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(Transportation-News.com, October 15, 2021 ) 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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Based on type, the laser segment is expected to be a larger segment of the rangefinder market during the forecast period.
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.
Based on end use, the defense segment is projected to witness the highest growth during the forecast period.
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 projected to witness the highest growth during the forecast period.
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.
North America is projected to be the largest market for rangefinders in during the forecast period.
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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