Laser Tracker Market by Application (Quality Control & Inspection, Alignment, and Reverse Engineering), Industry (Automotive, Aerospace & Defense, General Manufacturing, Energy & Power), and Geography - Global Forecast to 2023

The laser tracker market was valued at USD 259.5 Million in 2017 and is expected to reach USD 521.6 Million by 2023, at a CAGR of 12.39% during the forecast period. The base year considered for the study is 2017, and the forecast period is between 2018 and 2023.

Study Objectives

• To define, describe, and forecast the laser tracker market, in terms of value, by application, industry, and geography
• To provide information on components of laser trackers and related services
• To forecast the market size of segments with respect to 4 main regions—North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW)
• To provide detailed information regarding the major factors (drivers, restraints, opportunities, and challenges) influencing the growth of the market
• To strategically analyze micromarkets with respect to individual growth trends, prospects, and contributions to the total market
• To strategically profile key players and comprehensively analyze their market rank and core competencies, and detail the competitive landscape for market leaders
• To analyze competitive developments such as joint ventures, collaborations, agreements, contracts, partnerships, mergers and acquisitions, new product developments, and research and development (R&D) in the laser tracker market

Research Methodology

This research study involves the use of secondary sources, annual reports, directories, and databases such as Hoovers, Bloomberg Businessweek, Factiva, and OneSource to identify and collect information useful for the extensive technical, market-oriented, and commercial study of the laser tracker market. Primary sources mainly comprise several experts from core and related industries, along with preferred suppliers, manufacturers, distributors, service providers, technology developers, alliances, standards, and certification organizations related to various parts of this industry’s value chain. In-depth interviews with various primary respondents, including key industry participants, subject matter experts (SMEs), C-level executives of key companies, and consultants, have been conducted to obtain and verify critical qualitative and quantitative information, as well as assess prospects. The breakdown of the profiles of primaries has been depicted in the figure below:

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This report provides valuable insights into the ecosystem of the laser tracker market. Major players profiled in this report are Faro (US), Hexagon (Sweden), and API (US). Some of the other companies operating in the laser tracker market are VMT GmbH (Germany), On-Trak Photonics Inc. (US), SGS (Switzerland), Variation Reduction Solutions, Inc. (US), Brunson Instrument Company (US), Hubbs Machine and Manufacturing Inc. (US), and PLX Inc. (US).

Key Target Audience

• Original equipment manufacturers (OEMs) (application or electronic product manufacturers)
• ODM and OEM technology solution providers
• Small and large technology centers
• Laser tracker manufacturing companies
• Research institutes and organizations
• Market research and consulting firms
• Companies providing solutions in various industries that use laser trackers
• Government bodies, venture capitalists, and private equity firms

Scope of the Report

This research report segments the laser tracker market into the following submarkets:

Laser Tracker Market, by Offering

• Hardware
• Software
• Services

Laser Tracker Market, by Application

• Quality Control & Inspection
• Alignment
• Reverse Engineering
• Calibration

Laser Tracker Market, by Industry

• Automotive
• Aerospace & Defense
• Energy & Power
• General Manufacturing
• Architecture & Construction
• Transportation
• Others

Laser Tracker Market, by Region

• North America
• Europe
• APAC
• RoW

Available Customizations

With the given market data, MarketsandMarkets offers customizations according to the company’s specific needs. The following customization options are available for the report:

• Company Information
  • Detailed analysis and profiling of additional market players (up to 5)

Table of Contents

1 Introduction (Page No. - 15)
    1.1 Study Objectives
    1.2 Definition
    1.3 Study Scope
           1.3.1 Markets Covered
           1.3.2 Geographic Scope
           1.3.3 Years Considered for This Study
    1.4 Currency
    1.5 Limitations
    1.6 Stakeholders

2 Research Methodology (Page No. - 18)
    2.1 Research Data
           2.1.1 Secondary Data
                    2.1.1.1 Key Data From Secondary Sources
           2.1.2 Primary Data
                    2.1.2.1 Key Data From Primary Sources
                    2.1.2.2 Breakdown of Primaries
           2.1.3 Secondary and Primary Research
                    2.1.3.1 Key Industry Insights
    2.2 Market Size Estimation
           2.2.1 Bottom-Up Approach
           2.2.2 Top-Down Approach
    2.3 Market Breakdown and Data Triangulation
    2.4 Assumptions

3 Executive Summary (Page No. - 27)

4 Premium Insights (Page No. - 30)
    4.1 Attractive Opportunities in Laser Tracker Market
    4.2 Laser Tracker Market, By Application
    4.3 Laser Tracker Market, By Industry and Region
    4.4 Laser Tracker Market, By Country

5 Market Overview (Page No. - 33)
    5.1 Introduction
    5.2 Value Chain Analysis
    5.3 Laser Standards, Classifications, and Related Ratings
           5.3.1 Ingress Protection (IP) Ratings
    5.4 Market Dynamics
           5.4.1 Drivers
                    5.4.1.1 High Accuracy, Precision, and Portability
                    5.4.1.2 Advancements in Distance Measurement Technology and Improvements in Processing Speed
                    5.4.1.3 Automation of Robotic Systems
           5.4.2 Restraints
                    5.4.2.1 Availability of Substitutes for Inspection
           5.4.3 Opportunities
                    5.4.3.1 Growing Automotive Market to Boost Overall Manufacturing Process Requiring Condition Monitoring and Extrusion Press Alignment
           5.4.4 Challenges
                    5.4.4.1 Addressing Alignment Errors in Laser Trackers

6 Components of Laser Trackers and Related Services (Page No. - 40)
    6.1 Introduction
    6.2 Hardware
           6.2.1 Laser Tracker Head
           6.2.2 Laser Tracker Controller
           6.2.3 Retroreflector
                    6.2.3.1 Spherically-Mounted Retroreflector (SMR)
                    6.2.3.2 Ball-Mounted Hollow Retroreflector (BMR)
                               6.2.3.2.1 Stainless Steel
                               6.2.3.2.2 Ceramic
                               6.2.3.2.3 Durable
           6.2.4 Computer System
           6.2.5 Essential Accessories
                    6.2.5.1 Sensor Cables
                    6.2.5.2 Stands, Tripods, and Interfaces
                    6.2.5.3 Power Supply Units, Power Cables, and Battery Chargers and Sets
                    6.2.5.4 Others
    6.3 Software
    6.4 Services
           6.4.1 Installation and Training
           6.4.2 Rental

7 Laser Tracker Market, By Application (Page No. - 46)
    7.1 Introduction
    7.2 Quality Control & Inspection
    7.3 Alignment
    7.4 Reverse Engineering
    7.5 Calibration

8 Laser Tracker Market, By Industry (Page No. - 53)
    8.1 Introduction
    8.2 Automotive
    8.3 Aerospace & Defense
    8.4 Energy & Power
    8.5 General Manufacturing
    8.6 Architecture and Construction
    8.7 Transportation
    8.8 Others

9 Geographic Analysis (Page No. - 84)
    9.1 Introduction
    9.2 North America
           9.2.1 US
           9.2.2 Canada
           9.2.3 Mexico
    9.3 Europe
           9.3.1 Germany
           9.3.2 UK
           9.3.3 France
           9.3.4 Italy
           9.3.5 Spain
           9.3.6 Rest of Europe
    9.4 Asia Pacific
           9.4.1 China
           9.4.2 Japan
           9.4.3 South Korea
           9.4.4 India
           9.4.5 Rest of APAC
    9.5 RoW
           9.5.1 Middle East and Africa
           9.5.2 South America
                    9.5.2.1 Brazil
                    9.5.2.2 Rest of South America (RoSA)

10 Competitive Landscape (Page No. - 98)
     10.1 Overview
     10.2 Ranking Analysis of Key Players in Laser Tracker Market
     10.3 Competitive Situations and Trends
             10.3.1 Product Launches
             10.3.2 Acquisitions
             10.3.3 Expansions

11 Company Profiles (Page No. - 103)
     11.1 Key Players
(Business Overview, Products Offered, Recent Developments, MnM View, SWOT Analysis)*
             11.1.1 Hexagon
             11.1.2 Faro
             11.1.3 API
             11.1.4 SGS
             11.1.5 VMT
             11.1.6 On-Trak Photonics
             11.1.7 Variation Reduction Solutions
             11.1.8 Brunson
             11.1.9 Hubbs
             11.1.10 PLX
*Business Overview, Products Offered, Recent Developments, MnM View, SWOT Analysis Might Not Be Captured in Case of Unlisted Companies.
     11.2 Other Key Players
             11.2.1 Verisurf
             11.2.2 Oasis Alignment Services, LLC
             11.2.3 Nebula3D Services Private Limited
             11.2.4 Mactech Inc.
             11.2.5 East Coast Metrology, LLC
     11.3 Key Innovators
             11.3.1 Advanced Dimensional Solutions Pty Ltd.
             11.3.2 Hiwe Sqs
             11.3.3 Diverse Dimensions
             11.3.4 Or3D Ltd.
             11.3.5 Novamechanical Design Ltd.

12 Appendix (Page No. - 129)
     12.1 Insights of Industry Experts
     12.2 Discussion Guide
     12.3 Knowledge Store: Marketsandmarkets’ Subscription Portal
     12.4 Introducing RT: Real-Time Market Intelligence
     12.5 Available Customizations
     12.6 Related Reports
     12.7 Author Details

List of Tables (67 Tables)

Table 1 Classification Criteria of Different Laser Standards
Table 2 Ingress Protection (IP) Ratings
Table 3 Comparison Between Laser Tracker and Laser Radar
Table 4 Market, By Application, 2015–2023 (USD Million)
Table 5 Market for Quality Control & Inspection Application, By Industry, 2015–2023 (USD Million)
Table 6 Market for Alignment Application, By Industry, 2015–2023 (USD Million)
Table 7 Market for Reverse Engineering Application, By Industry, 2015–2023 (USD Million)
Table 8 Market for Calibration Application, By Industry, 2015–2023 (USD Million)
Table 9 Market, By Industry, 2015–2023 (USD Million)
Table 10 Market for Automotive Industry, By Application, 2015–2023 (USD Million)
Table 11 Market for Automotive Industry, By Region, 2015–2023 (USD Million)
Table 12 Market in North America for Automotive Industry, By Country, 2015–2023 (USD Million)
Table 13 Market in Europe for Automotive Industry, By Country, 2015–2023 (USD Million)
Table 14 Market in APAC for Automotive Industry, By Country, 2015–2023 (USD Million)
Table 15 Market in RoW for Automotive Industry, By Region, 2015–2023 (USD Million)
Table 16 Market in South America for Automotive Industry, By Country, 2015–2023 (USD Million)
Table 17 Market for Aerospace & Defense Industry, By Application, 2015–2023 (USD Million)
Table 18 Market in Aerospace & Defense Industry, By Region, 2015–2023 (USD Million)
Table 19 Market in North America for Aerospace & Defense Industry, By Country, 2015–2023 (USD Million)
Table 20 Market in Europe for Aerospace & Defense, By Country, 2015–2023 (USD Million)
Table 21 Market in APAC for Aerospace & Defense Industry, By Country, 2015–2023 (USD Million)
Table 22 Market in RoW for Aerospace & Defense Industry, By Region, 2015–2023 (USD Million)
Table 23 Market in South America for Aerospace & Defense Industry, By Country, 2015–2023 (USD Million)
Table 24 Market for Energy & Power, By Application, 2015–2023 (USD Million)
Table 25 Laser Tracker Market for Energy & Power Industry, By Region, 2015–2023 (USD Million)
Table 26 Market in North America for Energy & Power Industry, By Country, 2015–2023 (USD Million)
Table 27 Market in Europe for Energy & Power Industry, By Country, 2015–2023 (USD Million)
Table 28 Market in APAC for Energy & Power Industry, By Country, 2015–2023 (USD Million)
Table 29 Market in RoW for Energy & Power Industry, By Region, 2015–2023 (USD Million)
Table 30 Market in South America for Energy & Power Industry, By Country, 2015–2023 (USD Million)
Table 31 Market for General Manufacturing Industry, By Application, 2015–2023 (USD Million)
Table 32 Market for General Manufacturing Industry, By Region, 2015–2023 (USD Million)
Table 33 Market in North America for General Manufacturing Industry, By Country, 2015–2023 (USD Million)
Table 34 Market in Europe for General Manufacturing Industry, By Country, 2015–2023 (USD Million)
Table 35 Laser Tracker Market in APAC for General Manufacturing Industry, By Country, 2015–2023 (USD Million)
Table 36 Market in RoW for General Manufacturing Industry, By Region, 2015–2023 (USD Million)
Table 37 Market in South America for General Manufacturing Industry, By Country, 2015–2023 (USD Million)
Table 38 Market for Architecture and Construction Industry, By Application, 2015–2023 (USD Million)
Table 39 Market for Architecture and Construction Industry, By Region, 2015–2023 (USD Million)
Table 40 Market in North America for Architecture and Construction Industry, By Country, 2015–2023 (USD Million)
Table 41 Market in Europe for Architecture and Construction Industry, By Country, 2015–2023 (USD Million)
Table 42 Market in APAC for Architecture and Construction Industry, By Country, 2015–2023 (USD Million)
Table 43 Market in RoW for Architecture and Construction Industry, By Region, 2015–2023 (USD Million)
Table 44 Market in South America for Architecture and Construction Industry, By Country, 2015–2023 (USD Million)
Table 45 Market for Transportation Industry, By Application, 2015–2023 (USD Million)
Table 46 Market for Transportation Industry, By Region, 2015–2023 (USD Million)
Table 47 Market in North America for Transportation Industry, By Country, 2015–2023 (USD Million)
Table 48 Market in Europe for Transportation Industry, By Country, 2015–2023 (USD Million)
Table 49 Laser Tracker Market in APAC for Transportation Industry, By Country, 2015–2023 (USD Million)
Table 50 Market in RoW for Transportation Industry, By Region, 2015–2023 (USD Million)
Table 51 Market in South America for Transportation Industry, By Country, 2015–2023 (USD Million)
Table 52 Market for Others, By Application, 2015–2023 (USD Million)
Table 53 Market for Others, By Region, 2015–2023 (USD Million)
Table 54 Market in North America for Others, By Country, 2015–2023 (USD Million)
Table 55 Market in Europe for Others, By Country, 2015–2023 (USD Million)
Table 56 Market in APAC for Others, By Country, 2015–2023 (USD Million)
Table 57 Market in RoW for Others, By Region, 2015–2023 (USD Million)
Table 58 Market in South America for Others, By Country, 2015–2023 (USD Million)
Table 59 Market, By Region, 2015–2023 (USD Million)
Table 60 Laser Tracker Market in North America, By Country, 2015–2023 (USD Million)
Table 61 Market in Europe, By Country, 2015–2023 (USD Million)
Table 62 Market in APAC, By Country, 2015–2023 (USD Million)
Table 63 Market in RoW, By Region, 2015–2023 (USD Million)
Table 64 Market: Ranking of Key Companies
Table 65 Product Launches (2016 & 2017)
Table 66 Acquisitions (2015–2017)
Table 67 Expansions (2016 & 2017)

List of Figures (37 Figures)

Figure 1 Market Segmentation
Figure 2 Market Size Estimation Process Flow
Figure 3 Laser Tracker Market: Research Design
Figure 4 Data Triangulation
Figure 5 Market, By Industry, 2018 & 2023
Figure 6 Market, By Application, 2017 & 2023
Figure 7 Market, By Region, 2017
Figure 8 Market Expected to Grow at High CAGR Between 2018 and 2023
Figure 9 Laser Tracker Market for Quality Control & Inspection to Grow at Highest CAGR Between 2018 and 2023
Figure 10 Aerospace & Defense Held Largest Share of Market in 2017
Figure 11 US Likely to Hold Largest Share of  Market Between 2017 and 2023
Figure 12 Value Chain Analysis: Major Value Addition During Development Phase
Figure 13 Market Dynamics: Overview
Figure 14 Hardware Components Used in Laser Trackers
Figure 15 Types of Ball-Mounted Hollow Retroreflectors
Figure 16 Essential Accessories Used in Laser Trackers
Figure 17 Services Related to Laser Trackers
Figure 18 Market Segmentation, By Application
Figure 19 Quality Control & Inspection Application Held Largest Size of  Market in 2017
Figure 20 Laser Tracker Market Segmentation, By Industry
Figure 21 Quality Control & Inspection Application Held Largest Size of  Market for Automotive Industry in 2017
Figure 22 China Held Largest Size of Market for Automotive in 2017
Figure 23 Quality Control & Inspection Application to Hold Largest Size of Market for Aerospace & Defense Industry By 2023
Figure 24 APAC Expected to Exhibit Highest CAGR in Laser Tracker Market for Energy & Power Industry During Forecast Period
Figure 25 APAC to Dominate Market for General Manufacturing Industry During 2018–2023
Figure 26 China to Hold Largest Size of Market for Architecture and Construction Industry By 2023
Figure 27 US to Command North American Market for Transportation Industry During Forecast Period
Figure 28 Geographic Analysis
Figure 29 APAC to Exhibit Highest CAGR in Laser Tracker Market Between 2018 and 2023
Figure 30 Snapshot of Market in North America
Figure 31 Snapshot of Market in Europe
Figure 32 Snapshot of Market in APAC
Figure 33 Market Evolution Framework — Product Launches Emerged as Key Strategy Adopted By Market Players
Figure 34 Product Launches – Key Growth Strategy in 2017
Figure 35 Hexagon: Business Overview
Figure 36 Faro: Company Snapshot
Figure 37 SGS: Company Snapshot

The overall laser tracker market is projected to witness significant growth during the forecast period. The growth of the laser tracker market is propelled by the need for quality control & inspection, alignment, reverse engineering, and calibration across industries. The laser tracker market is expected to be valued at USD 290.9 Million in 2018 and is likely to reach USD 521.6 Million by 2023, at a CAGR of 12.39% during the forecast period.

The report covers the laser tracker market segmented on the basis of applications, industries, and regions. Among applications, quality control & inspection accounted for the largest market share in 2017, which can be attributed to the increasing use of laser trackers for monitoring and measuring quality across industries such as automotive and aerospace & defense. Quality control and inspection is an important parameter in automotive and aerospace & defense industries to ensure customer requirements and specifications are met. To do so, they mainly rely on laser trackers for inspecting and monitoring the quality of components, assembled parts, and finished products. Laser trackers are accurate, portable coordinate measuring machines for building products, optimizing processes, and delivering solutions by quick and precise measurements.

Among industries, aerospace & defense and automotive are expected to lead the overall laser tracker market. In the aerospace & defense industry, laser trackers are used in 3D measurement and reverse engineering, weapon system and shaft and rail alignment, RADAR dish profiling, aircraft rigging, and many other measurement products and services. The most common applications of laser trackers, owing to their portability, in the aerospace industry are jig component inspection and wing component assembly. In the automotive industry, laser trackers are used for applications such as calibration to automate production lines, alignment of hinge lines and body components, measurement of large panels and assembled body panels, reverse engineering, surface measurement for component verification, adjustment of industrial robots, deformation and dynamic measurements, and quality control and inspection.

Europe accounted for the largest share of the laser tracker market in 2017. OEMs in Europe have started using laser trackers to meet quality and safety requirements during the production process. Laser trackers in the automotive industry find multiple applications, such as quality inspection, alignment, and calibration. Thus, the growing automotive industry boosts the demand for laser trackers. Germany, the UK, and France are expected to be the top 3 contributors to the laser tracker market in Europe. The market in APAC is expected to grow at the highest CAGR during the forecast period. One of the key drivers for the growth of the laser tracker market in APAC is the growing focus of several market players on the adoption of new technologies. This region has become a global focal point for major investments and business expansion opportunities.

The key restraining factor for the laser tracker market is the availability of substitutes such as laser radars for inspection. In 2016, Faro (US), API (US), and Hexagon (Sweden) led the laser tracker market. Some of the other companies operating in the laser tracker market are VMT GmbH (Germany), On-Trak Photonics Inc. (US), SGS (Switzerland), Variation Reduction Solutions, Inc. (US), Brunson Instrument Company (US), Hubbs Machine and Manufacturing Inc. (US), and PLX Inc. (US).

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