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. The Military Laser Rangefinder is equipment that comes into use in the defense sector. It is a laser device that counts as professional military equipment. As military equipment, only trained military personnel can properly use a military laser rangefinder. There are military binoculars with laser rangefinder in use by military personnel. With the use of vehicle-mounted warfare and surveillance systems, the use of Military Laser Range Finder has also increased in the past years. The increased use of technology-aided warfare and constant improvements in the capability of the Military Laser Rangefinder is a constant driver of growth for the Military Laser Rangefinder Market.
Among the different sectors that ally with defense and national security, the Military Laser Rangefinder market is one. The Market has existed for a long time with the widespread use of laser technology. The use of military rangefinder binoculars and laser detection technology in UAVs and drones is also a positive trend for the Military Laser Rangefinder Market. There is a conscious effort from national governments and international organizations to make technological advancements in military equipment. Bettering surveillance and attack capabilities while minimizing loss of lives has turned focuses into technical improvements in military equipment like Military Laser Rangefinders.
The Market is a growing market that has good growth prospects and promising trends. The Market research report projects a healthy growth rate in the coming years due to the rapid development of the defense and security sector. Military laser designators are used in different defense vehicles and equipment—the Market benefits from using the equipment in different military exercises and warfare. The Market Demand arises from different regional markets. The Market trends and their prospects are discussed in the Market report.
COVID 19 impact
The Military Laser Rangefinder Market is no stranger to the impact of the COVID 19 pandemic. The manufacturing sector, including military laser rangefinder manufacturers, bore the brunt of COVID 19 lockdowns. The manufacturing rate declined drastically. Unavailability of funds and raw materials hit the Market hugely. Moreover, since all the nations' budget was channelized in COVID 19 and the economic recovery of the people, defense budgets accommodated very few military laser rangefinders and military laser designators. The growth rate and demand in the market plummeted to a new low.
However, in the post-pandemic era of this forecast period, military laser rangefinder manufacturers will see recovery and growth anew. The nations' attention is shifting towards strengthening defense and security. Thus, funds have started flowing into the military laser rangefinder market. Military binoculars with laser rangefinder, military laser designators, and military rangefinder binoculars will see more demand now with the pandemic in the past.
Segmentation of the Global Military Laser Rangefinder Market
There are diverse major drivers of growth in the Market. The major drivers of growth are continued research into creating better Military Laser Rangefinders for use. The manufacturers of Military Laser Rangefinders are investing heavily into research and development of new and lightweight Military Laser Rangefinders. National governments back the key players of the market. For example, the US Marine corps use an advanced rangefinder system called the Integrated – Compact Ultra-light Gun-mounted RangefinderThe demand for upgraded Military Laser Rangefinders and their use in military vehicle systems is a positive influence on Military Laser Rangefinder Market Growth.
Many national governments and international peacekeeping forces are investing in the up-gradation of airborne surveillance and offense systems. Airborne warfare and surveillance have received impetus from different spheres of national and international security. With a focus on aerial warfare, the demand for Military Laser Rangefinders is higher than ever. This is a golden opportunity for expanding Military Laser Rangefinder Market Size in the future.
Despite so many drivers and opportunities of Military Laser Rangefinder Market growth, the market experiences many restraints too. A major restraint on the Military Laser Rangefinders Market is the limited spending on rangefinders by developed countries. The developed countries already have advanced Military Laser Rangefinders and will not spend much in the Military Laser Rangefinder Market.
The major challenge in the Military Laser Rangefinder Market is the regulations and restrictions that govern the development of new military equipment. While some countries have aggressive regulations regarding military equipment, others have lenient restrictions and regulations around the development of military equipment like Military Laser Rangefinders.
Cumulative Growth Analysis
In the above section, the growth drivers of the Military Laser Rangefinder Market, opportunities, restraints, and challenges are analyzed. After military laser rangefinder market analysis, the cumulative growth rate for the upcoming forecast year is 6.7 percent. Although the Market Size expands at a moderate rate, the entire market shows some promising prospects and future trends.
The Military Laser Rangefinder Market is divided into different industrial segments depending on different criteria. The division of the Military Laser Rangefinders Market according to different criteria helps analyze different aspects of the market. The major industrial segments for the Market are by type, with man portal and vehicle-mounted as sub-segments. The man-portable segment will hold the largest Market share in the future. On the other hand, the market is divided into different segments of Weapon Guidance and detection by application. By range, the market divides into up to 15 km and beyond 15 km. The regional segmentation of the Market is discussed in the next section.
The Military Laser Rangefinder Market disperses over different regions of the world. The major regional markets of the Military Laser Rangefinders are classified according to Market Revenue and key player presence. The major regional markets are North America, Asia Pacific, Europe, the Middle East, Africa, and Latin America. The North American region holds the largest Market Revenue share till now. Although the North American region will continue to hold the largest Market share and show a high growth rate, the highest rate of growth will be displayed by the APAC region. Other regional markets will also significantly contribute to the collective Market revenue.
The competitive ecosystem existing in the Market is a dynamic and fast-paced one. The Military Laser Rangefinder Market competitive landscape is dotted with major stakeholders of the market that introduce new improvements and product lines to the market. Refer below for some of the prominent stakeholders of the market in the discussion.
The key stakeholders of the Military Laser Rangefinder Market take up many development activities that set new business trends in the market. The size of the market also goes through expansion because of it. For example, most key stakeholders are developing lightweight and miniature military laser rangefinders, which can be fitted into new-age military vehicles and UAVs. There are multiple partnerships and acquisitions in Military Laser Rangefinders that will bring about new product introduction and improvements. The setup of new manufacturing units to support the demand for Military Laser Rangefinders has led to the expansion of the Market size.
The Military Laser Rangefinder Market Research Report summary is as follows-
The Military Laser Rangefinder Market Research Report is a complete, concise report on the present condition of the market and its past influences that discuss the market's prospects in view. With the help of an analysis of current conditions and segmentation, the Market research report projects the Market Growth trends for the forecast period. The Market report discusses the different drivers, factors, and opportunities in the market. The Market Research report also discusses many restraints and challenges present in the market. The Market Research report also highlights the impact of the recent COVID 19 pandemic and its future consequences. The Market Research Report includes industrial segmentation and regional market analysis of the global market. The Market Research report also includes the competitive landscape and recent developments in the present market. By reading this report, the reader will be able to gain insights into the Market and look deeper into the prospects of the market.
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.