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Laser Tracker Market To Garner A Revenue Level Worth USD 121.8 Billion By 2030

Dec 12, 2023 7:06 PM ET

Laser Tracker Market To Garner A Revenue Level Worth USD 121.8 Billion By 2030

Laser Tracker Market Overview

Market Research Future (MRFR) report highlights Laser Tracker Market Information By Functional, Vertical, Component And Region – Forecast till 2030″; the market will achieve USD 121.8 billion by 2030 at a 21.2% CAGR.

Some of the key market factors that have influenced these developments in distance measurement equipment and processing speed include the growing need for three-dimensional measurement solutions across an array of industries, such as aviation, defense, automotive, and energy production, as well as the expanding demand for laser trackers for the assembling of large components. The laser tracker is a device that precisely measures a huge object by figuring out the positions of the optical targets. Various tools are available for checking and measuring parts, goods, and environments. Commonly, laser trackers are utilized to calculate things rather than physical control devices and standard hand tools. A laser tracker tracks a laser beam and produces three-dimensional coordinates, quickly and accurately measuring an item that can be moved anywhere within the base unit’s line of sight.

In the automotive industry, there is more of a need for laser trackers for inspection and calibration. Rising government funding for the robotics industry is also anticipated to increase the need for laser trackers. The substantial initial cost associated with acquiring an entire setup, including software and hardware, can be significantly reduced by the availability of an application subscription model by numerous businesses active in the field. Some key market factors that have influenced these developments in distance measurement technology and processing speed include a growing need for three-dimensional measurement solutions across various business sectors and the expanding use of laser trackers to assemble large components. Users are encouraged to select this model over alternative alternatives because of this. The laser tracker can also be used to align assembly lines, set up weld lines, inspect tools and fittings, and perform other tasks. Large components inspection on the machine is additionally made possible by robotic automation rendered possible by laser tracking.

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Laser Tracker Market Competitive Landscape:

  • VMT GmbH (Germany)
  • On-Trak Photonics Inc. (US)
  • SGS (Switzerland)
  • Variation Reduction Solutions, Inc. (US)
  • Faro (US)
  • Hexagon (Sweden)
  • API (US)
  • Brunson Instrument Company (US)
  • Hubbs Machine and Manufacturing Inc. (US)
  • PLX Inc. (US)

Laser Tracker Market Segmentation

Quality control and inspection, alignment, reverse engineering, tool construction and setup, and automated assembly systems are among the functional segments of the laser tracker market. Automotive, aviation and defense, architectural and construction, electricity and power, railways, and shipbuilding are among the vertical segments of the laser tracker market. Hardware, software, and services are included in the segmentation of the laser tracker industry based on components.

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Regional Insights

Thanks to the growing technology usage in various sectors, including aerospace, the automobile industry, and others, Europe holds the second-highest market share for laser trackers. Due to the growing usage of laser trackers in manufacturing processes to maintain safety and quality standards, Europe commands the laser tracker market. The development of the laser tracking market within the Asia-Pacific region is significantly attributed to governments in emerging countries taking the initiative in the robotics industry. In addition, the Indian laser tracker market had the highest growth rate in the Asia-Pacific region, while China’s laser tracker market had the largest market share.

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