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(Construction.IndustryNews247.Com, June 14, 2019 ) The report "Rangefinder Market by Type (Ultrasonic & Laser), End Use (Defense, Commercial & Sports), Range (Very Low (2.5 Km)) and Region - Global Forecast to 2022", The rangefinder market is estimated at 1.32 Billion in 2017 and is projected to reach USD 3.57 Billion by 2022, at a CAGR of 21.91% from 2017 to 2022. The growth of the market can be attributed to the increasing demand for high-precision equipment in industrial processes and enhanced accuracy in sports activities with the use of rangefinders.
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The growth of the market across the globe can be attributed to the increasing demand for high-precision equipment in industrial processes and enhanced accuracy in sports activities with the use of rangefinders.The rangefinder market has been segmented based on type, end use, range, and region. Based on type, the rangefinder market has been segmented into laser and ultrasonic. The laser segment is projected to be the larger segment of the market, owing to the increased usage of such rangefinders in commercial applications.
Based on type, the laser segment is projected to lead the rangefinder market. Technological advancements in electro-optics and miniature high-speed semiconductors used in laser rangefinders are expected to boost the demand for this type of rangefinders.
Browse and in-depth TOC on "Rangefinder Market"
97 - Tables
65- Figures
189 - Pages
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Based on end use, the defense segment of the rangefinder market is expected to witness the highest growth during the forecast period. The growth of this segment is expected to be driven by the increasing demand to provide precise information about the target in various applications in the defense industry.
Based on range, the low (50 m to 500 m) segment of the rangefinder market is expected to witness the highest growth during the forecast period. The growth of this segment can be attributed to the increasing use of low range rangefinders in commercial applications, including automotive, construction, and photography.
One of the major factors expected to boost the growth of the rangefinder market in North America is defense equipment modernization programs, particularly in the US. Countries, such as the US and Canada have been considered in the North America rangefinder market.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).
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The rangefinder market has been studied for regions, including North America, Europe, Asia Pacific, and Rest of the World (RoW). North America is estimated to be the largest market for rangefinders in 2017, owing to the increasing demand for rangefinders in countries, such as the U.S. and Canada. The rangefinder market in Europe and Asia Pacific is also expected to witness high growth, owing to the rapid modernization and rise in defense equipment upgrades by governments of various countries in these regions.
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