Scanning Rangefinder Market Size, Share, Growth, and Industry Analysis by Type (2D Scanning Rangefinder & 3D Scanning Rangefinder), By Application (Automotive and Traffic, Industrial Manufacturing, Service Robots & Others), Regional Insights, and Forecast from 2023 to 2031

Updated On: 20 November 2023

Scanning Rangefinder Market REPORT OVERVIEW

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global scanning rangefinder market size was USD 1158.1 million in 2022 and market is projected to touch 14064.9 Million by 2031, exhibiting a CAGR of 32% during the forecast period.

Most rangefinders have a helpful mode called scanning rangefinder. Readings will alter as you pass different targets if you simply hold down the button while panning back and forth over the scene. It's a helpful tool to get a sense of where you are, and you can also use it to keep track of how a moving target's distance varies. With the arrow keys, you may navigate between apps, emails, and websites in scan mode. It will also be able to read text and jump right to headings, links, tables, and landmarks by using standard keyboard keys. By emitting a pulse in a focused beam in the direction of the target, the majority of rangefinders work on the time-of-flight concept.

The rangefinder calculates the object's distance by timing how long it takes for the laser beam to bounce back and forth. Beam divergence, a measurement of how focused the laser beam is on the rangefinder, is another factor that contributes to lasers' effectiveness. The distance is then precisely calculated by a receiver using the time it took for the light to bounce back after being detected as a reflection. Range finders are any of a number of tools used to calculate the separation between the instrument and a chosen point or object.

COVID-19 Impact: Industry Shutdown Causes Market Distortion

The COVID-19 outbreak caused unstable markets, a drop in consumer confidence, and problems with import and export commerce for producers of machinery and equipment. Markets were shuttered as a result of the lockdown, and many people stayed inside. Supply chain breaches, stock market inefficiencies, and vendor instability are the result of this evolution. The market as a whole was impacted by the shutdown of the machinery and equipment industry. Because there was no longer a market for the product, it has become obsolete as those markets closed. In order to maintain stability amidst the disruptions, organizations were forced to redesign their entire operational structures as a result of the pandemic. The financial imbalance brought on by the closure of numerous stores and significant sectors was the primary factor that distorted the entire market. In addition, the outbreak has a negative impact on the business operations of the enterprises, which affects the market as a whole. The scanning rangefinder industry has been somewhat impacted by this.

LATEST TRENDS

"Military Sector to Boost the Market Growth"

Rangefinder used in the military is the main trend driving the market. The need for precise and dependable distance measuring equipment has led to an increase in the use of product in the military. The increase is due to a move away from outdated techniques like surveying poles, tape measures, and binoculars and towards cutting-edge tools like GPS, which may not always provide accurate readings because they depend on satellite signal reception. In the military industry, the demand for sophisticated rangefinders has been driven by the desire to improve target acquisition and weapon accuracy. Additionally, it is anticipated that the need for software-defined range technology, which offers improved performance and efficiency, would increase across a variety of applications. The industry is anticipated to grow during the forecast period thanks to the this trend. Thus, it is anticipated that the military sector will increase overall market sales. These new developments and varieties in product are mostly to blame for the market's overall growth.

Scanning Rangefinder Market SEGMENTATION

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• By Types 

Based on type, the market is classified into 2D Scanning Rangefinder & 3D Scanning Rangefinder.

• By Application

Based on the market is categorized into Automotive and Traffic, Industrial Manufacturing, Service Robots & Others.

DRIVING FACTORS

"Industrial Sector that Gives the Market Extra Boost"

The use of the product in industry is the main driver driving the market. Remote sensing and industry both frequently employ rangefinders. In agriculture, knowledge of crop factors like volume, height, and density can help production processes be optimized. For short ranges, low-cost rangefinders with one echo have been used to measure these characteristics in academic studies. Rangefinders will have less measurement accuracy in small crops and while measuring great distances since the cross-section area of the beam grows with measuring range. All of these elements support market growth. These issues are brought on by the beam striking the margins of crop objects and by targets that are smaller than the beam. The aforementioned elements will raise demand for the target market during the forecast period. The market demand is anticipated to be driven by all of these factors. As a result, the growth, and the product used in industry will boost the market. It will contribute to the expansion of the machinery and equipment industry and it will improve the overall scanning rangefinder market growth.

"Sports Industry to Encourage Market Expansion"

The use of products in the sports industry is another element driving the market. One of the main uses of rangefinders is in sports. Sportsmen may easily put up or take down their tennis courts, golf courses, etc. by using rangefinders to measure distances accurately and rapidly. Also, it helps in the measurement of football fields before a game. However, while employing this technology outdoors, there are several drawbacks to be aware of, such as shiny objects that block the lasers' path. Range finding tools are employed during construction tasks including surveying, mapping, topography, and creating architectural designs and drawings, all of which typically call for exact measurement and evaluation. Over the course of the forecast period, the aforementioned factors are anticipated to affect sales of the industry. This will increase demand for the product and help the industry as a whole to expand. The product line expansion is helping the market to grow.

RESTRAINING FACTORS

"Regular Maintenance to Impede Market Expansion"

Regular product maintenance is the barrier preventing market expansion. The entire market is impacted by the product's high price. The market is hampered by the rangefinder's ongoing maintenance requirements. This factor limits market expansion. Therefore, during the forecast period, these factors are anticipated to restrain market growth. But as time goes on, this issue will be resolved in some way. If this problem is fixed, the market will start to grow right away.

Scanning Rangefinder Market REGIONAL INSIGHTS

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"North America Dominating the Market Across the Globe"

The market for scanning rangefinder in North America has benefited from the region's expanding industrial development and a number of driving factors that have boosted the potential sectors because this region is the product's primary user. The rising product used in the automotive and traffic, industrial manufacturing & service robots’ sector is boosting the scanning rangefinder market share. Trends toward rapid urbanization will support the market as a whole even more.

KEY INDUSTRY PLAYERS

"Leading Manufacturers to Boost Product Demand"

Study includes information on the market players and where they stand within the sector. Data is being collected and made available through proper research, mergers, technical advancement, growing production facilities, and cooperation. The study on materials offers details on manufacturers, regions, types, applications, sales channels, distributors, traders, dealers, research findings, and more.

List of Market Players Profiled

• Velodyne Lidar (U.S.)
• Ouster, Inc (U.S.)
• Pepperl+Fuchs SE (Germany)
• Sick Ag (Germany)
• Valeo (France)

REPORT COVERAGE

The market segmentation by type and application is covered in great detail in the study. A wide range of participants, including current and potential market leaders, are examined in the study. A number of significant factors are expected to lead to a sizeable market expansion. In order to gain market insights, the research also looks at factors that could raise the share of scanning rangefinder industry. Forecasts for market growth over the anticipated time period are made in the report. Explaining why one region dominates the global market is the goal of regional research. A number of properly considered factors limit the industry's ability to expand. A strategic analysis of the market is also included in the research. It contains comprehensive market data.