COVID-19 Impact on Military Laser Rangefinder Market Global Key Player Review | Northrop Grumman Corporation, Leonardo S.P.A, Thales Group and L3 Technologies by Forecast to 2025

COVID-19 Impact on Military Laser Rangefinder Market Global 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

Market Overview

Global COVID-19 Impact on Military Laser Rangefinder Market estimated to witness 6.70% CAGR during the forecast period. It is expected to expand owing to ongoing political tensions and territorial disputes among countries. Development of lightweight rangefinders for soldiers had revolutionized the industry. The need for such weapons during unpredictable weather conditions in enemy territory can induce a huge demand from armies of nations globally.

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Military laser rangefinders are devices in determining the distance of an object with the help of a laser beam. The handheld rangefinders have a limited range and play a pivotal role in surveillance and reconnaissance missions. Other rangefinders have varied features and are attached to weapons or vehicles. The global military laser rangefinder market report by Market Research Future (MRFR) estimates the value and demand of these devices for the period of 2020 to 2025 (forecast period). The impact of the COVID-19 pandemic on the market has been explored as well.  The success of unmanned aerial vehicles as rangefinders has gained momentum rapidly. This can be lucrative for the market as armies plan to strengthen their air defenses. Preference of miniature rangefinders with high levels of accuracy can be a lucrative opportunity for the global military laser rangefinder market. But huge development costs and hurdles in approval can be detrimental to the market.

Competitive Outlook

Lockheed Martin Corporation, Elbit Systems Inc., FLIR Systems, General Atomics, UTC Aerospace Systems, Gooch & Housego, Leonardo S.p.A, Northrop Grumman Corporation, Thales Group, and L3 Technologies are prominent names in the Global Military Laser Rangefinder Market. Long-term contracts, novel product launches, and investments in research and development are to be witnessed by players during the forecast period to sustain their standing. In 2020, Jenoptik Optical Systems LLC has expanded its manufacturing operations in the U.S. to cater to demand from the military and other private agencies.

Industry Segmentation

Global COVID-19 Impact on Military Laser Rangefinder Market has been segmented by product type, range, and application.

Based on product type, the man-portable segment accounted for the largest market share of 61.44% in 2020 with a valuation pegged at USD 557.2 million. It is projected to witness 7.74% CAGR during the forecast period. Its lethal nature and capability of engaging long and short-range targets can drive the segment growth.

In terms of range, the up to 15 km segment accounted for the largest market share of 71.77% in 2020. It is projected to experience 6.50% CAGR during the forecast period.

In terms of application, the weapon segment accounted for the largest market share of 77.51% in 2020, which is projected to witness 7.10% CAGR during the forecast period.

Regional Analysis

In 2020, the market was led by North America with 35.54% share, followed by Europe and APAC with shares of 25.33% and 20.11%, respectively.

Based on region, APAC is becoming a lucrative region for the firms with offerings of military laser rangefinders 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 exhibit tremendous growth in military laser rangefinder market over the coming years owing to huge allocation of defense expenditure, an increase in the adoption of advanced military systems by soldiers, and presence of major manufacturers. Emphasis on border security is expected to lead to procurement of these weapons in large volumes.

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NOTE: Our Team of Researchers are Studying Covid19 and its Impact on Various Industry Verticals and wherever required we will be considering Covid19 Footprints for Better Analysis of Market and Industries. Cordially get in Touch for More Details.

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