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Laser Tracker Market Share

ID: MRFR//4654-HCR | 100 Pages | Author: Ankit Gupta| November 2024

Organizations utilize an assortment of piece of the pie situating methods to make major areas of strength for an and get an upper hand in the profoundly cutthroat Laser Tracker market. A typical strategy is item separation, in which makers focus on making Laser Tracker frameworks having unique elements and state of the art capacities. Organizations desire to attract clients searching for state-of-the-art innovation by giving effective fixes that are outstanding regarding accuracy, speed, and flexibility. By utilizing this separation system, makers can lay out an exceptional market character and charge something else for their specific items.
An emphasis on cost-viability and reasonableness is another significant piece of the pie situating procedure in laser tracker industry. A few organizations make more reasonable Laser Tracker frameworks without forfeiting vital highlights to arrive at a more extensive customer base. By engaging economical enterprises and little and medium-sized organizations (SMEs), this approach looks to expand the market reach of Laser Trackers. Producers can lay out persevering through client connections and secure a significant portion of the overall industry by offering some benefits for cash and cutthroat valuing.
Venturing into unfamiliar business sectors is a critical strategy for Laser Tracker makers hoping to acquire a portion of the overall industry. Organizations decisively target and venture into new geographic regions to benefit from creating markets or neglected regions. This procedure involves fathoming the specific requests of different enterprises in different places and planning items to fulfill those requirements. Organizations can differentiate their shopper base and decrease the dangers related to being reliant upon a solitary market by building areas of strength for a presence.
Producers of laser trackers are observing that associations and coordinated efforts are progressively successful advertising strategies. Organizations can exploit correlative information and assets by laying out essential partnerships with the other business players or innovation suppliers. To furnish clients with complete, incorporated arrangements, coordinated efforts might involve incorporating Laser Tracker frameworks with the other estimation advancements or the product programs. Makers can upgrade their portion of the overall industry by widening their item contributions alongside taking care of a more extensive scope of client needs through organizations.
A huge spotlight on client care and administration likewise influences piece of the pie situating in Laser Tracker industry. In a jam-packed market, organizations that put a high need on consumer loyalty and deal solid after-deals support stick out. Offering specialized help, instructional classes, and brief support benefits all assistance to cultivate a dedicated client base. A cheerful customer is probably going to make extra buys from a similar organization and to allude others to it, which hence expands the portion of the overall industry of the producer.
For producers of laser trackers, continuous Research and development endeavors are a fundamental part of their business technique. Organizations can present novel elements and functionalities and remain on the forefront of mechanical headways by putting resources into Research and development. This strategy not just empowers makers to fulfill changing shopper needs yet in addition lays out them as pioneers in the field, attracting clients who regard advancement. Makers can save their upper hand and increase their piece of the pie by reliably refreshing and working on their items.
Finally, piece of the pie procedures intensely depends on productive advertising and brand situating. Organizations feature the striking attributes and benefits of their Laser Tracker items in designated advertising efforts. Fostering a vigorous brand character helps increase client dependability and trust. Organizations can impact purchaser choices and increase their portion of the overall industry by building major areas of strength for a picture.

Covered Aspects:

Report Attribute/Metric	Details
Base Year For Estimation	2022
Historical Data	2018- 2022
Forecast Period	2023-2032
Growth Rate	12.50% (2023-2032)

Laser Tracker Market Highlights:

Laser Tracker Market Trends

Laser Tracker Market Analysis

Laser Tracker Market Share

Laser Tracker Companies

Global Laser Tracker Market Overview:

Laser Tracker Market Size was valued at USD 0.34 Billion in 2023. The laser tracker market industry is projected to grow from USD 0.38 Billion in 2024 to USD 0.865 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 10.74% during the forecast period (2024 - 2032).

The rising demand for three-dimensional measurement solutions across a variety of industries, including aerospace, 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 market drivers that have contributed to these advancements in distance measurement technology and processing speed.

Laser Tracker Market

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Laser Tracker Market Trends

Increasing use of laser trackers in the automotive industry is driving the market growth

The automobile sector is seeing a surge in demand for laser trackers as a low-cost tool to maintain vehicle quality control. Laser trackers provide in-place inspection, metrology evaluation alignment and assembly, reverse engineering, and part mating for large auto components and assemblies. Other uses for the laser tracker include setting up and aligning weld lines, setting up and aligning assembly lines, inspecting tools and fixtures, and more. Additionally, robotic automation made possible by laser tracking enables on-machine examination of large parts. Leica Absolute Tracker ATS600, the industry's first direct scanning laser trackers, was introduced in March 2019 by HEXAGON Manufacturing Intelligent Division. It is made to accurately find a point in three-dimensional space. It can be utilized for large-scale measurement tasks in the automotive industry.

Another important element boosting market CAGR is the rise in the number of businesses making large investments in R&D projects and developing new product lines with enhanced precision and measuring capabilities. There is an increase in demand for distance measurement technology based on ultrasound and radar in several end-use industries, including shipbuilding, manufacturing, aircraft, and construction. Three-dimensional (3D) technology has been combined into laser trackers to improve performance and accuracy. One such innovation is 3D scanning, which lets laser trackers quickly record and transform an object's or structure's surface geometry into digital form. Photogrammetry, which involves taking pictures of an object or structure from various angles and then using software to create a 3D model, is another 3D technology used in laser trackers. For instance, on June 29, 2022, Hexagon's Manufacturing Intelligence business unveiled the Leica Absolute Tracker AT500 and B-Probeplus, the company's most recent portable 3D laser tracker system. This new design significantly advances portability because it reduces cabling, simplifies setup, and supports a plug-and-play method.

However, for big dimensional metrology, laser tracker is regarded as the most precise portable tool. Portability, accuracy, simplicity of use, continuous measurement, and other advantages all contribute to the market's expansion. The debut of the next-generation Vantage Laser Tracker 6 Degrees of Freedom probe, the 6DoF Laser Tracker, was announced by FARO Technologies Inc. in November 2020. It is built with features that make it exceptionally portable, economical, quicker, and more accurate. Thus, driving the laser tracker market revenue.

Laser Tracker Market Segment Insights:

Laser Tracker Vertical Insights

The Laser Tracker Market segmentation, based on vertical, includes Automotive, Aerospace and Defense, Architecture and Construction, Energy and Power, Railways and Shipbuilding. The automotive segment dominated the market. The growth of the automotive sector across a range of applications, including alignment, reverse engineering, and quality control & inspection, is made feasible by enterprises' rising interest in researching emerging markets. Many automakers have also started investing in cutting-edge technologies like laser trackers to enhance modern cars with advanced features, increase productivity, and meet the rising demand for automobiles.

Laser Tracker Component Insights

The Laser Tracker Market segmentation, based on component, includes Hardware, Software and Services. The hardware category generated the most income. A laser tracker measuring system comprises a variety of hardware and sensors that the machine uses to track and measure position and orientation in real time. Inertial measurement units (IMU), linear encoders, and laser trackers (optical devices) are just a few sources that must provide data for these positions to be accurately defined or updated. A computer-aided laser tracker measurement system is the actual measuring system employed in CALS. Hardware for this instrument includes a laser tracker, a tripod, a measurement arm, and other parts.

Figure 1: Laser Tracker Market, by Component, 2022 & 2032 (USD Billion)

Laser Tracker Market, by Component, 2022 & 2032

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Laser Tracker Function Insights

The Laser Tracker Market segmentation, based on function, includes Quality Control and Inspection, Alignment, Reverse Engineering, Tool building and Setup and Automated Assembly System. The quality control and inspection segment dominated the market because the automotive, aerospace, and military production sectors are seeing an increase in laser tracker demand. In order to match client demands, a manufacturer uses a laser tracker to quality-control the manufacturing process.

Laser Tracker Regional Insights

By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American laser tracker market area will dominate this market. This is due to the region's abundant supply of resources. Due to the rapid expansion of the demand for electric vehicles and the production of solar modules, laser trackers have tremendous growth potential in these industries for uses, including reverse engineering, inspection, quality control, calibration, and alignment. These several elements encourage the expansion of the regional market.

Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: Laser Tracker Market SHARE BY REGION 2022 (USD Billion)

Laser Tracker Market SHARE BY REGION 2022

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe laser tracker market accounts for the second-largest market share due to the expanding use of laser tracking across numerous industries, including aerospace, automotive, and others. Europe is the region that produces and exports the most aerospace products, which impacts how quickly Laser Trackers are being used in the industry to meet safety and quality standards. In 2019, the aggregate export value of aerospace from France, Germany, and the UK was $113.7 billion. Further, the German laser tracker market held the largest market share, and the UK laser tracker market was the fastest growing market in the European region

The Asia-Pacific Laser tracker Market is expected to grow at the fastest CAGR from 2023 to 2032 because the automotive sector increasingly demands modern techniques like laser trackers for quality control calibration. Governments in developing nations are taking the lead in the robotics sector, which is a major factor in the expansion of the laser tracking market in the Asia-Pacific region. Moreover, China’s laser tracker market held the largest market share, and the Indian laser tracker market was the fastest growing market in the Asia-Pacific region.

Laser Tracker Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development in order to expand their product lines, which will help the laser tracker market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, laser tracker industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global laser tracker industry to benefit clients and increase the market sector. In recent years, the laser tracker industry has offered some of the most significant advantages to market. Major players in the laser tracker market attempting to increase market demand by investing in research and development operations include 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), and PLX Inc. (US).

Hexagon AB provides information technology for geospatial and commercial enterprise applications that boost quality and productivity. The business provides sensor, software, and autonomous solutions, including sensor-equipped metrology systems, computer-aided design (CAD), and computer-aided manufacturing (CAM) software. Additionally, it provides sensors for satellite location, data collection from the air and ground, and geographic information system software for creating 3D models and maps. Construction, mining, agricultural, aerospace, automotive, defense, and industrial industries use Hexagon products. In June 2022, The Leica Absolute Tracker AT500 was introduced by Hexagon, and it automatically restores broken lines of sight over a large field of view without requiring user input. It has 6DoF probing functionality that is streamlined and offers reflector measurement up to 160 meters from the tracker.

The natural gas and oil industries in America are all represented by API. Most of the country's energy is produced, processed, and distributed by roughly 600 members. A rising grassroots movement of millions of Americans supports the industry, which supports more than ten million employment in the United States. To improve efficiency, operational and environmental safety, and sustainability, API has created more than 800 standards. In May 2021, API Metrology and Mitutoyo Corporation collaborated to make API's portable dimensional metrology, notably laser measurement, available through Mitutoyo's global network.

Key Companies in the laser tracker market include

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)

Laser Tracker Industry Developments

August 2022: New Mitutoyo Vision Measurement Systems from the Quick Vision Pro Series were introduced. The Quick Vision Pro Series machines have a wealth of high-performance technology that significantly improves 3D non-contact measuring & productivity. This extremely sophisticated non-contact measuring device gives the Mitutoyo Vision Measurement line even greater effectiveness, speed, and versatility.

April 2022: Independent of robot precision, Hexagon has introduced a new wireless laser tracker automation system that can provide accuracy to within 50 microns over a measurement space of 60 meters in diameter. With WRTL, up to four robot-based scanner systems may operate simultaneously.

April 2022: The most recent version of InnovMetric's intelligent 3D metrology digital ecosystem, PolyWorks 2022, was released. New features that considerably increase the possibilities of the ecosystem foundations are provided by PolyWorks 2022. When CAD data is unavailable, inspecting several pieces is easier.

Laser Tracker Market Segmentation:

Laser Tracker Vertical Outlook (USD Billion, 2018-2032)

Automotive

Aerospace and Defense

Architecture and Construction

Energy and Power

Railways

Shipbuilding

Laser Tracker Component Outlook (USD Billion, 2018-2032)

Hardware

Software

Services

Laser Tracker Function Outlook (USD Billion, 2018-2032)

Quality Control and Inspection

Alignment

Reverse Engineering

Tool Building and Setup

Automated Assembly System

Laser Tracker Regional Outlook (USD Billion, 2018-2032)

North America

Canada

Europe

Germany

France

Italy

Spain

Rest of Europe

Asia-Pacific

China

Japan

India

Australia

South Korea

Australia

Rest of Asia-Pacific

Rest of the World

Middle East

Africa

Latin America

Laser Tracker Companies

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