Global Rangefinder Market Size is projected to reach USD 19.11 billion by 2031, growing at a CAGR of 20.91%: Straits Research

New York, United States, March 13, 2024 (GLOBE NEWSWIRE) -- A rangefinder is a device that measures the distance between itself and whatever it is measuring. Rangefinders, which include lasers, optics, and radar, calculate distances using various methods. These devices have a wide range of applications in various industries and activities.

The increased emphasis on upgrading defense equipment worldwide is one of the key reasons driving the growth of the rangefinder market. The rising demand for advanced and high-precision equipment in various industrial processes and the equipment's broad use in surveying, navigation, and photography applications drive market growth. The rising need for enhanced accuracy in athletic activities via rangefinders and the number of innovations in defense systems via rangefinders all impact the Rangefinder Market share.

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Market Dynamics

Modernization of Defense Equipment Accelerates Market Growth

According to Straits Research, “The global rangefinder market size was valued at USD 3.46 billion in 2022 and is projected to reach USD 19.11 billion by 2031, registering a CAGR of 20.91% during the forecast period (2023-2031).” The global defense equipment upgrades boost rangefinder market growth. Global defense forces and agencies are investing more in advanced technology like accurate distance measuring. The global defense budget for modern equipment like rangefinders is rising. The US spends much of its defense budget on equipment and technology upgrades. Rangefinders improve battlefield awareness. Accurate distance measures help military personnel assess friendly and enemy forces' closeness and identify hazards and impediments. SIPRI predicted a 3.7% real growth in worldwide military spending in 2022, reaching USD 2,240 billion. Over 2013-22, worldwide spending rose 19% and has climbed annually since 2015. This large budget allocation demonstrates global defense asset modernization activities. Rangefinder Market patterns are affected. Rangefinders will be essential for mission completion as defense forces invest in new technologies to stay competitive.

Growing Outdoor Sports and Recreation Activities Creates Tremendous Opportunities

Outdoor sports and recreation are projected to drive the global rangefinder market. Many hobbies require precise distance measurements to improve performance, safety, and enjoyment, making rangefinders essential. Golfers accurately measure flagstick, hazard, and other course distances with rangefinders. This technology helps golfers pick the right club and hit accurate shots. With millions of golfers, the global golf industry has grown. The National Golf Foundation (NGF) predicts 25.6 million U.S. players in 2022. Rangefinders help archers aim and place shots. As more people and outdoor enthusiasts participate, rangefinder demand will rise. Rangefinder manufacturers and organizations should capitalize on this potential by creating inventive and user-friendly rangefinders for outdoor and sports fans.

Regional Insights

North America is projected to have the largest market share. Golf's popularity in the US and Canada will certainly boost regional markets. The US celebrates 'National Golf Day' on April 29. Continuing the US 'WE ARE GOLF' coalition since 2009 could increase product awareness among purchasers. This will boost golf rangefinder sales in the coming years. Defense uses rangefinders to calculate target distances, guide artillery fire, and improve situational awareness. The US military employs the AN/PED-1 LLDR for target designation and range.

Additionally, North America's defense sector invests heavily in rangefinder technology to improve military capabilities, driving the market. Rangefinders measure tree heights, estimate forest stand variables, and promote conservation in forestry. Ecological and animal research use rangefinders. In North America, rangefinders are used in sustainable forestry and environmental protection. Rangefinders market insights predict that the popularity of military contracts, building projects, and outdoor sports and recreation will keep the North American market growing.

The European rangefinder market is large due to military contracts, infrastructure expansion, and outdoor activities that require rangefinders. Defense rangefinders are used for target acquisition, artillery fire control, and surveillance. European militaries employ the Thales Sophie LR Lightweight Rangefinder for long-range observation and targeting. European golfers use rangefinders to assess flagstick and hazard distances. Bushnell Pro XE Golf Laser Rangefinders are popular. European hunters use rangefinders to estimate target distances for ethical hunting accurately. The GPO RANGETRACKER 1800 is a rangefinder used in competitive shooting sports. Hunting and shooting are popular throughout Europe, driving rangefinder adoption. European market leaders include L3Harris Technologies, Thales Group, Safran Electronics & Defense, and GPO.

Key Highlights

• The product type is further classified as laser and ultrasonic. Laser has the most market share.
  
• The market can be divided into four applications: defense, commercial, sports, and forestry. Defense has impacted market growth and is predicted to increase significantly throughout the forecast period. 
• The market is divided into four segments based on range: very low (50 m), low (50 m to 500 m), medium (500 m to 2.5 km), and high (>2.5 km). The high (>2.5 km) range adds greatly to the market. 
• Depending on the region, the market is analyzed in North America, Asia-Pacific, Europe, and LAMEA. North America is the most significant shareholder and is estimated to grow at a CAGR of 4% over the forecast period. Europe is anticipated to exhibit a CAGR of 4.3% over the forecast period. 

Competitive Landscape

The key players in the global rangefinder market are FLUKE, Mileseey, Newcon Optik, Leupold, OPTi-LOGIC, BOSMA, FLIR Systems, Kongsberg Gruppen, Trueyard, Vista Outdoor, ORPHA, NIKON, ZEISS, Leica Camera, LTI, HILTI, and Bosch. 

Market News

• In June 2023, Mileseey achieved a major invention in thermal imaging gadgets by launching the TNV30, the world's first Mg-Al 384*256 thermal monocular, making it one of the most advanced thermal monoculars.
• In August 2023, Optilogic established the Frogger Pond Supply Chain Design Community.

Global Rangefinder Market: Segmentation

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)

By Region

• North America
• Asia-Pacific
• Europe
• The Middle East and Africa
• Latin America

Get Detailed Market Segmentation @ https://straitsresearch.com/report/rangefinder-market/segmentation

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03/13/2024 12:40

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