The rangefinder market is projected to grow from an estimated USD 1.32 Billion in 2017 to USD 3.57 Billion by 2022, at a CAGR of 21.91% during the forecast period from 2017 to 2022. The growth of the market across the globe can be attributed to the increasing demand for high-precision equipment in industrial processes and enhanced accuracy in sports activities with the use of rangefinders.
The rangefinder market has been segmented based on type, end use, range, and region. Based on type, the rangefinder market has been segmented into laser and ultrasonic. The laser segment is projected to be the larger segment of the market, owing to the increased usage of such rangefinders in commercial applications.
Based on end use, the rangefinder market has been segmented into defense, commercial, and sports. The defense segment is expected to witness the highest growth during the forecast period, due to the increasing demand of precise and accurate information regarding the distance to a target in airborne, marine, and ground defense platforms.
Based on range, the rangefinder market has been segmented into high (>2.5 km), medium (500 m to 2.5 km), low (50 m to 500 m), and very low (<50 m). The low (50 m to 500 m) segment is projected to witness the highest growth during the forecast period. The very low range rangefinders are used in sports, such as golf, and shooting as well as commercial applications, including industrial automation.
The rangefinder market has been studied for regions, including North America, Europe, Asia Pacific, and Rest of the World (RoW). North America is estimated to be the largest market for rangefinders in 2017, owing to the increasing 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 high growth, owing to the rapid modernization and rise in defense equipment upgrades by governments of various countries in these regions.
Limited government spending of developed countries can restrain the growth of the rangefinder market. Furthermore, lack of skilled manpower may act as a challenge for the growth of the market.