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Laser Tracker Market Poised to Reach $725.6 Million by 2026

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Laser Tracker Market Poised to Reach $725.6 Million by 2026

August 30
12:48 2021
Laser Tracker Market Poised to Reach $725.6 Million by 2026
Laser Tracker Market
Growing Adoption of Laser Tracker in Automotive Industry Driving the Growth of Laser Tracker Market

The global Laser Tracker Market is poised to reach $725.6 million by 2026, advancing at CAGR 10.9% during the forecast period 2021-2026. Laser Tracker is generally used for large dimensional metrology such as reverse engineering, quality control & inspection, dynamic measurement and so on. The demand for quality control & inspection, robot tracking, alignment and calibration leads to the adoption of laser technology based trackers across various industries such as aerospace & defense, automotive, engineering and so on, acts as a major driver for the growth of the market during the forecast period 2021-2026. Moreover increasing demand for R & D activities in 3D measurement method and remote control devices have increased the applicability of Laser Tracker. Furthermore Laser Trackers and plumb bobs provide greater accuracy, durability, reliability and cost effective solutions for large scale metrology applications. Such benefits are also boosting the laser tracker adoption rate during the forecast period 2021-2026.

Laser Tracker Market Segment Analysis – by Application

By Application the market is dominated by Quality Control and Inspection segment which accounts for a share of 32% in 2020. It is also used to locate the position of a part of a machine to get accuracy even if the machine is not in working condition. Laser Trackers can also be used for 3D error mapping of all aircraft machine’s major axes. In April 2019, API Metrology announced the launch of RADIAN- Scan Scanning Laser Tracker which aimed for 3D scanning and reverse engineering, can be used in Aerospace and Automotive Industry. It can be paired with API i-scan to provide fast, highly accurate and ultra productive solution to the generation of point clouds.

Laser Tracker Market Segment Analysis – by Industry

By Industry, the Laser Tracker Market is segmented into Automotive, Aerospace and Defense, Manufacturing, Construction, Transportation and Others. Aerospace and Defense in Laser Tracker segment is growing at a CAGR of 7.9% during the forecast period 2021-2026. Aerospace Industry was one of the first industries to adopt Laser Tracker and today the aerospace manufacturing sector is the largest user of portable Laser Trackers. Being the most accurate portable tool, Laser Trackers are used to inspect jig and wing component assembly in aerospace and defense industry.

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Laser Tracker Market Segment Analysis – by Geography

Europe dominated the Laser Tracker Market by a market share of more than 35.1% in 2020, owing to the growing use of Laser Tracker across various industries such as Aerospace, Automotive and so on. Europe is the largest aerospace producing and exporting country, which in turn accelerates the growing adoption of Laser Tracker in aerospace manufacturing sector to fulfill the safety and quality requirements. France, Germany and UK combined export value of Aerospace stood at $113.7 Billion in 2019. Moreover, APAC region is also witnessing a significant growth, owing to the emerging automotive industry, which boosts the demand of Laser Tracker in this region.

Laser Tracker Market Drivers

Growing adoption of Laser Tracker in Automotive Industry

As a cost effective tool to maintain vehicle quality control, the demand for Laser Tracker increases in automotive industry. Laser Trackers offers in-place inspection, metrology assessment alignment and assembly, reverse engineering and part mating for oversized automobile parts and assemblies. Laser Tracker is also used for diverse applications such as Weld Line Set-Up and Alignment, Assembly Line Set-Up and Alignment, Tooling and Fixture Inspection and so on. Laser tracker also facilitates robotic automation to allow on-machine inspection of oversized parts. In March 2019, HEXAGON Manufacturing Intelligent Division, announced the launch of first ever direct scanning Laser Tracker i.e. Leica Absolute Tracker ATS600. It is designed to locate a point in 3D space with high accuracy. It can be used in automotive industry for large scale measurement task.

High accuracy and Portability

Laser Tracker is considered to be the most accurate portable tool for large dimensional metrology. The benefits that act as a factor for the growth of the market are portability, accuracy, ease of operation, continuous measurement and so on. In November 2020, FARO Technologies Inc announced the launch of 6DoF Laser Tracker i.e. next generation Vantage Laser Tracker 6 Degrees of Freedom probe. It is designed with features such as exceptional portability, cost effective, faster and greater accuracy.

Laser Tracker Market Challenges

Availability of Substitutes

Availability of substitutes such as Laser Radar is a major factor that could hinder the growth of the Laser Tracker Market. Laser Radars are capable of measuring detailed object with high level of precision. It is often used in engineering purposes. Moreover alignment errors are also another key factor that could decelerate the market growth.

Laser Tracker Market Landscape

Partnership, Acquisitions, Collaboration, technology launches and R&D activities are key strategies adopted by players in the Large Format Printer. The top companies in the Laser Tracker Market are FARO Technologies Inc, API Metrology, Hexagon, VMT GmbH, On-Trak Photonics Inc, SGS, Variation Reduction Solutions Inc, Brunson Instrument Company, PLX Inc and Hubbs Machine and Manufacturing Inc.

Acquisitions/Technology Launches

In May 2021, API Metrology, the inventor of Laser Tracker, announced a partnership with Mitutoyo Corporation, to distribute API’s portable dimensional metrology, especially laser measurement, through Mitutoyo’s worldwide network.

In February 2021, SGS (Switzerland), leading vehicle testing service provider, announced the acquisition of Autoscope/ CTOK. With this acquisition, SGS can own 100 vehicle inspecti0on service centers in France and perform 37500 inspections annually with SGS laser instruments.

Key Takeaways

The top companies in the Laser Tracker Market are FARO, API Metrology, Hexagon, VMT GmbH, On-Trak Photonics Inc, SGS, Variation Reduction Solutions Inc, Brunson Instrument Company, PLX Inc and Hubbs Machine and Manufacturing Inc.

Aerospace and Defense Industry is analyzed to hold highest share and grow at CAGR of 7.9% during the forecast period 2021-2026, owing to wide range of applications.

Europe dominated the Laser Tracker Market in 2020 with a share in excess of 35.1%, owing to rise in usage of Laser Trackers.

Relevant Report Titles

A. Safety Laser Scanner Market

https://www.industryarc.com/Research/Safety-Laser-Scanner-Market-Research-505467

B. 3d Metrology Market

https://www.industryarc.com/Research/3d-Metrology-Market-Research-505281

For more Electronics Market reports, please click here

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