Laser tracker market is anticipated to grow at a significant CAGR of 11.9% during the forecast period. A laser tracker is a portable coordinate measurement machine that uses a laser beam to accurately measure and inspect the features of an object in 3D space. Laser trackers provide high precision, accuracy, continuous point measuring, and ultrafast single-point measuring. Thus growing advancements in distance measurement technology, and growing implementation of laser-based technology are primary factors driving the global laser tracker market. In addition, the launching of new products and solutions, and the growing investment in laser tracker technology are anticipated to fuel the demand for laser trackers in the market for the forecast period. For instance, in June 2022, Hexagon’s Manufacturing Intelligence division launched a Leica Absolute Tracker AT500 and accompanying B-Probeplus, the company’s latest portable 3D laser tracker system. The AT500 offers improved performance to both reflector and probing measurement and is powered by a new integrated controller design, full IP54-rated environmental protection, and an expanded operating temperature range.
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Segmental Outlook
The global laser tracker market is segmented based on the offering, application, and industry. Based on the offering, the market is segmented into hardware and software & services. Based on the application, the market is sub-segmented into quality control and inspection, alignment, and reverse engineering. Based on the industry, the market is sub-segmented into automotive & transportation, aerospace and defense, energy and power, manufacturing, building and construction, and others.
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by Offering (Hardware and Software & Services),
by Application (Quality Control and Inspection, Alignment, and Reverse Engineering), and
by Industry (Automotive & Transportation, Aerospace and Defense, Energy and Power, Manufacturing, Building and Construction, and Others)
Market Players Outlook
The major companies serving the global laser tracker market include FARO Technologies, Inc., Automated Precision, Inc., SGS Group, VMT GmbH, Chotest Technology Inc., Hubbs Machine and Manufacturing Inc., and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in September 2021, Hexagon AB expanded its procurement, fabrication, and construction market with the acquisition of Jovix, which is a business of Atlas RFID Solutions that automate material management throughout the construction supply chain.
The Report Covers
Annualized market revenues ($ million) for each market segment.
Country-wise analysis of major geographical regions.
Key companies operating in the global laser tracker market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
Analysis of market-entry and market expansion strategies.
Competitive strategies by identifying ‘who-stands-where’ in the market.
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