The worldwide Laser Rangefinder Market is anticipated to reach around USD 2,889 million by 2026, according to a new research published by Polaris Market Research. In 2017, the hand-held laser rangefinder segment dominated the global market, in terms of revenue. In 2017, North America accounted for the majority share in the global laser rangefinder market.
The increasing use in the defense sector, along with increasing defense expenditure of countries worldwide increases the demand for laser rangefinder. Weapons are being modernized, and laser guided weapons are being used, thereby increasing the growth of the lase rangefinder. The increasing use of laser rangefinder in the automotive sector, along with increasing development of autonomous vehicles support the laser rangefinder market growth. The rising adoption of laser rangefinder to offer higher accuracy in sports activities boosts the adoption of laser rangefinder. Other factors driving the market growth include increasing use of high-precision equipment in industrial processes, technological advancements, and integration of laser rangefinders with UAV. New emerging markets, emerging consumer demographics, and increasing demand from diversified industries would provide growth opportunities for laser rangefinder market in the coming years.
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In 2017, North America accounted for the highest share in the global laser rangefinder market. The primary factors driving the laser rangefinder market growth in the region include rising investments in the defense sectors, modernization of warfare, technological advancements, and high investment in R&D. The increasing applications in the automotive sectors, growing demand for luxury and modernized vehicles, and rising development of autonomous vehicles boost the laser rangefinder market in North America.
The companies operating in the laser rangefinder 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. These companies launch new products and collaborate with other market leaders to innovate and launch new products to meet the increasing needs and requirements of consumers.