The global Laser Trackers Market size is slated to reach USD 302.8 million in 2023. As per FMI predictions, the estimated market CAGR from 2023 to 2033 is 11.4% CAGR. By the end of the forecast period, the market is estimated to attain a market valuation of USD 891.4 million.
| Attribute | Details |
|---|---|
| Laser Trackers Market Size (2022) | USD 270.1 million |
| Laser Trackers Market Size (2023E) | USD 302.8 million |
| Laser Trackers Market Forecast Size (2033F) | USD 891.4 million |
| Laser Trackers Market Value-based CAGR (2023 to 2033) | 11.4% |
| Laser Trackers Market Value-based CAGR (2018 to 2022) | 13.2% |
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In the historical period, the market gained a value of USD 270.1 million in 2022. The market throughout the historical period recorded a CAGR of 13.2%.
In recent years, the market has gained momentum owing to the surging adoption of laser-based technology in multiple industries like healthcare, defense, manufacturing, etc. Further, advances in distance measurement technology have also fueled the market in the historical period.
Laser trackers are employed in challenging situations where high precision is required. Their increasing use can be attributed to their portability and in-built battery. Over the forecast period, the laser trackers market is pegged to achieve USD 891.4 million by 2033. At present, the market is estimated to stand at USD 302.8 million in 2023. From 2023 to 2033, the market is expected to register a CAGR of 11.4%.
Modern lasers offer high precision and portability when utilized within a practical measurement range. The latest systems in the market are Wi-Fi enabled, permitting enhanced fluid communication among sensors to expedite data transfer.
Manufacturers in the market are consistently introducing new solutions and products, which is projected to foster market growth. Additionally, heightened investments in the industry to advance laser tracker technology are also forecasted to have a positive influence in the coming years.
Firms operating in the market have commenced delivering cloud-based solutions for processing and analyzing data. For example, Hexagon’s Manufacturing Intelligence provides HxGN SFx Asset Management, which is a cloud-ready software solution. This solution assists manufacturers in providing operational excellence by delivering access to utilization reporting and real-time machine status.
| Attribute | Details |
|---|---|
| Country | China |
| Market Size (USD million) by End of Forecast Period (2033) | USD 222.5 million |
| CAGR % 2023 to End of Forecast (2033) | 11.4% |
China’s laser trackers industry is projected to amount to USD 222.5 million by 2033. Throughout the assessment period, China market is predicted to expand at a CAGR of 11.4%. The country is observing an increase in the establishment of smart factories, which is facilitating the demand for laser trackers.
The large automobile industry in China is also supporting the sales of laser trackers in the country. Further, the high penetration rate of electric vehicles and substantial production of solar modules are pushing market growth.
| Attribute | Details |
|---|---|
| Country | The United States |
| Market Size (USD million) by End of Forecast Period (2033) | USD 164.3 million |
| CAGR % 2023 to End of Forecast (2033) | 11.3% |
The United States laser trackers market is projected to attain USD 164.3 million by 2033. Up until 2033, the market is predicted to expand at a CAGR of 11.3%. The regional growth is supported by the presence of several conglomerates in the United States.
Companies offering laser trackers are continuously updating their product offerings to match the current demands, thus augmenting the country’s market. Additionally, ongoing mergers and acquisitions are also expected to have a positive impact on the market revenue.
| Attribute | Details |
|---|---|
| Country | The United Kingdom |
| Market Size (USD million) by End of Forecast Period (2033) | USD 33.2 million |
| CAGR % 2023 to End of Forecast (2033) | 11.2% |
The United Kingdom market in Europe is projected to be a key market. The United Kingdom laser trackers industry is projected to generate USD 33.2 million by 2033. From 2023 to 2033, the market is anticipated to assume a CAGR of 11.2%. Increasing application of laser trackers in tool building and setup and reverse engineering is expected to propel market development.
Increasing advancements in laser trackers are also projected to have a positive influence over the forecast period. There have been improvements in the technology by integrating a rotating laser source with an autonomous tracking beam. With this enhancement, the system is expected to be empowered to offer information to the excavation machines. Consequently, simplifying and decreasing the construction charges.
| Attribute | Details |
|---|---|
| Country | The United Kingdom |
| Market Size (USD million) by End of Forecast Period (2033) | USD 174.9 million |
| CAGR % 2023 to End of Forecast (2033) | 11.3% |
Japan’s laser trackers industry is expected to gain a market value of USD 174.9 million by 2033. Throughout the forecast period, the market is expected to perceive a CAGR of 11.3%. The government of Japan is taking an active initiative in the robotics sector, which is expected to have a positive influence over the overall market. Additionally, laser trackers are increasingly employed in industries like defense and aerospace, energy and power, construction, etc.
| Attribute | Details |
|---|---|
| Segment | Aerospace & Defense |
| CAGR % (2023 to 2033) | 10.6% |
| CAGR % (2018 to 2023) | 12.7% |
The aerospace and defense industry is projected to be the top end-use segment in the upcoming years. Throughout the forecast period, the market is anticipated to expand at a CAGR of 10.6%. The segment is an early adopter of laser trackers and a significant user of laser trackers currently. Simple design, easy portability, and ability to achieve high precision of laser trackers is also a key driver for its growth in the aerospace and defense domain.
The segment growth can be ascribed to the surging awareness about the advantages of integrating laser trackers with the manufacturing processes. Some of the benefits include non-contact error mapping, real-time data acquisition, enhanced precision, etc.
| Attribute | Details |
|---|---|
| Segment | Quality Control & Inspection |
| CAGR % (2023 to 2033) | 10.8% |
| CAGR % (2018 to 2023) | 12.8% |
Based on application, quality control, and inspection is expected to attain the position of the leading segment by 2033. From 2023 to 2033, the market is projected to gain a CAGR of 10.8%, increasing from the 12.8% CAGR observed in the historical period.
Increasing demand for laser trackers in the manufacturing industry like aerospace and defense, and automotive, is projected to catalyze the segment growth. Manufacturers extensively employ laser trackers to check the quality of manufacturing processes that cater to customer requirements.
Key players in the market are concentrating their efforts on panning out advanced laser trackers to drive enhanced outcomes. In addition to this, strategies like mergers and acquisitions, and partnerships are key strategies employed by the manufacturers to scale their revenue in the years to come.
Key Developments in the Laser Trackers Market:
| Attribute | Details |
|---|---|
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | USD million for Value |
| Key Regions Covered | North America; Latin America; Europe; Asia Pacific; and the Middle East and Africa (MEA) |
| Key Countries Covered | The United States, Canada, Mexico, Germany, the United Kingdom, France, Italy, China, Japan, South Korea, Australia, Brazil, the Middle East, and Africa |
| Key Segments Covered | Application, End-use, and Region |
| Key Companies Profiled | Nikon Corporation; Keyence Corporation; SGS SA; FARO Technologies, Inc.; Hexagon AB; Leica Geosystems AG; Nikon Metrology, Inc.; Mitutoyo Corporation; Automated Precision, Inc.; Egismos Technology Corporation |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, Drivers, Restraints, Opportunities and Threats Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
| Customization & Pricing | Available upon Request |
The market is valued at USD 302.8 million in 2023.
Yes, China has a large manufacturing base and a growing demand for precision manufacturing.
The aerospace and defense industry is the primary consumer of the laser trackers market.
The market is estimated to reach USD 891.4 million by 2033.
The market trend for laser trackers is expected to grow at a CAGR of 11.4% by 2033.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Application 5.1. Quality Control & Inspection 5.2. Alignment 5.3. Calibration 5.4. Reverse Engineering 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By End-Use 6.1. Aerospace & Defense 6.2. Automotive 6.3. Energy & Power 6.4. Architecture & Construction 6.5. Others 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 7.1. North America 7.2. Latin America 7.3. Europe 7.4. Asia Pacific 7.5. MEA 8. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 9. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Asia Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. MEA Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. Key Countries Market Analysis 14. Market Structure Analysis 15. Competition Analysis 15.1. Nikon Corporation 15.2. Keyence Corporation 15.3. SGS SA 15.4. FARO Technologies, Inc. 15.5. Hexagon AB 15.6. Leica Geosystems AG 15.7. Nikon Metrology, Inc. 15.8. Mitutoyo Corporation 15.9. Automated Precision, Inc. 15.10. Egismos Technology Corporation 16. Assumptions & Acronyms Used 17. Research Methodology
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Laser Trackers Market
