Kenneth Research examined the statistical and analytical approach that is required for the growth of Laser Rangefinder Market between the years 2022 and 2031. The key industrial insights provided in the report gives a better idea about the market overview to the readers regarding the existing scenario in the market. In addition, the report includes detailed discussion on current and future market trends that are associated with the growth of the market.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Laser Rangefinder Market products.
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The growth of the Laser Rangefinder market can be attributed to the rising consumption of consumer electronics devices across the globe. It is expected that the total number of users of consumer electronics would reach a value of approximately 3 billion by 2025. The user penetration is also expected to grow to about 35% by the same year. Additionally, the emergence of advanced technologies such as artificial intelligence (AI), internet of things (IoT) and machine learning (ML) is predicted to offer a myriad of lucrative opportunities to the market players. This can be credited to the increase in the number of connected devices, which is further expected to raise the demand for semiconductor chips worldwide. In 2018, there were more than 20 billion IoT connected devices in the world, which are estimated to increase up to about 35 billion and 48 billion by the end of the years 2025 and 2030 respectively.
he Laser Rangefinder Market report provides an in-depth analysis of the Semiconductor & Electronics during the forecast period 2017-2026 which consists of the industry overview including the market size, volume, growth rate and recent trends and developments in the market based on historical and current data. The report covers detailed information about the key players, market segments, growth drivers and restraints in the industry. The report delivers an insight into the Laser Rangefinder Market which allows our clients to make informed decisions regarding the growth of their businesses.
The worldwide Laser Rangefinder Market is anticipated to reach around USD 2,889 million by 2026, according to a new research published by Polaris Market Research. In 2017, the hand-held laser rangefinder segment dominated the global market, in terms of revenue. In 2017, North America accounted for the majority share in the global laser rangefinder market.
The increasing use in the defense sector, along with increasing defense expenditure of countries worldwide increases the demand for laser rangefinder. Weapons are being modernized, and laser guided weapons are being used, thereby increasing the growth of the lase rangefinder. The increasing use of laser rangefinder in the automotive sector, along with increasing development of autonomous vehicles support the laser rangefinder market growth.
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The rising adoption of laser rangefinder to offer higher accuracy in sports activities boosts the adoption of laser rangefinder. Other factors driving the market growth include increasing use of high-precision equipment in industrial processes, technological advancements, and integration of laser rangefinders with UAV. New emerging markets, emerging consumer demographics, and increasing demand from diversified industries would provide growth opportunities for laser rangefinder market in the coming years.
In 2017, North America accounted for the highest share in the global laser rangefinder market. The primary factors driving the laser rangefinder market growth in the region include rising investments in the defense sectors, modernization of warfare, technological advancements, and high investment in R&D. The increasing applications in the automotive sectors, growing demand for luxury and modernized vehicles, and rising development of autonomous vehicles boost the laser rangefinder market in North America.
The companies operating in the laser rangefinder market include Robert Bosch GmbH, Thales Group, Flir Systems, Inc., Elbit Systems Ltd., Rheinmetall AG, UTC Aerospace Systems, Northrop Grumman Corporation, Carl Zeiss AG, Lockheed Martin Corporation, and Kongsberg Gruppen Asa. These companies launch new products and collaborate with other market leaders to innovate and launch new products to meet the increasing needs and requirements of consumers.
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