Rangefinder Market: Global Industry Analysis and Forecast (2023-2029)

Rangefinder Market size was valued at US$ 1.368 Billion in 2022 and the total Rangefinder revenue is expected to grow at 4.8% through 2023 to 2029, reaching nearly US$ 1.90 Billion.
Rangefinder Market Overview:
A rangefinder is a device used to measure distances between a source and a remote object. These are specifically useful in finding out the distance between a target and the gunman (in military or sports). Different types of rangefinders have different applications in different fields e.g. industrial and commercial rangefinders. Another important application of rangefinding is topography. The rangefinder emits a laser or ultrasonic beam on a faraway target and based on the time it took to return to its source, it calculates the distance between the source and the target.To know about the Research Methodology :- Request Free Sample Report

The rangefinder market research provides a full competition picture, including the market share and company profiles of the major players in the global market. The scope of the research covers a complete examination of the rangefinder market, as well as the causes for variances in the market's growth in different areas. To locate and collect material appropriate for this study, this report makes considerable use of secondary sources, directories, and databases such as annual reports, press releases, journals, corporate websites, and databases. The entire approach involves a review of the financial reports of the major market participants. Following the determination of the overall market size, the complete market was divided into many segments and sub-segments and checked with key market professionals.
Rangefinder Market Dynamics:
The major driver of the global rangefinder market is the growing endorsement of rangefinders in surveying, topography, navigation, etc. The increased adoption of this device in sports like golf and its growing use in defense is also projected to drive the growth of this market in the forecast period (2022-2029).

A major restraint of the global rangefinder market is the expensive cost of the instrument, its components, and the cost involved in the assembly of those components. A rangefinder generally contains a laser, photo-detector, microprocessor, and other optical components. These are very expensive. So to cut costs, manufacturers tend to buy cheap components; resulting in the overall loss of quality of the final project. This trend in the global rangefinder market is projected to hamper the market growth in the aforementioned forecast period.

A major challenge in the global rangefinder market is the threat of other alternatives like GPS (Global Positioning System). Since GPS gives nearly the same results as that of a rangefinder, it is the preferred choice by some golf sport managers.
Rangefinder Market Segment Analysis:
By Product Type, the segments are laser and ultrasonic rangefinders. Laser rangefinders use laser lights to find the distances. However, these are less reliable as their calibration is affected by atmospheric conditions. Ultrasonic rangefinders emit ultrasonic frequencies and their calibration is more reliable than that of laser-based rangefinders.

The ultrasonic rangefinder segment is expected to witness the highest CAGR in the forecast period (2022-2029). This segment is also projected to dominate the global rangefinder market in the year 2029. This is due to growing applications of ultrasonic rangefinders in defense particularly in the navy to map the floor of the ocean or to find the distance between an underwater target and the source. The laser segment is projected to witness moderate growth in the same forecast period. This is due to its increased use in sports like golf, shooting, etc., and in miscellaneous fields like forestry and land topography.

By Application, the segments are defense, commercial, sports, and forestry. The defense sector accounted for over half of all shares in the global rangefinder market in the year 2022. This sector is also projected to witness the highest growth in the forecast period (2022-2029). This can be attributed to rising armed conflicts between different countries e.g. The US and the Middle East, Israel and Palestine, the armed conflict in the Ethiopian region, etc. The commercial segment includes industrial robotics and self-driving vehicles equipped with rangefinders. Rangefinders are very important tools for snipers to make their aim as accurate as possible.

The commercial use of rangefinders in the construction industry is also projected to drive the growth of this segment in the same forecast period. Rangefinders in construction, are used to find accurate readings of a slope to finish the leveling of different surfaces. These are also used to check the depth, height, and width of buildings built to verify whether meet the guidelines laid down by safety and protection bodies. The use of rangefinders by biologists is projected to drive the market growth of the forestry segment. Rangefinders also have a high demand from the sports fields in different games like shooting, archery, golf, etc. These are also useful to find out the length of the football or basketball fields so the players can use that data in their game strategies.
Regional Insights:
The North American region dominated the global rangefinder market in the year 2022. This region is projected to grow at the highest CAGR of 6.1% in the forecast period (2022-2029). The growth of this region is projected to happen mostly in the defense sector due to the United States’ involvement in various armed conflicts around the globe. The United States was also the second-largest exporter of rangefinders with US$ 195 million worth of exports in the year 2022.

The North American region was followed by the Asia-Pacific region in terms of shares in the global market in the same year. This growth was also associated with high defense investments of countries like China. Furthermore, the booming manufacturing industry in China is also responsible for the growth of the rangefinder market in the region. China was the leading exporter of range finders in the year with US$ 230 million worth of exports.

The largest importer of rangefinders was the United States with US$ 280 million worth of imports followed by Germany with US$ 95 million worth of imports in the same year. Germany is projected to contribute to the growth of the European regional market in the aforementioned forecast period due to its high export of rangefinders worth US$ 140 million in the year 2022.

The objective of the report is to present a comprehensive analysis of the global Rangefinder market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding the global Rangefinder market dynamics, structure by analyzing the market segments and projecting the global Rangefinder market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the global Rangefinder market make the report investor’s guide.
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Rangefinder Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 1.368 Billion.


Forecast Period 2023 to 2029 CAGR:
4.8%
Market Size in 2029:
US $ 1.90 Billion.


 Segments Covered:
by Product Type
Laser
Ultrasonic


by Application
Defense
Commercial
Sports
Forestry


by Range
very low (<50 m),
low (50 m to 500 m),
medium (500 m to 2.5 km)
high (>2.5 km).



Rangefinder Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest)
Rangefinder Market Key Players are:
1.FLUKE
2.Mileseey
3.Newcon Optik
4.Leupold
5.OPTi－LOGIC
6.BOSMA
7.Flir Systems
8.Kongsberg Gruppen
9.Trueyard
10.Vista Outdoor
11.ORPHA
12.NIKON
13.ZEISS
14.Leica Camera
15.LTI
16.HILTI
17.Bosch
Frequently Asked questions
1. What is the market size of the Global Rangefinder Market in 2022?
Ans. The market size Global Rangefinder Market in 2022 was US$ 1.368 Billion.

2. What are the different segments of the Global Rangefinder Market?
Ans. The Global Rangefinder Market  is divided into  Application, Range and Product.

3. What is the study period of this market?
Ans. The Global Rangefinder Market will be studied from 2022 to 2029.

4. Which region is expected to hold the highest Global Rangefinder Market share?
Ans. The Asia Pacific dominates the market share in the  market.

5. What  is the Forecast Period of Global Rangefinder Market?
Ans. The Forecast Period of the market is 2023-2029 in the market.