ID: MRFR/A&D/2874-CR | August 2019 | Region: Global | 140 pages
The changing landscape of war in recent times is one of the major factors driving the military laser rangefinder market, with the development of 21st-century digital warfare. Rapidly rising production of lightweight laser rangefinders is expected to induce demand in the military rangefinder market further. Lightweight laser rangefinders enable faster mobility and significantly reduces the chances of fatigue of the troops. Many countries are focusing on the upgrade of their airborne defense and offense systems. Thus, the application of drones as laser rangefinders is rapidly gaining momentum. Growing preference for miniature rangefinders will further provide the market with growth prospects owing to several advantages of miniature rangefinders, which include enhanced accuracy, the safety of soldiers, and effective military operations.
Global Military Laser Rangefinder Market is estimated to witness 6.70% CAGR during the forecast period, 2018-2025. In 2018, the market was led by North America with a 35.54% share, followed by Europe and Asia-Pacific with shares of 25.33% and 20.11%, respectively.
Segmentation of the Global Military Laser Rangefinder Market
The global military laser rangefinder market has been segmented based on product type, application, range, and region. Based on product type, the man-portable segment accounted for the largest market share of 61.44% in 2018, with a market value of USD 557.2 million, which is projected to witness 7.74% CAGR during the forecast period. In terms of application, the weapon segment accounted for the largest market share of 77.51% in 2018, which is projected to witness 7.10% CAGR during the forecast period. In terms of range, the up to 15 km segment accounted for the largest market share of 71.77% in 2018, which is projected to witness 6.50% CAGR during the forecast period.
Based on region, Asia-Pacific is becoming a lucrative region for the firms that provide military laser rangefinder firms, due to the significant spending in the defense sector and demand from countries such as China, India, and South Korea. North America is anticipated to grow a high rate of growth in military laser rangefinder market over the coming years, owing to an increase in the adoption of advanced military systems by soldiers during combat operations.
The key players in the global military laser rangefinder market are Lockheed Martin Corporation (US), Northrop Grumman Corporation (US), Leonardo S.p.A (Italy), Thales Group (France), L3 Technologies (US), UTC Aerospace Systems (US), Elbit Systems Inc. (Israel), FLIR Systems (US), General Atomics (UK), and Gooch & Housego (US).
The market values and forecast are derived using the Market Research Future (MRFR) research methodology, which includes secondary research, primary interviews, data triangulation, and validation from an in-house data repository and statistical modeling tools.
In this process, data is collected from various secondary sources, including annual reports, SEC filings, journals, government associations, aerospace & defense magazines, white papers, corporate presentations, company websites, and paid databases.
In this process, both the demand- and supply-side parties are interviewed to extract facts and insights into the market forecast, production, trends, and projected market growth. Industry stakeholders such as CEOs, VPs, directors, and marketing executives across the value chain are approached to obtain key information.
MRFR offers report customization to valued customers. Below are the options available for customization:
In-depth profiling of additional market players (3 to 4 companies)
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Frequently Asked Questions (FAQ) :
Global military laser rangefinder market is estimated to acquire a market value of USD 530.2 million during the forecast period from 2018 to 2025.
Global military laser rangefinder market is expected to expand at a CAGR of 6.29% during the review period from 2017 to 2023.
North America is predicted to dominate the global military laser rangefinder market owing to the presence of established manufacturers and robust defense sector.
The global military laser rangefinder market is segmented on the basis of application, type, and region.
Lockheed Martin Corporation (U.S.), Leonardo S.p.A (Italy), UTC Aerospace Systems (U.S.), and FLIR Systems (U.S.) are some of the established players in the global military laser rangefinder market.