Laser Tracker Market Size Worth $ 1,042.8 Million By 2030 | CAGR: 6.4%

The global laser tracker market size is expected to reach USD 1,042.8 million by 2030, according to a new study by Polaris Market Research. The report " Laser Tracker Market Share, Size, Trends, Industry Analysis Report, By Type (Hardware, Software, Service); By Application (Automotive, Aerospace, Defense, Healthcare, Manufacturing, Energy & Power, Others); By Region; Segment Forecast, 2022 - 2030" gives a detailed insight into current market dynamics and provides analysis on future market growth.

The growing advancements in distance measurement technology and rising expansion of industry 4.0 are driving the market over the forecast period. New technologies and the increasing need for computer-aided laser tracker systems help to spur the market.

Due to the increasing demand from the automotive industry for high-tech technologies like laser trackers for quality control calibration, the Asia-Pacific region is predicted to experience high growth in the laser tracker system market. Governments in developing nations are taking the lead in the robotics sector, which is a significant factor in expanding the laser tracking market in the Asia Pacific region.

Additionally, as cloud computing becomes more widely used, these systems will function differently since they will be more affordable than conventional hardware-based solutions. Further, the software subscription model provided by most companies in this industry can significantly lower the high initial investment associated with purchasing a complete setup, including hardware and software. This encourages customers to choose it over other available options on the market.

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Laser trackers offer accuracy, dependability, and inspection quality in the manufacturing process. Recently, robot tracking,  testing, and maintenance have all been used in laser trackers. Instead of physical control devices and traditional hand tools, laser trackers are frequently utilized to calculate things.

An object that can be moved anywhere within the base unit's line of sight can be measured quickly and precisely by a laser tracker by tracking a laser beam and calculating 3-D coordinates. For Instance, Hexagon AB introduced a new wireless laser tracker automation system in April 2022 that was created specifically for extensive inspection duties carried out by manufacturing organizations.

Laser Tracker Market Report Highlights

• Hardware is expected to grow faster due to its application in precision machine alignments: turbines, compressors, CNC machines, pumps, etc.
• Manufacturing accounted highest revenue share. A manufacturing segment enables greater accuracy at faster production rates while simultaneously using fewer resources and materials.
• Asia-Pacific is expected to grow at the highest CAGR over the projected period because of the increasing growth of the aerospace and automotive sectors, along with the rising usage of products in various applications such as reverse engineering, tool building, and setup in the region.
• Major players operating in the industry include Hexagon, Faro Technologies, Automated Precision, Variation Reduction Solutions, InnovMetric Software VMT GmbH, CHOTEST TECHNOLOGY., Mitutoyo Corp.,  3D Systems., VMT GmbH,  Hubbs Machine and Manufacturing, PLX Inc, FARO Technologies, Novanta, and Avon-Dynamic calibration.

Polaris Market Research has segmented the laser tracker market report based on type, application, and region:

Laser Tracker, Type (Revenue - USD Million, 2018 - 2030)

• Hardware
• Software
• Service

Laser Tracker, Application Outlook (Revenue - USD Million, 2018 - 2030)

• Automotive
• Aerospace
• Defense
• Healthcare
• Manufacturing
• Energy & Power

Laser Tracker, Regional Outlook (Revenue - USD Million, 2018 - 2030)

• North America
  • U.S
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Netherlands
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Malaysia
• Latin America
  • Argentina
  • Brazil
  • Mexico
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa