US Global Military Laser Rangefinder Market Research Report Information by Product Type (Man-Portable and Vehicle-Mounted), Application (Weapon Guidance and Detection), Range (Up to 15 KM and Over 15 KM) and Region (North America, Europe, Asia-Pacific, Middle East & Africa and Latin America) - Forecast till 2027

Advancements in US Military Technology

The United States Department of Defense (DoD) is actively incorporating advanced products into its military operations due to the evolving nature of warfare. In 2019, the US spent a substantial USD 681.1 billion on its military, and there is a clear focus on strengthening the armed forces in the coming years. This emphasis on military enhancement creates a significant demand for military rangefinders within the US during the projected period.

An example of this commitment is seen in the 10-year program initiated by US Army navigation and targeting experts in November 2017. The aim is to develop an electro-optical system, operational in all weather conditions and day-and-night settings, equipped with a laser rangefinder. This system is designed to guide smart munitions precisely to their targets.

In June 2017, Safran Electronics & Defense secured an Indefinite Delivery/Indefinite Quantity (IDIQ) contract worth USD 8.6 million with the US Special Operations Command. The contract involves the supply of Eye-Safe Laser Range Finders (ESLRF). The presence of major laser rangefinder manufacturers like Lockheed Martin Corporation and Northrop Grumman Corporation further strengthens the US position in the military laser rangefinder market.

The forecast for the military laser rangefinder market in the US suggests a Compound Annual Growth Rate (CAGR) of 7.37%. Among the segments, Man-Portable holds the largest market share, accounting for 60.13% in 2018 and projected to grow at the highest CAGR of 8.43%. Vehicle-Mounted follows as the second-largest market, valued at USD 58.5 million in 2018 and expected to grow at a CAGR of 5.69%.

In terms of applications, Weapon Guidance dominates with the largest market share of 77.55% in 2018, valued at USD 113.8 million, and is anticipated to grow at the highest CAGR of 7.84%. Detection holds the second-largest market share, valued at USD 32.9 million in 2018, and is projected to grow at a CAGR of 5.66%.

Analyzing the range categories, Up to 15 KM is the leading segment, accounting for 71.86% of the market share in 2018 with a value of USD 105.5 million. It is projected to grow at a CAGR of 7.18%. Over 15 KM follows as the second-largest market in 2018, valued at USD 41.3 million, and is expected to grow at the highest CAGR of 7.85%.