The global laser rangefinder market size was valued at USD 1,120 million in 2017 and is anticipated to grow at a CAGR of 11.2% during the forecast period.
Laser range finder (LRF) is a handheld device that measures the distance of the target, from the observer. It is usually integrated with a camera or a gun. LRF consists of a transmitter, a receiver, a clock and a display. The transmitter emits laser beams at the push of a button, which then bounce off the required target to be collected by the receiver. The high-speed clock measures the time taken for this process and displays the distance between the observer and the target. This enhances the consumer experience by reducing fatigue and easing low light measurements. Premium quality of LRF are equipped with greater ranging distances, faster speeds and higher accuracy.
The growing demand of laser rangefinder from automotive and healthcare sectors, and rising adoption of high-precision equipment in industrial processes primarily drive the growth of the laser rangefinder market. The growing demand from the defense sector, modernization of warfare, and development of laser guided weapons has accelerated the adoption of laser rangefinder. The increasing applications of laser rangefinder in sports activities, and use of laser rangefinder in autonomous cars boosts the adoption of laser rangefinder worldwide. However, health concerns associated with laser rangefinders, high costs, and difficult operability in extreme weather conditions hamper the laser rangefinder market growth. The growing technological advancements, integration of laser rangefinders with UAV, and growing demand from emerging economies would drive the market growth during the forecast period.
The global laser rangefinder market is segmented on the basis of type, range, end-user, and geography.
Based on the type, the market is segmented into Hand-held, and Telescope. The hand-held segment accounted for the highest share of the global market in 2017 owing to increasing demand from the defense sector.
The range segment is categorized into very low, low, medium, and high. The medium range laser rangefinder accounted for the highest share in the global laser rangefinder market owing to increasing demand from applications such as automotive, and sports.
The end-users in the global market include defense, sports, industrial, and others. The industrial sector dominated the global Laser Rangefinder market in 2017 owing to rising demand from the automotive, and commercial sectors.
Geographically, the laser rangefinder market is segmented across North America, Europe, Asia-Pacific, Latin America, and MEA. North America is further segmented into U.S., Canada, and Mexico. Europe is divided into Germany, UK, Italy, France, and Rest of Europe. Asia-Pacific is bifurcated into China, India, Japan, and Rest of Asia-Pacific. North America dominated the global Laser Rangefinder market in 2017 owing to the increasing investments in the defense sector, and growing demand from commercial sectors.
The vendors in the market are launching new products to meet the growing customer needs. In addition, the leaders in the market are acquiring and collaborating with top companies in the market to enhance their offerings in the market and expand their customer base. The laser rangefinder market is highly competitive with the presence of a large number of small and large vendors. The leading players in the market include Robert Bosch GmbH, Thales Group, Flir Systems, Inc., Elbit Systems Ltd., Rheinmetall AG, UTC Aerospace Systems, Northrop Grumman Corporation, Carl Zeiss AG, Lockheed Martin Corporation, and Kongsberg Gruppen Asa.