Vancouver, Jan. 31, 2024 (GLOBE NEWSWIRE) -- The global laser tracker market size was USD 643.6 Million in 2022 and is expected to register a rapid revenue CAGR of 6.5% during the forecast period. Increasing adoption of laser trackers in the aerospace and ship-building sector, ease of portability, along with rising demand and incorporation of new advancements in distance measuring technology are major factors driving market revenue growth.
Laser tracker systems are incorporating wireless technology more to enhance their performance and user-friendliness. For instance, on 26 April 2022, Hexagon's Manufacturing Intelligence division unveiled a new solution that utilizes Six Degrees of Freedom (6DoF) laser tracker technology for automated inspection integration projects. The solution, called WRTL, is specifically designed for large-volume applications and features both wireless capability and absolute accuracy. It allows for up to four robot-based scanner systems to operate in parallel, with each tracker monitoring multiple scanners. This maximizes field productivity and can be configured in simple pairs or a crossed configuration
In addition, increasing number of companies investing significantly in Research & Development (R&D) activities and working on new product lines with improved accuracy and measuring range is another key factor driving revenue growth of the market. Demand for distance measuring technology using ultrasound and radar-based is rising in several end-use sectors such as construction, manufacturing, aerospace, and ship building, among others. Laser trackers have incorporated Three Dimensional (3D) technology to enhance their accuracy and performance. One example of such technology is 3D scanning, which enables laser trackers to instantly record and convert the surface geometry of an object or structure into digital form.
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However, availability of alternative products with better accuracy and precise distance-measuring capabilities is a key factor, which could restrain market revenue growth. Measurement technologies, such as Coordinate Measuring Machines (CMMs), non-contact 3D scanners, laser radars, and portable arm CMMs, has the potential to provide comparable or superior precision and productivity compared to laser trackers.
Segment Insights
Application Insights:
On the basis of application, the global laser tracker market is segmented into quality control and inspection, calibration, reverse engineering, and alignment. The calibration segment is expected to register steadily fast revenue growth rate in the global laser tracker market during the forecast period. This is because calibration is important for ensuring that measurements remain consistent and repeatable over time, which is vital for producing dependable data using a tracker. This is especially crucial for industries that rely on consistency to maintain productivity and efficiency during large-scale manufacturing operations.
End-Use Insights:
On the basis of end-use, the global laser tracker market is segmented into aerospace and defense, automotive, architecture and construction, energy and power, general manufacturing, transportation, and others. The automotive segment is expected to account for significantly large revenue share in the global laser tracker market over the forecast period. This is due to rising complexity of manufacturing processes in the industry, where precision and accuracy play a crucial role in achieving high-quality outputs. Laser trackers offer an efficient and highly accurate method of measuring and inspecting large parts and components, which is essential for ensuring that the final product meets required specifications.
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Regional Insights:
The Europe market accounted for largest revenue share in the global laser tracker market in 2022. This is owing to rising demand from the automotive sector and distance measuring technology, along with incorporation of new technologies such as Absolute Distance Meter (ADM), and 3D scanning technologies in laser trackers. For instance, on 15 September 2022, FARO announced the launch of their latest series of laser trackers, the VantageS6 Max and VantageE6 Max. These novel trackers provide extensive 3D measurement capabilities across considerable volumes of up to 80 meters. This has the potential to make processes more efficient and minimize the time it takes to conduct inspections.
The North America market is expected to register fastest revenue growth rate in the global laser tracker market over the forecast period. This is due to rising demand for quality inspection, alignment, and calibration from the aerospace and automotive sector and increasing number of companies forming strategic alliances. For instance, on 18 January 2023, FARO Technologies, Inc. successfully acquired SpatialMetrix Corporation, a private company, for USD 1.9 million. This acquisition presents a valuable opportunity for FARO to enhance its product range and offer complementary technology to its customers worldwide. FARO has also developed a new laser tracker, which is patent-pending and offers significant improvements in accuracy and reliability. This laser tracker is a highly precise, portable 3D measurement tool with a range of over 100 feet. When combined with FARO's conventional Control Station and FaroArms, this results in a portable product range that can tackle practically any manufacturing measurement challenge.
Scope of Research
| Report Details | Outcome |
| Market Size in 2022 | USD 643.6 Million |
| CAGR (2023–2032) | 6.5% |
| Revenue Forecast To 2032 | USD 1,206.7 Million |
| Base Year For Estimation | 2022 |
| Historical Data | 2019-2021 |
| Forecast Period | 2023–2032 |
| Quantitative Units | Revenue in USD Million and CAGR in % from 2023 to 2032 |
| Report Coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments Covered | Type, application, end-use, and region |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
| Country Scope | U.S., Canada, Mexico, Germany, France, UK, Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, and Rest of Middle East & Africa |
| Key Companies Profiled | Faro, VMT GmbH, 10.3. Variation Reduction Solutions, Inc., Hexagon AB, Automated Precision Inc., Plx Inc., 3D Systems, Inc., On-Trak Photonics, Inc., Brunson Instrument Company, and Verisurf Software, Inc. |
| Customization Scope | 10 hours of free customization and expert consultation |
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Major Companies and Competitive Landscape
The global laser tracker market is moderately fragmented, with many large and medium-sized players accounting for majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective laser tracker solutions. Some major players included in the global laser tracker market report are:
- Faro
- VMT GmbH
- Variation Reduction Solutions, Inc.
- Hexagon AB
- Automated Precision Inc.
- Plx. Inc.
- 3D Systems, Inc.
- On-Trak Photonics, Inc.
- Brunson Instrument Company
- Verisurf Software, Inc.
Strategic Development
- On 18 January 2023, FARO Technologies, Inc. successfully acquired SpatialMetrix Corporation, a private company, for USD 1.9 million. This acquisition presents a valuable opportunity for FARO to expand its product range and offer complementary technology to its customers worldwide. FARO has also developed a new laser tracker, which is patent-pending and offers significant improvements in accuracy and reliability.
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For the purpose of this report, Emergen Research has segmented the global laser tracker market on the basis of ingredient, application, end-use, and region:
- Type Outlook (Revenue, USD Million; 2019-2032)
- Hardware
- Software
- Services
- Application Outlook (Revenue, USD Million; 2019-2032)
- Quality Control and Inspection
- Calibration
- Reverse Engineering
- Alignment
- End-Use Outlook (Revenue, USD Million; 2019-2032)
- Aerospace and Defense
- Automotive
- Architecture and Construction
- Energy and Power
- General Manufacturing
- Transportation
- Others
- Regional Outlook (Revenue, USD Million; 2019–2032)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Benelux
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Turkey
- Rest of Middle East & Africa
- North America
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