Rangefinder market projected to grow at a CAGR of 21.91% during the forecast period
The rangefinder market is projected to grow from an estimated USD 1.32 billion in 2017 to USD 3.57 billion by 2022, at a CAGR of 21.91% from 2017 to 2022. The factors expected to drive the market in the coming years are increased focus on the modernization of the defense equipment by various countries and rise in the demand for rangefinders for accuracy in sports activities.
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Based on type, the laser segment is estimated to be a larger segment of the market during the forecast period
Based on type, the laser segment is estimated to be a larger segment of the rangefinder market during the forecast period. The growth of the laser segment can be attributed to the rising need for accurate and precise information about an object from long distances. The reduction in the price of laser rangefinders, owing to advancements in semiconductor technology is expected to further fuel the growth of the segment.
Based on end use, the commercial segment is expected to be the largest segment of the market during the forecast period
Based on end use, the commercial segment is estimated to be the largest segment of the rangefinder market during the forecast period. One of the key factors expected to propel the demand for rangefinders in the commercial sector is the increasing adoption of automation in the automotive, process industry and construction industries.
Based on range, the very low (<50 m) segment is estimated to be the largest segment of the market during the forecast period
Based on range, the very low (<50 m) segment is estimated to be the largest segment of the rangefinder market during the forecast period. The growth of the segment can be attributed to the rapid adoption of very low range rangefinders in various platforms, such as unmanned ground vehicles.
Asia Pacific is projected to be the fastest-growing market for rangefinders during the forecast period Asia Pacific is expected to be the fastest-growing market for rangefinders during the forecast period. The growth of the market can be attributed to the increased military expenditure and rise in automation in various industrial processes, particularly in the Asian economies of India and China.
Break-up of the profile of primary participants for this report:
- By Company Type: Tier 1 – 35%, Tier 2 – 45%, Tier 3 – 20%
- By Designation: C level – 35%, Director level – 25%, Others – 40%
- By Region: North America – 26%, Europe – 30%, Asia-Pacific – 22%, South America – 13% and the Middle East and Africa - 9%
Some of the key players operating in the rangefinder market include Elbit Systems Ltd. (Israel), Kongsberg Gruppen ASA (Norway), Lockheed Martin Corporation (US), Saab AB (Sweden), and Thales Group (France).
The study segments the rangefinder market based on end use (defense, commercial and sports), type (laser, ultrasonic), and range (very low (<50 m), low (50 m to 500 m), medium (500 m to 2.5 km), and high (>2.5 km)) and maps these segments and subsegments across major regions, including, North America, Europe, Asia Pacific, and Rest of the World. The report provides in-depth market intelligence regarding the market dynamics and major factors, such as drivers, restraints, opportunities, and industry-specific challenges, that influence the growth of the rangefinder market. The report also analyzes micromarkets with respect to individual growth trends, growth prospects, and their contribution to the overall rangefinder market.
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