Rangefinder Market to experience an impressive growth of 23.2% during 2020-2025
February 06, 2020
Rangefinder market is likely to witness an impressive CAGR of 23.2% during the forecast period.
The unprecedented and significant growth of the rangefinder market can be attributed to the following factors.
- Rising claim for high-precision equipment in various industrial processes
- Enhanced accuracy in different sports activities with the application of rangefinders.
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Rangefinder Market Segment Insights:
By Type:
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 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 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, as well as, in other commercial applications, including industrial automation.
By Region:
North America was estimated to be the largest market for rangefinders in 2018, 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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