Rangefinder market projected to grow at a CAGR of 21.91% during the forecast period

The rangefinder market is projected to grow from an estimated USD 1.32 billion in 2017 to USD 3.57 billion by 2022, at a CAGR of 21.91% from 2017 to 2022. The factors expected to drive the market in the coming years are increased focus on the modernization of the defense equipment by various countries and rise in the demand for rangefinders for accuracy in sports activities.

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Based on type, the laser segment is estimated to be a larger segment of the market during the forecast period

Based on type, the laser segment is estimated to be a larger segment of the rangefinder market during the forecast period. The growth of the laser segment can be attributed to the rising need for accurate and precise information about an object from long distances. The reduction in the price of laser rangefinders, owing to advancements in semiconductor technology is expected to further fuel the growth of the segment.

Based on end use, the commercial segment is expected to be the largest segment of the market during the forecast period

Based on end use, the commercial segment is estimated to be the largest segment of the rangefinder market during the forecast period. One of the key factors expected to propel the demand for rangefinders in the commercial sector is the increasing adoption of automation in the automotive, process industry and construction industries.

Based on range, the very low (