Military Laser Rangefinder Market to grow at a CAGR of 6.70% by 2026
NEW YORK, Jan. 19, 2022 /PRNewswire/ — The Military Laser Rangefinder Market is set to grow by USD 4.67 billion between 2021 and 2026, accelerating at a CAGR of 6.70% as per the latest report by Technavio. The market is segmented by product (handheld equipment and observation systems) and geography (North America, Europe, APAC, South America, and MEA). The report provides detailed insights into how vendors are performing in terms of revenue generation, market position, product launches, and customer base among others.
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Key takeaways from Military Laser Rangefinder Market study
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Military Laser Rangefinder Market size to increase by USD 4.67 billion at a CAGR of 6.70% between 2021 and 2026
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5.11% year-over-year growth expected in 2022
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46% market growth to originate in North America during the forecast period
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Dominant vendors include Elbit Systems Ltd., Jenoptik AG, LAP GmbH Laser Applikationen, Leonardo Spa, Lockheed Martin Corp, and others
Military Laser Rangefinder Market: Revenue Generating Segment
The military laser rangefinder market share growth by the hand-held equipment segment will be significant for revenue generation. The growth is attributed to the high quality and durability of the equipment. The significant increase in demand for handheld equipment such as laser rangefinder monoculars, binoculars, and multifunctional devices will also facilitate in achieving the global military laser rangefinder market growth during the forecast period.
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Military Laser Rangefinder Market: Growth Drivers and Restraints
For enhancement in the level of border security and protection, the defense agencies have been increasingly inclined toward equipping their military personnel with upgraded & advanced arms and ammunitions. For instance, in 2019, the US Army awarded a USD17.6-million contract to Northrop Grumman for the upgrade of target locator modules (TLMs) and retrofit the TLMs with the modern lightweight laser designator rangefinder (LLDR) 2H man-portable targeting system. Furthermore, in September 2018, the US Army chose Leonardo to help the army’s navigation and targeting experts with an electro-optical all-weather day-and-night target designation and laser rangefinder system for the proper guidance of smart munitions to their targets. The growing acceptance of such lightweight, integrated systems among defense agencies will drive the growth of the global military laser rangefinder market during the forecast period. Need for highly precise weapons Increase in border security threats.