The Rangefinder Market is expected to grow at CAGR of 23.2% during 2021-2026, according to a report from Stratview Research.
COVID-19 pandemic – Boon or a Curse to the industry?
The outbreak of COVID-19 has severely impacted several industries across the world. Tough government measures such as lockdown of major economies, has pressed the ‘pause button’ for most of the industries. For most of the industries, the revenue has gone down in 2020 and has resumed an uptrend gradually from 2021.
Key insights on Rangefinder Market
Rangefinder Market is likely to witness an impressive CAGR of 23.2% during the forecast period. The growing demand for extremely unswerving system, low-cooling cost due to low amount of heat generation, higher power-to-weight ratio of hydraulic systems, and their wide array of load handling capacity are the prime factors expected to underpin the growth of the Rangefinder Market during the forecast period.
In terms of regions, 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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Market Scope & Segmentation
Rangefinder Market Share: By Type
Based on the type, the market is segmented as laser and ultrasonic. 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.
Rangefinder Market Share: By End-Use Type
Based on the end-use type, the market is segmented as commercial, defense, and sports. 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.
Rangefinder Market Share: By Range Type
Based on the range type, the market is segmented as very low (< 50 M), low (50 M to 500 M), medium (500 M to 2.5 Km), and high (>2.5 Km). 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.
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Which key questions will this report answer?
This market research report focuses to deliver relevant information regarding the market trends, structure and growth during the forecast period of 2021-2026. It also offers insights into different market segments and other factors affecting the market.
Some of the key questions answered by the report are:
Stratview Research’s reports are generated after accumulating data from various authenticated sources. > 10 primary interviews with industry experts are conducted by us for every report. Insights gained from primary interviews, in-depth analysis of company statements and annual reports, accompanied by a number of articles, whitepapers, and reports help us to connect the dots and triangulate the market in the most effective manner.