Laser Tracker Market

Laser trackers are advanced measurement devices that use laser technology to accurately measure and track the movement and position of objects in three-dimensional space. They have revolutionized the way industries such as aerospace, automotive, and manufacturing measure and inspect large-scale objects, making it possible to achieve unprecedented levels of precision and accuracy.

The laser tracker operates by emitting a laser beam that is reflected back to the tracker by a retroreflector mounted on the object being measured. The tracker then calculates the distance between the tracker and the object based on the time it takes for the laser to travel and return. The tracker can also calculate the angle between the laser and the object, allowing it to accurately track the object's movement and position.

One of the most significant advantages of the laser tracker is its ability to measure large objects with extreme accuracy. Traditional measurement methods, such as tape measures and rulers, are prone to errors and are limited in their scope. In contrast, laser trackers can measure objects up to several meters in size, with a precision of up to a few micrometers.

Another advantage of the laser tracker is its ability to measure objects in real-time. This is particularly useful in industries where objects are constantly moving, such as in the aerospace and automotive industries. The laser tracker can track the movement of an object in real-time, making it possible to make adjustments and corrections to ensure that the object is manufactured or assembled to the required specifications.

Laser trackers have also revolutionized the inspection process. In the past, inspecting large objects required disassembling them and inspecting each component separately, which was time-consuming and costly. With the laser tracker, the object can be inspected in its entirety, allowing for faster and more efficient inspections.

The laser tracker market has seen significant developments in recent years, driven by advancements in technology and increasing demand for accurate measurements in various industries. One of the major trends in the market is the adoption of Industry 4.0 or smart manufacturing technologies across North America, Europe, and Asia Pacific, which is likely to escalate the demand for laser trackers in calibration applications. This is due to the fact that calibration increases reliability on the production line and the production line can operate more efficiently if existing machines are connected through automated processes.

Another trend in the laser tracker market is the increasing use of laser trackers in the aerospace and defense industry. The aerospace industry has been an early adopter of laser tracker technology and is one of the largest users of laser trackers today. Laser trackers are recognized in the aerospace industry for their easy portability, simple design, and ability to achieve extremely high accuracy levels. The demand for this technology is constantly increasing owing to the increasing awareness in many industry players regarding the benefits of integrating laser trackers into their processes, which include enhanced accuracy, real-time data acquisition, non-contact error mapping, and so on.

In addition to these trends, the market for laser tracker services is also expected to grow significantly in the coming years. Manufacturing companies are outsourcing their measurement and inspection tasks to laser tracking service providers because they can collect a large volume of data within a short period, leading to reduced inspection time, high accuracy measurements, and stability in processes. These factors are driving the growth of the services segment of the laser tracker market.

The laser tracker market is also witnessing a shift towards miniaturization, with manufacturers developing compact and portable laser trackers that are more user-friendly and easier to transport. This is especially important for industries that require on-site measurements in challenging environments.

Overall, the laser tracker market is expected to continue its growth trajectory in the coming years, driven by increasing demand for accurate measurements in various industries and advancements in technology. laser trackers are advanced measurement devices that have revolutionized the way industries measure and inspect large-scale objects. With their ability to measure large objects with extreme accuracy, track the movement of objects in real-time, and revolutionize the inspection process, they have become an indispensable tool for industries such as aerospace, automotive, and manufacturing.

Market Dynamics of Laser Tracker Market

Drivers: Laser Trackers' Precision, Portability, and Accuracy

The growth of the laser tracker market is largely driven by the high level of precision, portability, and accuracy offered by these devices. With an internal battery, laser trackers offer extreme precision over long distances and can operate in demanding environments without sacrificing accuracy. Modern-day laser trackers are portable and can deliver a high level of accuracy within a reasonable measurement range. Additionally, these systems are powered by Wi-Fi connectivity, facilitating seamless communication between sensors and the exchange of data.

Restraint: Availability of Substitutes such as Laser Radars

The availability of substitutes, such as laser radars, is a major restraint in the laser tracker market. Companies are expanding their presence in large-volume metrology applications by launching new versions and updated laser radar products. For example, API recently launched the DYNAMIC 9D LADAR, an innovative laser detection and ranging system that captures both dimensional and surface geometry data.

Opportunities in Laser Tracker Market

The laser tracker market presents opportunities for growth through the increasing adoption of cloud computing. Several companies operating in this market have begun offering cloud-based solutions to analyze and process data gathered by laser trackers. Hexagon's Manufacturing Intelligence division, for instance, provides HxGN SFx | Asset Management, a cloud-ready software solution that allows manufacturers to access real-time machine status and utilization reporting, enabling them to achieve operational excellence.

The market's growth will also be propelled by the growing number of advancements in distance measurement technology, improvements in processing speed, and increasing demand for three-dimensional measurement solutions in various industries such as defence, aerospace, automotive, and power generation. Moreover, the automation of robotic systems, growing usage of laser trackers for assembly of large components, and increasing number of automotive and aviation manufacturers, along with the growing demand for research and development activities in 3D measurement techniques, will further generate opportunities for growth in the laser tracker market.

However, the laser tracker market also faces challenges, such as addressing alignment errors due to manufacturing tolerances and design-related constraints. Laser trackers come in different configurations and designs to meet diverse applications, such as quality inspection, tooling, and alignment, in various industries. Hence, it is vital for manufacturers to address these challenges and improve the accuracy and precision of laser trackers to meet the evolving demands of the market.

The services segment of the laser tracker market is expected to witness the highest growth rate in given forecast period. Manufacturing companies are increasingly outsourcing their measurement and inspection tasks to laser tracking service providers due to the benefits they offer. The laser tracker technology enables them to collect a large volume of data quickly, which reduces inspection time and leads to high accuracy measurements, ensuring stability in processes. These factors are expected to drive the growth of the services segment in the laser tracker market.

The laser tracker market for calibration applications is expected to grow at the highest CAGR during the forecast period The adoption of Industry 4.0 or smart manufacturing technologies across North America, Europe, and Asia Pacific is likely to increase the demand for laser trackers in calibration applications. Calibration improves reliability on the production line, and connecting existing machines through automated processes can increase the production line's efficiency.

The aerospace and defense industry is one of the largest users of laser tracker technology, and it is expected to hold the second-largest share in the laser tracker market during the forecast period. Laser trackers are preferred in the aerospace industry due to their portability, simplicity in design, and ability to achieve high accuracy levels. The demand for laser trackers in the aerospace industry is increasing as more industry players become aware of the benefits of integrating laser trackers into their processes, including enhanced accuracy, real-time data acquisition, and non-contact error mapping.

During the forecast period, the Asia-Pacific (APAC) region is expected to register the highest CAGR in the laser tracker market, with China and India being the key contributors to the growth. China is a major global manufacturing hub for industries such as electronics, semiconductors, automotive, and consumer goods, offering enormous growth potential for laser tracker market players. Additionally, India's automotive industry is the fourth-largest in the world and is expected to be the world's third-largest in terms of volume by 2030, with significant growth potential for laser trackers in quality control, inspection, reverse engineering, calibration, and alignment applications. The increasing growth of the aerospace and automotive sectors, coupled with the rising usage of laser trackers in various applications such as reverse engineering and tool building, is expected to drive market growth in the region.

However, in Europe, the laser tracker market is expected to dominate due to its increasing use in processing control for maintenance of safety and quality standards. The report provides insights into individual market impacting factors and changes in regulations, which can affect the current and future trends of the market in each country. The report also considers data points like downstream and upstream value chain analysis, technical trends, Porter's five forces analysis, and case studies to forecast the market scenario for individual countries. The impact of domestic tariffs, trade routes, and the presence of global brands and their challenges faced due to competition from local and domestic brands are also considered while providing forecast analysis of the country data.

Dominating Companies in Laser Tracker Market

• HEXAGON AB
• FARO TECHNOLOGIES, INC.
• AUTOMATED PRECISION, INC.
• SGS
• HUBBS MACHINE & MANUFACTURING INC.
• MITUTOYO CORPORATION
• VMT GMBH
• ON-TRAK PHOTONICS, INC.
• CHOTEST TECHNOLOGY INC.
• INNOVMETRIC SOFTWARE INC.
• 3D SYSTEMS, INC.
• VERISURF SOFTWARE, INC.
• METROLOGIC GROUP
• VARIATION REDUCTION SOLUTIONS, INC.
• BRUNSON INSTRUMENT COMPANY
• MACTECH ONSITE FIELD MACHINING SOLUTIONS
• EAST COAST METROLOGY, LLC
• ADVANCED DIMENSIONAL SOLUTIONS PTY LTD
• HIWE SQS
• DIVERSE DIMENSIONS
• MANCHESTER METROLOGY LIMITED
• PLX INC
• OASIS ALIGNMENT SERVICES
• 3D ENGINEERING SOLUTIONS
• SCHAEFFER PRECISION ALIGNMENT, INC.
• LEISTERTECH
• AURUM 3D
• NEBULA3D SERVICES

Recent Developments in Laser Tracker Market

In 2021, Hexagon AB, a leading provider of sensor, software, and autonomous solutions, acquired D.P. Technology Corp., a leading developer of computer-aided manufacturing (CAM) software. The acquisition is expected to enhance Hexagon's smart manufacturing capabilities and strengthen its position in the aerospace, automotive, medical, and electronics industries, among others.

In 2020, FARO Technologies, a global leader in 3D measurement and imaging solutions, acquired ATS AB, a Sweden-based provider of smart factory solutions. The acquisition is expected to enable FARO to provide end-to-end solutions for factory automation and Industry 4.0 initiatives, leveraging ATS's expertise in automation and digitalization.

In 2019, API, a global leader in laser-based metrology solutions, acquired Exact Laser Measurements, a leading provider of portable metrology services. The acquisition is expected to enhance API's service capabilities and expand its reach in the North American market.

In 2018, Hexagon AB acquired Spring Technologies, a France-based provider of software solutions for optimizing the machining workflow. The acquisition is expected to enhance Hexagon's smart manufacturing capabilities and strengthen its position in the aerospace, automotive, and industrial equipment industries, among others.

In 2021, FARO Technologies and STORMBEE announced a strategic partnership to offer advanced airborne 3D scanning solutions for capturing data in challenging environments. The partnership combines FARO's expertise in 3D laser scanning and STORMBEE's expertise in drone technology to provide high-accuracy, high-resolution 3D scanning capabilities for a range of industries, including construction, mining, and infrastructure.

In 2020, Hexagon AB acquired PAS Technology, a UK-based provider of software solutions for non-destructive testing (NDT) and quality assurance. The acquisition is expected to enhance Hexagon's capabilities in NDT and expand its reach in the aerospace, oil and gas, and energy industries.

In 2019, FARO Technologies acquired Advanced Technical Solutions in Scandinavia AB (ATS), a Sweden-based provider of 3D scanning and measurement services. The acquisition is expected to enhance FARO's service capabilities in Northern Europe and strengthen its position as a leader in 3D metrology solutions.

In 2019, API and Mitutoyo Corporation, a Japan-based provider of precision measurement equipment, announced a partnership to offer advanced laser-based measurement solutions for the automotive industry. The partnership combines API's expertise in laser-based metrology with Mitutoyo's expertise in conventional measurement to provide comprehensive measurement solutions for automotive manufacturers and suppliers.