Laser Tracker Market to Grow 12.39% CAGR to 2023, Led by Automotive, Aerospace & Defense, General Manufacturing

PUNE, India, April 24, 2018 /PRNewswire/ --

ReportsnReports.com adds the laser tracker market is estimated to be valued at USD 290.9 million in 2018 and is expected to be worth USD 521.6 million by 2023, growing at a CAGR of 12.39% between 2018 and 2023. The growth of the laser tracker market is propelled by the necessity of quality control & inspection across industries such as automotive and aerospace & defense. The major challenge for players in the laser tracker market is addressing alignment errors that may result in loss of measurement accuracy when the tracker is operational.

Browse 67 Market Data Tables and 37 Figures spread through 136 Pages and in-depth TOC on "Laser Tracker Market by Application (Quality Control & Inspection, Alignment, and Reverse Engineering), Industry (Automotive, Aerospace & Defense, General Manufacturing, Energy & Power), and Geography - Global Forecast to 2023" http://www.reportsnreports.com/reports/1465044-laser-tracker-market-by-application-quality-control-inspection-alignment-and-reverse-engineering-industry-automotive-aerospace-defense-general-manufacturing-energy-power-and-geography-global-forec-st-to-2023.html .

Key players profiled in Laser tracker market report are Faro Technologies, Inc. (US), Hexagon AB (Sweden), and Automated Precision Inc. (US).Some of the other companies operating in the laser tracker market are VMT GmbH (Germany), On-Trak Photonics Inc. (US), SGS (Switzerland), Variation Reduction Solutions, Inc. (US), Brunson Instrument Company (US), Hubbs Machine and Manufacturing Inc. (US), and PLX Inc. (US).

"Increasing technology adoption in aerospace & defense industry propels laser tracker market growth."  

The report covers the laser tracker market segmented on the basis of applications, industries, and regions. Among applications, quality control & inspection accounted for the largest market share in 2017, which can be attributed to the increasing use of laser trackers for monitoring and measuring quality across industries such as automotive and aerospace & defense. Quality control and inspection is an important parameter in automotive and aerospace & defense industries to ensure customer requirements and specifications are met.

"Europe and APAC are the major markets for laser trackers."

Inquire for DISCOUNT on "Laser Tracker Market by Application (Quality Control & Inspection, Alignment, and Reverse Engineering), Industry (Automotive, Aerospace & Defense, General Manufacturing, Energy & Power), and Geography - Global Forecast to 2023" research report at http://www.reportsnreports.com/contacts/discount.aspx?name=1465044 .

The laser tracker market in APAC is gaining opportunities from various industries, such as automotive, aerospace & defense, general manufacturing, and energy & power, which use laser trackers for quality control and inspection, calibration, and alignment purposes. Advancements toward smart factory in countries such as China and India are also driving the growth of the laser tracker market in this region. In addition, the automotive industry in China is growing rapidly, and the auto shows held in Beijing, Shanghai, and other cities are drawing a lot of attention.

Laser Technology Market, by Applications

• Commercial
• Telecommunication
• Research
• Aerospace & Defense
• Medical
• Automotive
• Semiconductor & Electronics
• Industrial

The report estimates the size and growth potential of the laser tracker market across segments such as application, industry, and geography. Furthermore, the report includes market dynamics and the competitive analysis of the key players in the market, along with their company profiles and recent developments.

Order a copy of "Laser Tracker Market by Application (Quality Control & Inspection, Alignment, and Reverse Engineering), Industry (Automotive, Aerospace & Defense, General Manufacturing, Energy & Power), and Geography - Global Forecast to 2023" research report at http://www.reportsnreports.com/purchase.aspx?name=1465044 .

Europe accounted for the largest share of the laser tracker market in 2017. OEMs in Europe have started using laser trackers to meet quality and safety requirements during the production process. Laser trackers in the automotive industry find multiple applications, such as quality inspection, alignment, and calibration. Germany, the UK, and France are expected to be the top 3 contributors to the laser tracker market in Europe.

The breakup of the profiles of primary participants is given below: 

• By Company Type: Tier 1 = 33%, Tier 2 = 45%,and Tier 3 = 22%
• By Designation: C-Level Executives = 33%, Directors = 25%, and Others = 42%
• By Region: North America = 35%, Europe = 29%, APAC = 24%, and RoW = 12%

Another research titled laser technology market is expected to reachUSD15.38 billion by 2022, growing at a CAGR of 5.2% between 2017 and 2022.Enhanced performance over the traditional material processing techniques is one of the major factors fueling the growth of this market. The prominent players profiled in this report are as Coherent, Inc. (US), IPG Photonics Corp. (US), Trumpf Group (Germany), Lumentum Holdings Inc. (US), Jeanoptik AG (Germany), Novanta Inc (US), Quantel Group (UK), LasaerStar Technologies Corp. (US), Epilog Laser (US), and MKS Instruments (US) available with 145 pages at http://www.reportsnreports.com/purchase.aspx?name=183585 .

Explore more reports on Electronics Industry at http://www.reportsnreports.com/market-research/semiconductor-and-electronics/ .

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