Global Laser Trackers Market to Reach $457 Million by 2026

SAN FRANCISCO, June 30, 2021 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Laser Trackers - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.

FACTS AT A GLANCE
Edition: 6; Released: January 2021
Executive Engagements: 513
Companies: 30 - Players covered include Automated Precision, Inc.; Brunson Instrument Company; FARO Technologies, Inc.; Hexagon AB; Hubbs Machine and Manufacturing Inc.; Nikon Metrology Inc.; On-Trak Photonics Inc.; PLX Inc.; SGS S.A.; Variation Reduction Solutions, Inc.; VMT GmbH Gesellschaft für Vermessungstechnik and Others.
Coverage: All major geographies and key segments
Segments: Application (Quality Control & Inspection, Alignment, Calibration, Reverse Engineering); End-Use (Aerospace & Defense, Automotive, Energy & Power, Architecture & Construction, Other End-Uses)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Rest of Europe; Asia-Pacific; Rest of World.

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ABSTRACT-

Global Laser Trackers Market to Reach $457 Million by 2026
A laser tracker enables rapid measurement of an object that could be moved anywhere within the base unit's line-of-sight. Laser trackers are extensively used in tool building, setup, and reverse engineering applications. Growth in the global market is set to be fueled by increasing use of new trends in 3D measurement techniques along with the demand for quality control and testing, accurate calibration, and dependable manufacturing process. Market expansion is expected to be driven by benefits of laser trackers such as high accuracy and precision, lightweight and small form factor, portability, versatile mount, and continuous point measurement offered by laser trackers. Widely applied in reverse engineering and 3D measurement in the defense industry, laser trackers offer accuracy in aircraft rigging, weapon system and shaft and rail alignment, and RADAR dish profiling among many measurement products and services. In addition, technological advancements allowing superfast single point measurement and improvements in distance measurement technology enabling increased processing speed contribute to wider use of laser trackers across many industries. Further, the automation of robotic systems is another factor that would drive market growth.

Amid the COVID-19 crisis, the global market for Laser Trackers estimated at US$249 Million in the year 2020, is projected to reach a revised size of US$457 Million by 2026, growing at a CAGR of 10.5% over the analysis period. Quality Control & Inspection, one of the segments analyzed in the report, is projected to grow at a 11.3% CAGR to reach US$189.4 Million by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Alignment segment is readjusted to a revised 10.7% CAGR for the next 7-year period. This segment currently accounts for a 26.7% share of the global Laser Trackers market. The need for quality control and inspection in aerospace, defense, and automotive industries is a key growth factor. The technology's quality control and inspection applications help meet product requirements and ensure quality during manufacturing.

The U.S. Market is Estimated at $68.8 Million in 2021, While China is Forecast to Reach $82.8 Million by 2026
The Laser Trackers market in the U.S. is estimated at US$68.8 Million in the year 2021. The country currently accounts for a 26.12% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$82.8 Million in the year 2026 trailing a CAGR of 13.9% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 8.7% and 9.3% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 9.1% CAGR while Rest of European market (as defined in the study) will reach US$93.1 Million by the end of the analysis period. Europe, which is the world's largest motor vehicle producer, dominates the global laser tracker market. This is due to the presence of prominent players in the automotive sector, who leverage the massive manufacturing sector of the region to enhance their operations. European OEMs have begun employing laser trackers to ensure safety and quality needs are met during production. Growth in the Asia-Pacific region is being driven by rising demand for laser trackers in the automotive, general manufacturing, aerospace and defense, and energy and power sectors.

Calibration Segment to Reach $91.4 Million by 2026
Industrial robots have the ability to repeat the execution of the task but are not accurate. Robot calibration helps to improve the accuracy by a factor of 2 to 10. Evaluation of robot's accuracy is done by performance tests such as ballbar test (circular test) or ISO9283 path accuracy tests. Robot calibration significantly improves accuracy of off-line programming (OLP) robots. Also a calibrated robot has higher precision and accuracy compared to the uncalibrated robotic system. In the global Calibration segment, USA, Canada, Japan, China and Europe will drive the 9.5% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$43.1 Million in the year 2020 will reach a projected size of US$81.5 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$10.3 Million by the year 2026. More

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Global Industry Analysts, Inc.
Phone: 1-408-528-9966
www.StrategyR.com 
Email: [email protected] 

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SOURCE Global Industry Analysts, Inc.