The laser tracker market is estimated to grow from USD 636 million in 2022 to reach USD 866 million by 2027; it is expected to grow at a CAGR of 6.4% from 2022 to 2027. The growth of the laser tracker market can be attributed to the high accuracy, precision, and portability offered by laser trackers. Hexagon AB (Sweden); Faro Technologies, Inc. (US); Automated Precision Inc. (US); InnovMetric Software Inc. (Canada); CHOTEST TECHNOLOGY INC. (China); Mitutoyo Corp. (Japan); 3D Systems, Inc. (US); VMT GmbH (Germany); Hubbs Machine and Manufacturing Inc. (US); and PLX Inc. (US); and Brunson Instrument Company (US) are among a few of the players in the laser tracker market. Most of the leading companies have adopted product launches as key strategies to boost their revenues in the laser tracker market.
Top Market Players:
Hexagon has a huge and diversified portfolio of laser tracker solutions. The company also invests heavily in R&D activities; in the last three years, it has invested more than 10% of its annual revenue in R&D activities. As of December 2021, the company held over 4,000 active patents and had 5,000 employees in the R&D department. Hexagon conducts operations through 300 operating companies in 50 countries. It serves clients from several industries, including surveying, electronics and manufacturing, infrastructure and construction, energy & power, automobile, aerospace & defense, natural resources, and public safety. To grow in the laser tracker market, the company has adopted the strategy of product launches globally.
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FARO develops and manufactures leading-edge solutions that enable high-precision 3D capture, measurement, and analysis across various industries, including manufacturing, construction, engineering, and public safety. It has a broad product portfolio and ~920 patents and pending patent applications, along with 70 trademark registration worldwide. The company has strong R&D capabilities and a team of over 215 scientists. To grow in the laser tracker market, the company has adopted the strategy of product launches and developments.
API is among the leading providers of laser tracker solutions in the world. The company has 30 years of experience in advanced metrology and offers solutions to leading companies such as Boeing, Lockheed Martin, Northrop Grumman, Voith Hydro, and Ford. It has an extensive network of resellers worldwide. To grow in the laser tracker market, the company has primarily adopted the strategy of partnerships and collaborations.
Laser Tracker Market by Application (Quality Control & Inspection, Alignment, Reverse Engineering, and Calibration), Industry (Automotive, Aerospace & Defense, General Manufacturing, Energy & Power, Transportation) and Region - Global Forecast to 2027
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