Rangefinder Market Forecast | 2023-28

Market Insights

The rangefinder market is estimated to grow from USD 2.06 billion in 2022 to USD 6.56 billion by 2028 at a CAGR of 20.99% during the forecast period.

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What is a rangefinder?

Rangefinder is an instrument used to determine the elevation and distance of distant objects. The instrument has applications in several areas such as navigation, correcting aim, surveying, focusing on photography, and so on.

Rangefinder makes use of several techniques for the purpose among which the most common and latest ones are laser and ultrasonic. The instrument is highly in use in a wide number of industries such as commercial, defense, and sports.

Market Dynamics

The unprecedented and significant growth of the rangefinder market can be attributed to the following factors.

• An increase in the modernization of defense equipment to improve the capability of the force is pushing forward the rangefinder market.
• Increase in the number of new products with inbuilt rangefinders, such as in June 2021, when the DOOGEE Company unveiled the S97 Pro, a new smartphone equipped with a capable laser rangefinder. Additionally, Xiaomi released the Duka LI1 Laser Rangefinder in 2021 through a crowdfunding campaign on the YouPin website. High-precision measurements are possible with the Duka LI1 Laser Rangefinder, adding an additional push to the market.
• Increase in the number of sporting events, such as golf competitions, that require rangefinders.
• The increase in industrial processes that require high-precision equipment and technological advances will open up new business prospects for the worldwide rangefinder sector.

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Key Players

Some of the major players in the rangefinder market are-

• Carl Zeiss AG
• Elbit Systems Ltd.
• Flir Systems, Inc.
• Kongsberg Gruppen Asa
• Lockheed Martin Corporation
• Northrop Grumman Corporation
• Robert Bosch GmbH
• Saab Ab
• Thales Group

Segments Analysis

By Type

The market is segmented as laser and ultrasonic. The laser segment is estimated to capture a larger segment of the market during the forecast period, driven by the growing usage of such rangefinders in various commercial applications.  

By End-Use Type

The market is segmented as commercial, defense, and sports. The defense segment is anticipated to register the highest growth in the coming five years. The growth of this segment can be attributed to the rising demand for accurate and precise information pertinent to the distance to a target in airborne, marine, and ground defense platforms.

By Range Type

The market is segmented as very low (< 50 M), low (50 M to 500 M), medium (500 M to 2.5 Km), and high (>2.5 Km). The low (50 m to 500 m) segment is expected to depict the highest growth during the forecast period. The very low-range rangefinders are employed in sports, such as golf and shooting, and in other commercial applications, including industrial automation.

By Region

North America was estimated to be the largest market for rangefinders in 2022, driven by the ever-rising 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 significant growth during the forecast period, owing to the rapid modernization and increase in defense equipment upgrades by the governments of various countries in these regions.

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Segmentation

This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market. 

The rangefinder market is segmented into the following categories. 

By Type:

• Laser 
• Ultrasonic 

By End-Use Type:

• Commercial

  • (End-Use Type Analysis: Industrial Robotics, Construction, Automotive, and Photography)
• Defense
• (End-Use Type Analysis: Ground-Based, Airborne, and Marine)
• Sports
  • (End-Use Type Analysis: Golf, Archery, Shooting, and Others)

By Range Type:

• Very Low
• Low
• Medium (500 M to 2.5 Km) 
• High (>2.5 Km) 

By Region:

• North America (Country Analysis: the USA, Canada, and Mexico) 
• Europe (Country Analysis: Germany, France, the UK, Russia, and Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, and the Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

Research Methodology

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.

More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data.

We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market. 

What Deliverables Will You Get in this Report?

Customization Option

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Market Segmentation

• Current market segmentation of any one of the types by end-use type.  

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry at sales@stratviewresearch.co