Northbrook, IL 60062 -- (SBWIRE) -- 08/18/2022 -- 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 significant R&D expenditure for launching 3D metrology products such as laser trackers and high accuracy, precision, and portability offered by laser trackers.
The market for laser tracker services is expected to grow at the highest CAGR from 2022 to 2027. Manufacturing companies are adopting laser trackers to achieve precise measurements, positioning accuracy, and process stability, which, in turn, is expected to boost the demand for laser tracker services in the coming years.
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The laser tracker market for calibration applications is expected to grow at the highest CAGR from 2022 to 2027. The adoption of Industry 4.0 or smart factories is the major factor fueling the growth of the market for calibration applications. Using laser trackers, the calibration of robots makes it possible to reduce inaccuracies and make it easy to understand if the equipment is accurately displaying and producing precise measurements in repeated manufacturing tasks.
The laser tracker market for automotive industry is expected to grow at the highest CAGR from 2022 to 2027. The automotive industry uses laser trackers not only for quality inspection and monitoring purposes but also for measuring large parts and assemblies so that the final products meet their specifications, thereby reducing the machine rework and production downtime and maintaining a high level of accuracy and reliability.
The laser tracker market in Asia Pacific is expected to grow at the highest CAGR during the forecast period. Countries such as China and India are headed toward industrial developments, and their respective governments are taking several initiatives such as "Make in India" and "Made in China" to create enormous growth opportunities in both countries. The growth in Asia Pacific market is also attributed to the rapid infrastructural development in the region. Several infrastructural development projects in this region are under construction or scheduled for construction during the forecast period.