The laser tracker market is estimated to grow from USD 636 million in 2022 to reach USD 866 million by 2027. it is expected to grow at a CAGR of 6.4% from 2022 to 2027. The growth of the laser tracker market can be attributed to increased adoption of robotics along with laser trackers in developed countries.
Quality control and inspection to hold largest share of laser tracker market during the forecast period.
The quality control and inspection segment is expected to continue to hold the largest market share in the coming years owing to the proliferation of quality standards and quality assurance systems across various industries, such as automotive and aerospace & defense. Laser trackers have emerged as a simple, cost-effective tool used for dimensioning and quality control of large objects and alignment and leveling of production equipment.
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Laser tracker market for automotive industry is expected to grow at the highest CAGR during the forecast period
Laser tracker market for automotive industry is expected to grow at the highest CAGR during the forecast period. The growing interest of companies in exploring emerging countries enables the growth of the automotive industry across multiple applications, such as alignment, reverse engineering, and quality control and inspection. Moreover, various auto manufacturers have started investing in new technologies such as laser trackers to add innovative features to modern-day automobiles, increase productivity, and fulfill the growing demand for automobiles.
Laser tracker market in Europe is expected to hold the second largest size during the forecast period.
Laser tracker market in Europe is expected to hold the second largest size during the forecast period. Europe is among the worlds biggest producers of motor vehicles, and the automotive industry represents the largest private investor in research and development. Companies such as BMW have deployed Hexagon laser tracker solutions to boost their inspection efficiency and, ultimately, the quality of their products. Therefore, laser trackers are expected to have huge opportunities in the European market.
Hexagon AB (Sweden); Faro Technologies, Inc. (US); Automated Precision Inc. (US); InnovMetric Software Inc. (Canada); CHOTEST TECHNOLOGY INC. (China); Mitutoyo Corp. (Japan); 3D Systems, Inc. (US); VMT GmbH (Germany); Hubbs Machine and Manufacturing Inc. (US); and PLX Inc. (US); and Brunson Instrument Company (US) are among a few of the players in the laser tracker market.
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