Contracts was the Key Growth Strategy Adopted by Market Players to Achieve Growth in the Rangefinder Market From 2015 to 2017
The rangefinder market is estimated at USD 1.32 Billion in 2017 and is projected to reach USD 3.57 Billion by 2022, at a CAGR of 21.91% from 2017 to 2022. The growth of the market can be mainly attributed factors, such as the increased demand for high-precision equipment in industrial processes, increased accuracy by using rangefinders in sports activities, and advancements in defense ranging systems.
A rangefinder is used in ranging applications, across different end uses, such as commercial, defense, and sports. Key manufacturers of rangefinders profiled in this report include Elbit Systems Ltd. (Israel), Kongsberg Gruppen ASA (Norway), Lockheed Martin Corporation (US), Saab AB (Sweden), and Thales Group (France). These companies account for a major share of the rangefinder market and have adopted strategies, such as contracts, agreements, and new product launches to enhance their market share.
In 2016, Lockheed Martin Corporation (U.S.) was awarded a contract worth USD 54.3 Million from the US Army to upgrade the Modernized Target Acquisition Designation Sight/Pilot Night Vision Sensor (M-TADS/PNVS) on its AH-64E Apache helicopter. Under this contract, Lockheed Martin will manufacture 35 M-DSA kits and spares for the US Army and the Qatar Emiri Air Force. This contract will help the company to maintain a long-term relationship with the US and its ally nations. The company is expected to start production at its facility in Orlando and Ocala, Florida by March 2019.
Elbit Systems Ltd. (Israel) is one of the key prominent players in the rangefinder market, the company provides rangefinders majorly to the defense industry. The company received a contract worth USD 73.4 million from the US Marine Corps in 2015. As per the contract, Elbit Systems of America, a wholly-owned subsidiary of Elbit Systems will provide Common Laser Rangefinder Integrated Capability to the US Marine Corps (USMC). The company is aiming to increase its market share by providing advanced rangefinders to the US government.
In 2015, Thales Group (France), a key manufacturer of rangefinders in Europe, signed a contract worth USD 79.7 million with Lockheed Martin UK Ltd. for the supply of Stabilized Day/Night Gunnery Sight for the SCOUT Specialist Vehicle (SV) Program of the Ministry of Defence in the UK. As per the contract, Thales will provide 245 gunnery sights on the Reconnaissance variant of the SCOUT SV vehicle. This contract is expected to help the company gain contracts from various countries in the Europe.
Related Reports:
Rangefinder Market by Type (Ultrasonic & Laser), End Use (Defense, Commercial & Sports), Range (Very Low (<50 M), Low (50 M To 500 M), Medium (500 M To 2.5 Km), & High (>2.5 Km)) and Region - Global Forecast to 2022
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