HOME Research Insight Laser Tracker Market for Calibration to Grow at Highest CAGR Between 2018 and 2023

Laser Tracker Market for Calibration to Grow at Highest CAGR Between 2018 and 2023

The laser tracker market is expected to be worth USD 521.6 Million by 2023, growing at a CAGR of 12.39% between 2018 and 2023. The growth of the laser tracker market is propelled by the use of laser trackers for applications such as calibration, alignment, and quality control & inspection across industries.

The laser tracker market has witnessed various technological advancements and registered remarkable growth over the past few years. Laser tracker solutions integrate data into production processes, enabling smarter decision-making, better quality control, increased throughput or production rate, and reduced cycle times, thereby supporting the businesses involved in the general manufacturing and production of large-scale precision machining equipment. Laser trackers are being manufactured by players such as Faro (US), API (US), and Hexagon (Sweden). Some of the other companies operating in the laser tracker market are VMT (Germany), On-Trak Photonics (US), SGS (Switzerland), Variation Reduction Solutions (US), Brunson (US), Hubbs (US), and PLX (US).

The applications of laser trackers include quality control & inspection, alignment, reverse engineering, and calibration. Quality control & inspection is expected to dominate the laser tracker market till 2023, whereas the market for calibration would register the highest growth during the forecast period. The adoption of Industry 4.0 or smart factory is the major factor fueling the growth of the market for calibration application. Calibration helps reduce waste and produce high-quality products with continuous precision. This helps automate production lines, reduce downtime, and increase production efficiency. By using laser trackers for calibration, it is easy to reduce inaccuracies and understand if the equipment is accurately displaying and producing precise measurements in repeated manufacturing tasks.

Among industries, the laser tracker market for automotive is expected to grow at the highest CAGR between 2018 and 2023. In the automotive industry, laser trackers offer a precision measurement solution at all points of the design and production process on an automotive production line or on the shop floor of the customized car manufacturer. 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 held the largest share of the laser tracker market in 2017. North America is also one of the potential markets for laser trackers. The laser tracker market is expected to grow at a high rate in APAC. One of the key drivers for the growth of the laser 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. APAC is expected to offer significant growth opportunities for the laser tracker market in sectors such as automotive and aerospace.

Related Reports:

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

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