The global laser trackers market is forecast to expand at 11.4% CAGR over the estimated time period. The industry’s size is predicted to reach a market value of USD 302.8 million in 2023. The laser trackers market is poised for significant growth, aiming to reach a substantial market value of USD 891.4 million.
The laser trackers are projected to observe heightened demand in manufacturing industries. The laser-based technologies offer cutting capabilities or wielding with high accuracy. Such application of laser tracker is well-suited for automotive, robotics, and industrial sectors owing to its capacity to alter and manipulate any material.
The usage of laser tracking also makes possible faster development of goods with high precision, while using meagre materials and resources. Laser trackers combine insights with production processes that offer improved quality control, reduce cycle times, and enhance throughput or output rates. Eventually, the laser trackers facilitate companies that are manufacturing large-scale precision machining equipment.
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Laser tracker system is increasingly used in reverse engineering and 3D measurement. Laser tracker offers precision for the alignment of shaft and rail, weapon system, RADAR dish profiling, and aircraft rigging. The laser tracker is extensively used in applications like calibration and reverse engineering due to its portability. In the aerospace industry, laser trackers help with the wing component assembly and jig component inspection.
On the regional front, Asia Pacific takes home a significant market share presently. For the forecast period, the same trend is estimated. India, China, and Japan are expected to emerge as the leading markets for laser trackers in the region. India is observing a boom in the automotive industry. In terms of volume, the market is expected to hold a prominent share over the forecast period. Owing to the thriving electric vehicle segment, the demand for laser trackers is expected to flourish in the country.
Key Takeaways from Laser Trackers Market Report:
- The United States laser trackers industry is projected to be valued at USD 164.3 Million by 2033. During the estimated time period, the market is expected to expand at 11.3% CAGR.
- The United Kingdom industry is assessed to attain USD 33.2 Million by 2033 end. During 2023 and 2033, the market is anticipated to extend at a CAGR of 11.2%.
- The China laser trackers industry is slated to achieve USD 222.5 Million by 2033. During the forecast time frame, the market is forecast to perceive a noteworthy CAGR of 11.4%.
- The Japan market is estimated to attain USD 174.9 Million by 2033. In the next 10 years, the market is expected to expand at a CAGR of 11.3%.
- In South Korea, the market is anticipated to reach USD 40.2 Million by the end of the estimated period. During the projection period, the market is assessed to expand at a CAGR of 10.7%.
- On the basis of application, the quality control and inspection segment is expected to lead the market. During the coming years, the market is expected to register a CAGR of 10.8%.
- Based on end-use, the aerospace and defense segment is expected to be a prominent segment over the forecast period. The assessed CAGR is expected to be 10.6%.
Leading Key Players in the Laser Trackers Market:
- Nikon Corporation
- Keyence Corporation
- SGS SA
- FARO Technologies, Inc.
- Hexagon AB
- Leica Geosystems AG
- Nikon Metrology, Inc.
- Mitutoyo Corporation
- Automated Precision, Inc.
- Egismos Technology Corporation
Recent Developments in the Laser Trackers Market
- In April 2022, Hexagon introduced a novel wireless laser tracker system that helps provide precision within 50 microns throughout 60 meters measuring volume in diameter.
- In July 2019, Automated Precision, Inc officially declared the acquisition of Exact Laser Measurement, which is a leading supplier of portable metrology services to the automotive and aerospace sectors in North America.
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