Laser Rangefinder Market Size, Share, Growth, and Industry Growth, By Type (Telescope Laser Rangefinder and Hand-Held Laser Rangefinder), By Application (Military, Construction, Industrial, Sports, Forestry, and Others), Regional Forecast From 2023 To 2030

Updated On: 13 November 2023

LASER RANGEFINDER MARKET REPORT OVERVIEW 

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The global laser rangefinder market size was USD 1140.2 million in 2022. The global COVID-19 pandemic has been unprecedented and staggering, with laser rangefinder experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. As per our research, the market is projected to touch USD 1860.2 million by 2028, exhibiting a CAGR of 8.5% during the forecast period. The sudden spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.

An instrument used in determining the distance and elevation of distant objects is known as a laser rangefinder. It is used in various areas such as correcting aim, navigation, focusing, surveying, and others. This instrument is used in various industries such as defense, sports, and commercial. 

A laser range finder (LRF) is a portable tool that calculates the separation between the target and the observer. It frequently includes a camera or a rifle. A clock, a display, a transmitter, and a receiver make an LRF. At the push of a button, the transmitter releases laser beams that bounce off the necessary target and are then captured by the receiver. The high-speed clock calculates the processing time and shows the separation between the observer and the target. By easing low light measurements and minimizing tiredness, it improves the customer experience. Higher accuracy, faster speeds, and longer range lengths are features of premium quality LRF.

COVID-19 Impact: Manufacturing Industry’s Disruption Affected Market Growth

The effects of the COVID-19 epidemic are nothing new for the market. The majority of COVID-19 lockdowns were borne by the manufacturing industry, particularly companies that produce military laser rangefinders. The rate of production dramatically dropped. Lack of money and raw supplies had a major impact on the market. Additionally, relatively few laserfinders and military laser designators were included in the defense budgets because every country's budget was allocated to COVID-19 and the people's economic recovery. Market demand and growth rates both hit record lows.

LATEST TRENDS

"Modernization of Defense Equipment to Propel Market Growth"

One of the key factors propelling the laser rangefinder market growth is the increased global focus on modernizing defense equipment. The market is growing at a faster rate due to the rising demand for cutting-edge, highly precise equipment in a variety of industrial processes as well as the widespread use of this equipment in surveying, navigation, and photography applications. The increase in the demand for rangefinders to increase precision in sporting events and the rise in the number of improvements in defense systems using rangefinders also have an impact on the market. The development of the defense industry, rising interest in outdoor sports, and urbanization all have a favorable impact on the rangefinder market.

LASER RANGEFINDER MARKET SEGMENTATION

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• By Type Analysis

By type, the market is segmented into telescope laser rangefinders and hand-held laser rangefinders.

• By Application Analysis

Based on application, the market is classified into military, construction, industrial, sports, forestry, and others.

Military segments are expected to lead the global market owing to the rising demand for precise and accurate information pertinent to the target distance. 

DRIVING FACTORS

"Expansion of End-Use Industries to Boost the Product Demand"

The market is expanding primarily due to rising demand from the automotive and healthcare industries as well as rising usage of high-precision equipment in industrial operations. The adoption of laser rangefinders has been hastened by the rising demand from the defense industry, the modernization of warfare, and the creation of laser-guided weapons. The use of the rangefinder in driverless automobiles and other sporting applications is growing, which accelerates the technology's global adoption. 

"Continuous Research and Development on Upgrading Machines to Bolster Market Growth"

The constant research and development for creating better laser rangefinders to boost the market growth. Moreover, manufacturers are investing heavily in developing advanced and lightweight machines. The market will expand over the projection period as a result of expanding technological developments, the integration of the equipment with UAVs, and rising demand from emerging economies. Key players are investing in launching laser rangefinders with higher range. These factors are expected to surge the market growth. 

RESTRAINING FACTORS

"Health Risks Associated With the Machine May Limit Market Growth"

The health risks connected to the equipment, their high price, and their challenging usability in severe weather circumstances restrain the laser rangefinder market growth. 

LASER RANGEFINDER MARKET REGIONAL INSIGHTS 

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"North America to Lead Market Due to the Rising Demand and Adoption of Advanced Machines"

North America is expected to hold a dominating part of the laser rangefinder market share as this region generates higher revenues. Moreover, the demand for advanced machines and equipment will also boost regional growth.

Asia Pacific is expected to show sizable growth owing to the presence of a large population and expanding economy. The governments of developing countries such as India, China, and South Korea are promoting indigenous production, which is predicted to foster growth.

KEY INDUSTRY PLAYERS

"Key Companies to Emphasis on the Development of Advanced Technology"

Key market players are investing heavily on research and development of the product. Companies are also paying focus on launching advanced products. Emphasis on gaining collaborations, mergers, and acquisitions is increasing among leading players. The major market players are striving to maintain partnerships with other key players in the same industry. Gaining partnerships with other companies will develop a strong consumer base in the global market. The key competitors are adopting organic and inorganic growth strategies to surge their market share in the global market. 

List of Market Players Profiled

• Vista Outdoor (U.S.)
• NIKON (Japan)
• Elbit Systems (Israel)
• ZEISS (Germany)
• HILTI (U.S.)
• Leica Camera (Germany)
• Mileseey (China)
• Bosch (Germany)
• LTI (India)
• FLUKE (U.S.)
• Trueyard (U.K.)
• Leupold (U.S.)
• Newcon Optik (Canada)
• Jiuzhiyang Infrared (China)
• OPTi－LOGIC (U.S.)
• BOSMA (U.S.)

REPORT COVERAGE

The market research study offers thorough information on numerous market aspects. The growth drivers, restraints, geographical analysis, competitive environment, and challenges are a few of them. Additionally, it provides an analytical analysis of market trends and projections for various factors to show potential investment areas. From 2021 through 2027, the market is objectively assessed to determine its financial viability. The report's data was compiled using a variety of primary and secondary sources.