According to the new market research report "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", The laser tracker market is expected to grow from USD 290.9 Million in 2018 to USD 521.6 Million by 2023, at a CAGR of 12.39% between 2018 and 2023. High accuracy, precision, and portability, along with technological advancements in distance measurement technology and improvements in processing speed, facilitate the larger use of laser trackers across industries. Also, the automation of robotic systems is expected to foster the growth of the laser tracker market.
Quality control & inspection dominated the overall laser tracker market in 2017
Among applications, quality control & inspection held the largest share of the overall laser tracker market in 2017. The increasing adoption of laser trackers for quality control & inspection owing to their compactness, portability, repeatability, and accuracy across industries such as automotive, aerospace, power generation, and machine alignment in manufacturing units is driving the laser tracker market. The increasing adoption of laser trackers across industries is leading to advancements in technologies powering such equipment. With the advent of technology, laser trackers are now witnessing a new era of acceptance levels in several industries.
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Major players in the laser tracker market include Faro (US), API (US), and Hexagon (Sweden). Some of the other companies operating in the laser tracker market are VMT GmbH (Germany), On-Trak Photonics Inc. (US), SGS (Switzerland), Variation Reduction Solutions, Inc. (US), Brunson Instrument Company (US), Hubbs Machine and Manufacturing Inc. (US), and PLX Inc. (US).