market, By Country
5 Market Overview 5.1 Introduction 5.2 Value Chain Analysis 5.3 Laser Standards, Classifications, and Related Ratings 5.3.1 Ingress Protection (IP) Ratings 5.4 Market Dynamics 5.4.1 Drivers 188.8.131.52 High Accuracy, Precision, and Portability 184.108.40.206 Advancements in Distance Measurement Technology and Improvements in Processing Speed 220.127.116.11 Automation of Robotic Systems 5.4.2 Restraints 18.104.22.168 Availability of Substitutes for Inspection 5.4.3 Opportunities 22.214.171.124 Growing Automotive Market to Boost Overall Manufacturing Process Requiring Condition Monitoring and Extrusion Press Alignment 5.4.4 Challenges 126.96.36.199 Addressing Alignment Errors in Laser Trackers
6 Components of Laser Trackers and Related Services 6.1 Introduction 6.2 Hardware 6.2.1 Laser Tracker Head 6.2.2 Laser Tracker Controller 6.2.3 Retroreflector 188.8.131.52 Spherically-Mounted Retroreflector (SMR) 184.108.40.206 Ball-Mounted Hollow Retroreflector (BMR) 220.127.116.11.1 Stainless Steel 18.104.22.168.2 Ceramic 22.214.171.124.3 Durable 6.2.4 Computer System 6.2.5 Essential Accessories 126.96.36.199 Sensor Cables 188.8.131.52 Stands, Tripods, and Interfaces 184.108.40.206 Power Supply Units, Power Cables, and Battery Chargers and Sets 220.127.116.11 Others 6.3 Software 6.4 Services 6.4.1 Installation and Training 6.4.2 Rental
7 Laser Tracker Market, By Application 7.1 Introduction 7.2 Quality Control & Inspection 7.3 Alignment 7.4 Reverse Engineering 7.5 Calibration
8 Laser Tracker Market, By Industry 8.1 Introduction 8.2 Automotive 8.3 Aerospace & Defense 8.4 Energy & Power 8.5 General Manufacturing 8.6 Architecture and Construction 8.7 Transportation 8.8 Others
9 Geographic Analysis
10 Competitive Landscape 10.1 Overview 10.2 Ranking Analysis of Key Players in Laser Tracker Market 10.3 Competitive Situations and Trends