The escalating need to capture three-dimensional data on parts, products, and environments is boosting opportunities for the growth of laser trackers. Reports that judge the semiconductor and electronics industry has been offered by Market Research Future, which generates reports on industry verticals that judge the market development and possibilities. The market shows the potential to gain USD 520 million in revenues by 2023 while mounting at 12.5 % CAGR approximately.
The rising use of portable 3D measurement tools is expected to contribute to the growth of the laser tracker market in the forthcoming period. Moreover, the need to have a high level of accuracy while replacing physical fixtures is expected to increase the market share of the market for laser trackers around the world.
The segmentation of the laser tracker market share is segmented on the basis of component, function, vertical and region. On the basis of component, the laser tracker market is segmented into software, hardware, and services. The hardware segment is further segmented into a laser tracker controller, laser tracker head, retroreflector, computer system, and essential accessories. The services segment is sub-divided into professional and managed services. Based on the function, the laser tracker market is segmented into alignment, reverse engineering, quality control & inspection, tool building and setup, automated assembly system. On the basis of vertical, the laser tracker market is segmented into aerospace & defense, automotive, architecture & construction, railways, energy & power, shipbuilding, and others. On the basis of regions, the laser tracker market is segmented into Europe, Asia Pacific, North America, and other regions in the world.
Detailed Regional Analysis
The regional evaluation of the unified monitoring market covers regions such as Europe, North America, Asia Pacific and the rest of the world. The European region is estimated to oversee the laser tracker owing to the incidence of key automotive companies. The automotive industry needs the measurements of big parts and assemblies, such as automotive body-in-white sizes; as a result, laser trackers are widely used in the automotive industry. The UK, Germany, and France are projected to be the topmost three suppliers to the laser tracker market in the European region. The Asia Pacific region is anticipated to mature with the uppermost CAGR in the forecast period due to the budding adoption of automation in the region. The market in the region of Asia Pacific is acquiring momentum from numerous industries such as aerospace, automotive, and others who use trackers for numerous applications such as tool building, reverse engineering, and setup.
The market competitors are making decisions that are improving business performance and supervise risk. The change in the ways consumers interrelate with market companies is also opening up new business models. The strategic intent in the market of players is enhancing the operations in the market overall. Furthermore, the market leaders are considering streamlining all aspects of operations at a macro and micro level in the global market. The fastest-growing companies are initiating a dramatic growth phase in the market in recent times. The extensive set of capabilities developed by market players is aiding in accelerating and delivering sustainable growth. The high-growth aspirations currently in place are inspiring a profound level of development in the market. Moreover, the companies are also well equipped to effectively implement their growth strategy over the long term. As the companies are making their customers an important focal point for strategy formulation, they are creating a strong competitive advantage in today’s turbulent market.
The notable companies in charge of shaping the laser tracker market include Hexagon (Sweden), Variation Reduction Solutions, Inc. (US), API (US), VMT GmbH (Germany), Faro (US), On-Trak Photonics Inc. (US), Brunson Instrument Company (US), SGS (Switzerland), Hubbs Machine and Manufacturing Inc. (US), and PLX Inc. (US).