Laser Tracker Market Key Players, Demands, Growth Rate, Application and Forecasts to 2027

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 the greater reliance of manufacturing firms on 3D data to assess product quality and performance.

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"The market for laser tracker hardware is expected to hold largest share from 2022 to 2027"
The increasing adoption of laser trackers in the aerospace & defense, automotive, architecture and construction, energy & power industries drive the growth of the hardware segment of the laser tracker market. Companies such as Hexagon, FARO, and API are offering a variety of laser trackers for these industries. Hexagon launched the Leica Absolute Tracker AT500 that automatically re-establishes interrupted lines of sight within a wide field of view without any user interaction. It offers reflector measurement up to 160 meters from the tracker to simplified 6DoF probing functionality.

"Laser tracker market for general manufacturing expected to grow at the second highest CAGR during the forecast period"
Laser trackers integrate data into production processes, enabling smarter decision-making, better quality control, increased throughput or production rate, and reduced cycle times, thereby completely supporting the businesses involved in general manufacturing and production of large-scale precision machining tools. VMT, On-Trak Photonics, Hubbs Machine & Manufacturing, API, and Hexagon AB are major companies offering laser tracking solutions for the manufacturing industry. In April 2022, Hexagon AB launched a new wireless laser tracker automation system, especially designed for large-scale inspection tasks performed by manufacturing companies.

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"The laser tracker market in the Asia Pacific to hold the largest share by 2027"
The market in the Asia Pacific is gaining opportunities from various industries, such as automotive, aerospace & defense, general manufacturing, and energy & power, wherein laser trackers are used for quality control and inspection, calibration, and alignment purposes. Advancements toward smart factory in countries such as China and India is another reason for the growth of the laser tracker market in this region.
Breakdown of the profile of primary participants:
• By Company Type: Tier 1 -30%, Tier 2 -50%, and Tier 3 -20%
• By Designation: C-level Executives -35%, Directors-25%, Others -40%
• By Region: North America-45%, Europe -20%, and Asia Pacific-35%

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.

Research Coverage:
Based on offering, the laser tracker market has been segmented into hardware, software, and services. Based on application, the laser tracker market has been segmented into quality control and inspection, alignment, reverse engineering, and calibration. Based on industry, the laser tracker market is segmented into automotive, aerospace and defense, energy and power, general manufacturing, architecture and construction, transportation and others. Based on region, the laser tracker market has been segmented into North America, Europe, Asia Pacific, and Rest of the World (RoW).

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Reasons to Buy Report:
The report would help market leaders/new entrants in the following ways:
• This report segments the laser tracker market comprehensively and provides the closest approximations of the overall market size, as well as that of the sub-segments across offerings, applications, industries, and regions.
• The report helps stakeholders understand the pulse of the market and provides information on key market drivers, restraints, challenges, and opportunities.
• This report would help stakeholders understand their competitors better and gain more insights to enhance their position in the business. The competitive landscape provides market share analysis and company evaluation quadrant for the key players operating in the laser tracker market.

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This release was published on openPR.