The entire industry of defense and security has grown more significantly in the present era with the improvement in the technology of weapon. Whereas, the military laser rangefinder systems serves targeting and developed sights for laser-guided bombs, missiles, or precision-guided artillery munitions, likewise the paveway series of bombs or the AGM-114 Hellfire anti-tank missiles. Moreover, the laser rangefinders for professional use and predominantly in the critical situation, specific distance measurement is essential for the reliable firearm targeting. Hence, the laser rangefinder is military standard equipment across the globe with many defense forces. The key market players across the globe are analyzing the way of using it in the armed force, special force and several others for doing more developments in the size and other specifications which proved to be beneficial for leading the market growth across the globe and acquiring the highest share worldwide in the forecasted period.
According to the report analysis, ‘Global Military Laser Rangefinder Market Research Report – Forecast till 2023’ states that some of the major players which are recently functioning in this market more actively for dominating the huge market share across the globe by doing significant developments in the technology of laser rangefinder in the sector of military includes Elbit Systems Ltd (Israel), FLIR Systems Inc. (US), Jenoptik AG (Germany), L-3 Technologies Inc. (US), Leonardo SpA (Italy), Lockheed Martin Corporation (US), Northrop Grumman Corporation (US), Saab AB (Sweden), Safran (France), and Thales Group (France) are the key players profiled in this report. Meanwhile, Lockheed Martin Corporation and Northrop Grumman Corporation were the prominent players in the market, accounting for nearly 50% of the market in 2017.Not only has this, recently, a number of companies, such as BAE Systems, Northrop Grumman, and Thales Group, have invested in military laser rangefinders which would significantly propel market growth in the reviewed period. The improvement of laser-guided weapons, establishment of safe laser rangefinders, modernization of warfare, and introduction of lightweight laser rangefinders are the key factors driving the growth of the global market in the forecasted period.
The market of military laser rangefinder across the globe is predicted to increase at aCAGR of 6.7% in the reviewed period from 2018-2023. While, in 2017, the market was led by the North America with a 35.5% share, followed by Europe and Asia Pacific with the shares of 25.3% and 20.1% respectively. Moreover, the Asia Pacific regionis anticipated to be the fastest rising market for the military laser rangefinders. Whereas, the North America dominates the global market and is likely to increase at a remarkable rate in the reviewed period. Additionally, the growing military disbursement by the US Department of Defense (DoD) on miniature military rangefinders, in present years, has resulted in a significant outpouring in demand in this region. Furthermore, the existence of key companies, such as Lockheed Martin Corporation, Northrop Grumman Corporation, and FLIR Systems Inc., outcomes in the supremacy of this region in the global market. Therefore, it is expected that in the coming years, the market of military laser rangefinder will grow more actively across the globe with the more investment by the new entrants and the present market key player over the recent decades.
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Ankur Gupta, Head Marketing & Communications