Newark, NJ, Jan. 29, 2020 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global Rangefinder market is expected to grow from USD 1.82 Billion in 2017 to USD 4.92 Billion by 2025 at a CAGR of 12.56% during the forecast period 2018-2025. Cumulative demand for high-precision equipment in industrial processes, improved accuracy in sports activities with the use of rangefinders, use of rangefinders in defense systems are fuelling the rangefinder market.
A rangefinder is a device used to measures distance from the observer to a target with the help of a camera or gun. In other words, an instrument is a “rangefinder,” if it is suitable for determining the distance from the observer. Rangefinder a handheld device used in several situations where the range detection is the vital part, for example, golf, archery as well as hunting applications need to measure the distance between themselves and the target. For instance, Saab launched Vidar, a laser rangefinder product. This product combines compact size with powerful performance and uses a laser beam to measure the distance to the target. For the surveying in forestry, rangefinders are used. Special devices with anti-leaf filters are used. Rangefinders are also used in virtual reality systems in detecting operator movements and locating objects. Same way rangefinders are also used by firearms, to measure the distance of the target, for the successful projectile drop. The laser rangefinder shows a luminous dot that may alert the target. As mentioned rangefinder applications include in surveying, choosing the golf club according to distance, for correcting the aim of a projectile weapon for distance, in navigation and to assist focusing in photography. Active rangefinding methods include sonar, laser, lidar, radar, and ultrasonic rangefinding.
Cumulative demand for high-precision equipment in industrial processes, improved accuracy in sports activities with the use of rangefinders, and the use of rangefinders in defense systems are the key driving factors for the rangefinder market. However, decreasing defense expenditure of several developed countries may limit the growth of the market. Autonomous cars using rangefinders are expected to boost the rangefinder market over the forecast period.
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The major players in global Rangefinder Market include Thales Group, Kongsberg Gruppen, Northrop Grumman Corporation, Pepperl+Fuchs, Carl Zeiss AG, Pentax, Saab Group, Rheinmetall Group, Robert Bosch GmbH, Safran Vectronix AG, Chongqing Aite Optical And Electronics Co., Ltd, FLIR Systems, Inc., Newcon International Ltd., Elbit Systems Ltd., Lockheed Martin Corporation, and among others. The Elbit Systems Ltd., Kongsberg Gruppen ASA, Lockheed Martin Corporation, Saab, and Thales Group are the top leading players of the market. For instance, TerraGo partnered with and Laser Technology to integrate industry-leading rangefinders with advanced field data collection apps. TerraGo Magic partners and customers can havve TruPulse rangefinder support to their custom iOS and Android apps using the TerraGo Magic zero-code app platform.
- Agreements, contracts and new product launches are the key strategies adopted by the leading players in the rangefinder market to strengthen their position in the market. For instance ESLVDE of Thales provide the user with coaxial under armour, which is long range day telescope, video & eyesafe laser rangefinder. This communicates status, range and diagnostic data to host management system.
Laser segment held highest market share of 54.24% in 2017
Type segment covers laser and ultrasonic. The laser segment held highest market share of 54.24% in 2017. This is increasing share is due to the increased use of rangefinders in commercial applications.
Defense segment is anticipated to grow with highest CAGR 13.79% during the forecast period
End use segment is categorized into defense, commercial, and sports. The defense segment is further divided into airborne, marine, and ground-based. The airborne segment further includes aircraft, missile, and unmanned aerial vehicles (UAVs). The marine segment further covers ships and submarines. The ground-based segment is categorized into tanks, handheld, and unmanned ground vehicles (UGVs). Commercial segment is further divided into automotive, construction, industrial robotics, and photography. Sports segment is further categorized into golf, archery, and shooting. Defense segment is anticipated to grow with highest CAGR 13.79% during the forecast period. This is attributable due to the increasing demand for precise and accurate information about the distance to target in various platforms including airborne, marine, and ground defense.
Virtual reality segment is anticipated to grow with highest market share of 41.08% during the forecast period
Application segment is divided into virtual reality, forestry, and ballistics. Virtual reality segment is anticipated to grow with highest market share of 41.08% during the forecast period. The virtual reality helps in detection and identifying the rapid operator movements that further helps in locating different types of objects.
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Regional Segment Analysis of the Rangefinder Market
- North America (U.S. , Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
The market is analysed on the basis of five regions namely North America, Europe, Asia Pacific, South America, and Middle East and Africa. North America region held the largest market share of approximately 36.11% in 2017 where as the Europe region held the second dominant position in the global rangefinder market. Increasing demand for rangefinders, presence of major players, and rapid technological advancements are some of the factors that led to the growth of rangefinder market in North America region. The rapid modernization and rise in defense equipment upgrades by governments has increased the market growth of the Europe in the global rangefinder market.
About the report:
The global Rangefinder Market is analysed on the basis of value (USD Billion), volume (K Units), consumption (K Units), imports (K Units) and exports (K Units). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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