Laser Tracker Market Size, Share, Growth, and Industry Analysis, By Type (Hardware Devices, Software, Service, & Others), By Application (Automotive, Aerospace & Defense, General Manufacturing, Energy & Powers) and Regional Insights and Forecast to 2031

Updated On: 17 June 2024

LASER TRACKER MARKET REPORT OVERVIEW

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The global laser tracker market size was USD 270.3 million in 2019 and the market is projected to touch USD 439.2 million by 2026, exhibiting a CAGR of 7.1% during the forecast period. 

The laser tracker market has been steadily expanding due to technological advancements and increasing demand across industries such as aerospace, automotive, and manufacturing. Laser, renowned for their high precision and accuracy in large-scale dimensional measurements, have become essential tools for quality control, inspection, and assembly processes. The market's growth is further fueled by industrial automation trends, emerging applications in sectors like renewable energy and construction, and the continuous development of more affordable systems.

Key players in the laser tracker market, including Hexagon AB, Faro Technologies, API - Automated Precision Inc., and Leica Geosystems, drive competition and innovation in the industry. As companies prioritize precision measurement solutions to enhance manufacturing processes and product quality, trackers are expected to maintain their upward trajectory. However, market dynamics may evolve, and staying abreast of the latest industry reports and analyses is crucial for a comprehensive understanding of the market landscape.

COVID-19 Impact: Market Growth Restrained by Pandemic due to Supply Chain Disruptions

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

The pandemic initially caused a slowdown in the laser tracker market as industries faced disruptions in operations, supply chain challenges, and reduced demand for metrology solutions. Manufacturing plants, construction sites, and other facilities implementing social distancing measures experienced reduced productivity and demand, impacting market growth. Economic uncertainty and budget constraints during the pandemic led to deferred investments in capital-intensive equipment like laser trackers, affecting market expansion. Logistics and transportation disruptions hindered the delivery and installation of tracker systems, delaying projects and affecting customer satisfaction.

The pandemic accelerated the adoption of remote monitoring and measurement solutions, driving demand equipped with remote operation and data analysis capabilities. Industries prioritized digital transformation initiatives to maintain operations during lockdowns, leading to the adoption of advanced metrology tools like laser trackers for remote quality control and inspection.

LATEST TRENDS

"Portability in Laser Tracker to Drive Market Growth"

Traditional fixed-position measuring systems limit the scope of applications. Portable laser trackers can be easily transported and set up on-site, eliminating the need to move large objects to dedicated measuring facilities. The portability of trackers is a major factor driving their increasing popularity across various industries. Portable trackers are significantly lighter and more compact compared to traditional fixed systems. Typically, they weigh between 20-60kg (44-132lbs) and have easily disassembled parts for transportation. They are designed for easy transport in dedicated carrying cases or rolling carts, allowing them to be used at different locations. Take accurate measurements directly on large objects or complex structures at their actual location, eliminating the need for disassembly or transportation. The portability of laser trackers unlocks new possibilities for measurement and quality control in various industries. With their convenience, versatility, and efficiency, they are expected to continue playing a critical role in the future of precision metrology.

LASER TRACKER MARKET SEGMENTATION

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By Type

Based on type the global market can be categorized into hardware devices, software, service, & others.

• Hardware Devices: These trackers are sophisticated metrology instruments designed for high-precision dimensional measurements over large distances, leveraging laser technology for accuracy.

• Software: Laser tracker software provides comprehensive data analysis, visualization, and reporting tools, enabling users to interpret measurement data and make informed decisions.

• Service: Laser service offerings encompass installation, calibration, maintenance, and technical support, ensuring optimal performance and reliability of the equipment throughout its lifecycle.

• Others: In addition to traditional applications, laser trackers find diverse uses in fields such as archaeology, art preservation, and virtual reality, expanding their relevance beyond industrial metrology.

By Application

Based on application the global market can be categorized into automotive, aerospace & defense, general manufacturing, energy & power.

• Automotive: In the automotive sector, lasers are integral for precise dimensional inspection of vehicle components, aiding in quality control and ensuring compliance with design specifications during manufacturing processes.

• Aerospace & Defense: These trackers play a crucial role in aerospace and defense industries by facilitating accurate alignment, assembly, and inspection of aircraft structures, engines, and other critical components, ensuring safety and performance standards are met.

• General Manufacturing: In general manufacturing, lasers are utilized for various applications including tooling alignment, part inspection, and assembly verification, enhancing efficiency and quality across a wide range of production processes.

• Energy & Power: Within the energy and power sector, laser trackers are employed for precision alignment and monitoring of turbines, generators, and other machinery in power plants, enabling optimal performance, reducing downtime, and ensuring operational safety.

DRIVING FACTORS

"Manufacturing Requirements and Technological Advancements to Boost the Market"

One of the key driving factors in the global laser tracker market growth is the manufacturing requirements and technological advancements in urban areas. Industries such as aerospace, automotive, and electronics demand high-precision measurement tools like trackers for accurate dimensional inspection, assembly verification, and quality control. Continuous advancements in laser tracking technology improve accuracy, speed, and ease of use, expanding the application areas and driving adoption across industries. Laser finds applications beyond traditional industries, including renewable energy, medical device manufacturing, and construction, contributing to market expansion and growth.

"Industry 4.0 and Quality Assurance to Expand the Market"

Another driving factor in the global laser tracker market is the industry 4.0 and quality assurance offered by these products. With the rise of automation and Industry 4.0 initiatives, there is a growing need for advanced metrology solutions to integrate with automated manufacturing systems and enable data-driven decision-making. Stringent quality assurance requirements and compliance standards in industries such as aerospace and automotive mandate the use of precise measurement instruments to ensure product quality and regulatory compliance. These trackers help optimize manufacturing processes by reducing rework, minimizing scrap, and improving overall productivity, driving their adoption in various industrial settings.

RESTRAINING FACTOR

"High Initial Investment and Competitive Pricing to Potentially Impede Market Growth"

One of the key restraining factors in the global laser tracker market is the high initial investment and competitive pricing of these products. Laser systems often require a significant initial investment, which can act as a barrier to adoption for small and medium-sized enterprises (SMEs) and companies with limited budgets. Intense competition among manufacturers may lead to price pressures and reduced profit margins, especially in mature markets where differentiation based on features and capabilities becomes more challenging. Operating and maintaining systems require specialized training and expertise, which can increase operational costs and pose challenges for organizations lacking skilled personnel.

LASER TRACKER MARKET REGIONAL INSIGHTS

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"North America Region Dominating the Market due to Presence of a Large Consumer Base"

The market is primarily segregated into Europe, Latin America, Asia Pacific, North America, and Middle East & Africa.

North America has emerged as the most dominant region in the global laser tracker market share due to several factors. North America, especially the United States, is home to advanced manufacturing industries such as aerospace, automotive, and electronics, which are major consumers of laser tracker systems for precision measurement and quality control purposes. The region boasts a strong emphasis on technological innovation and R&D investment, leading to the development of cutting-edge laser tracker systems by companies based in North America. These innovations often set the standards for precision measurement solutions worldwide. The United States and Canada have a large industrial base, encompassing diverse sectors such as aerospace, defense, automotive, and energy, all of which require high-precision measurement tools like laser trackers for various applications. North America has a well-developed infrastructure and supply chain ecosystem that supports the production, distribution, and servicing of laser tracker systems, facilitating their widespread adoption across industries.

KEY INDUSTRY PLAYERS

"Key Industry Players Shaping the Market through Innovation and Market Expansion"

The laser tracker market is profoundly impacted by key industry players who wield significant influence in shaping market dynamics and guiding consumer preferences. These major players boast extensive distribution channels and online platforms, offering consumers convenient access to a diverse range of laser tracker systems. Their established global footprint and brand reputation foster heightened consumer confidence and brand loyalty, facilitating increased product adoption. Furthermore, these industry leaders consistently invest in research and development, unveiling novel technologies, functionalities, and software enhancements in laser tracker systems, addressing evolving customer requirements and expectations. The collaborative endeavors of these key players exert a substantial influence on the competitive landscape and future direction of the laser tracker market.

List of Market Players Profiled

• Hexagon (Sweden)
• FARO technologies (U.S.)
• API (U.S.)
• SGS (Switzerland)
• VMT GmbH (Germany)
• On-Trak Photonics (U.S.)
• Variation Reduction Solutions (U.S.)

INDUSTRIAL DEVELOPMENT

January 2024: Nikon Metrology releases the i700 Advanced, featuring enhanced accuracy, speed, and environmental adaptability for large-scale measurement applications.

REPORT COVERAGE

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.