Laser Interferometer Market Overview
The Laser Interferometer market size is forecast to reach $350 million by 2027, growing at CAGR of around 6% from 2022 to 2027. Laser Interferometers aids in carrying out precise measurements of very small linear dimensions and inspection of machine parts by using laser means and electronic controls as well as by using refractive index. It is highly being used in machine shops for checking the accurate measuring of the industrial parts. The growth of Laser Interferometer market is mainly driven by increasing demand for automotive vehicles and increasing investment in aerospace and defence industry. Furthermore, rapid industrial growth also plays a major in driving this market, as it helps in verifying machine calibration, monochromaticity, surface topology and others. Apart from that, the increasing adoption of electronics fuels the growth of this market. Hence, the above-mentioned factors are fueling the growth of Laser Interferometer industry during the forecast period 2022-2027.
The report: “Laser Interferometer Market– Forecast (2022-2027)”, by IndustryARC covers an in-depth analysis of the following segments of the Laser Interferometer Market.
- Europe held the major market share in 2021 and is estimated to witness the significant growth during 2022-2027, owning to increasing demand for automation and rapid growth across industries.
- The market of Laser Interferometer is estimated to witness significant upsurge during the forecast period, owing to the growing demand for vehicles across the world.
- The laser interferometer market is consolidated with top market players including Renishaw PLC, Keysight Technologies, SIOS Meßtechnik GmbH, AMETEK, Inc., Mahr Inc. among others.
Laser Interferometer Market Segment Analysis - By Interferometer Type
By Interferometer type, the Laser Interferometer market is segmented into Michelson Interferometer, Fabry-Perot Interferometer, Fizeau Interferometer, Mach-Zehnder Interferometer, Sagnac Interferometer, Twyman-Green Interferometer, Fiber interferometer, Common-path interferometer and Others. Fizeau Laser Interferometers segment is analysed to grow with CAGR 6.7%, during the forecast period 2022-2027. The growth of this market is mainly driven by the rapid industrial growth, which enhances the growing demand of advanced verified machines across industries. In other words, industrial growth across the world drives the demand for Fizeau Laser Interferometers, which is highly being used for different applications including measuring optic components and dimensional measurements of flats as well as surfaces. This in turn creates huge demand for this Laser Interferometers and provides incentives to the market players to take strategic steps for expanding their business. For instance, in October 2021, Zygo Corporation made an announcement regarding the launch of its Verifire Asphere+, which leverages the benefits of Fizeau interferometry via a unique combination of precise, high-resolution, fast, and full aperture metrology for axisymmetric aspheres. Such developments will accelerate the adoption rate of Fizeau Laser Interferometers, thereby driving the growth of this market during the forecast period 2022-2027.
Laser Interferometer Market Segment Analysis - By End User Industry
Based on end-user industry, Laser Interferometer Market is segmented into Automotive, Aerospace & Defense, Medical and Life Sciences, Electronics Manufacturing and Semiconductor, Telecommunication and others. According to Laser Interferometer Market report of IndustryARC, Laser Interferometer market size for automotive industry is analysed to grow with a CAGR of 7% during 2022-2027. Increasing demand of advanced vehicles among the people across the world, coupled with rapid growth in purchasing power accelerates the adoption rate of Laser Interferometers in automotive industry, as this technology is highly being used for machine calibration to produce highly precise and complex parts. In December 2020, Society of Indian Automobile Manufacturers (SIAM) published a report, according to which, the sales of passenger vehicles increased 4.65% to 264,898 units in November. Such high demand of vehicles in turn affects the growth of this market positively and creates high demand of Laser Interferometer technology in automotive industry, thereby driving the growth of this market during 2022-2027.
Laser Interferometer Market Segment Analysis - By Geography
Europe dominated the market with around 33% Laser Interferometer market share in 2021, and is estimated to grow, with a CAGR of around 4.5% during the forecast period 2022-2027, due to the increasing demand for automation across industries and rapid growth in automotive, aerospace & defence sectors in terms of investments. In March 2021, UK Government made an announcement regarding around $120m investment for five aerospace projects through the Aerospace Technology Institute (ATI) Programme. Such investments will boost the demand for laser interferometer as it measures and compensates CNC machines and CMMs to minimize downtime and assists in improving cost-efficiency. Moreover, the presence of various key players of this industry plays a major role in the growth of this market in this region. Furthermore, APAC region will witness fastest growth during the forecast period, owing to growth in various industries including automotive industry, which creates huge driving opportunities for this market. According to a report of IBEF, in FY21, passenger vehicles sales reached 27.11 lakhs units in India. Such high growth rate in sales of vehicles creates a positive impact on the growth of this market. Hence, the above-mentioned factors are poised to create tremendous growth opportunities for laser interferometer market from 2022 to 2027.
Laser Interferometer Market Drivers
Rising demand for vehicles is driving the growth of this market
Growing demand for automotive vehicles is one of the major driving factors behind the growth of Laser Interferometer market, as this product is being used by the automotive parts manufacturers for various application such as surface topology, engineering related applications including straightness, perpendicularity, dynamics, and others; monochromaticity, machine calibration and so on, to produce highly accurate and precise complex parts. A report of Invest India stated that, India is estimated to become world’s third largest manufacturer of passenger vehicles by 2021. Furthermore, another report of Invest India states that the auto components industry represented 2.3% of India's GDP and set to become the 3rd largest in the world by the end of year 2025. Such high producing rate of vehicles and high growth rate of automotive components market will accelerate the growth of this market during 2022-2027.
Strategic steps taken by the market players will fuel the growth:
The players of this market are taking more strategic steps for the expansion of the market through new product launches, acquisition, investments and others, which is set to drive the market growth during the forecast period 2022-2027. In May 2021, ZYGO launched the Nexview 650, a large format metrology system designed as an inspection tool for the automated measurement of injection molding tooling, PCBs, glass panels, and other samples. The system provides 2D and 3D measurements of a variety of surface features with sub-nanometer vertical precision and sub-micron lateral precision. In January 2021, Keysight Technologies, Inc. announced that NewRadio Technology Co., Ltd. has selected advanced signal source and analyzer measurement solutions of Keysight to speed validation of ultra-wideband (UWB) technology. Hence, these types of strategic developments taken by the market players are analysed to boost the growth rate of this market during the forecast period 2022-2027.
Laser Interferometer Market Challenges
Associated High cost is harming the growth of this market
All though the Laser Interferometer market is growing rapidly, but the high associated cost of Laser Interferometer is creating hurdles for the growth of this market. Huge financial support is required during the setting up of various types measurement and calibration tools for numerous applications, which creates difficulties for the growth of this market, as it affects the return of investment (ROI) of the organizations. This in turn drives the customers towards more cost-effective solutions. This challenge is poised to impede the Laser Interferometer market growth during the forecast period 2022-2027. Apart from that, this system is very complicated one, therefore a level of expertise is required to implement the technology properly, which makes it more cost ineffective. This in turn creates hurdles for the market growth. Hence, the above-mentioned factor will hamper the growth of this market during the forecast period 2022-2027.
Laser Interferometer Market Outlook
Partnerships and acquisitions along with product launches are the key strategies adopted by the players in the Laser Interferometer Market. As of 2021, the market for Laser Interferometer industry outlook is consolidated with the top market players. Laser Interferometer top 10 companies are
- Renishaw PLC
- Keysight Technologies
- SIOS Meßtechnik GmbH
- AMETEK, Inc.
- Mahr Inc.
- Tosei Engineering Corporation
- QED Technologies
- MÖLLER-WEDEL OPTICAL GmbH
- SmarAct GmbH
- Luna Innovations Incorporated
- In June 2021, ZEISS announced about the launch of an entry-level solution, ZEISS METROTOM 1, for the non-destructive inspection of parts. This product offers a smooth workflow, delivers precise results and it’s also easy to operate.
- In May 2021, ZEISS announced about the acquisition of Capture 3D, which will extend its industry expertise in 3D measurement and inspection solutions. After this acquisition, ZEISS will expand its national reach across US for its Industrial Quality & Research segment.
- In January 2021, Keysight Technologies, a leading laser interferometer provider, announced the addition of three new Source Measure Units (SMUs) for test applications, which require high accuracy, high resolution and measurement flexibility, including current-voltage (I-V) characterizing and testing semiconductors, as well as other non-linear devices and materials.
Report Code: ESR 59884
Report Code: ESR 0539
Report Code: AIR 0126
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