Global Handheld Laser Distance Meter Market Size & Analysis - By Application (Distance Measurement, Position and Monitoring Objects, Security Applications Movement Detection, Level and Elevator Measuring), By Usage (Indoor, Outdoor), By Accessory (Target Plate, Tripod, Soft Bag) By Region (North America, Europe, Asia Pacific, Central & South America, Middle East & Africa), End-Use Landscape; Vendor Landscape and Competitive Landscape - Forecasts To 2026
Global Handheld Laser Distance Meter Sensor Market Insights
The global Handheld Laser Distance Meter market is estimated to generate revenue of USD 3218.51 million in 2018, and is projected to reach USD 4332.94 million by 2026. The market is primarily driven by growing applications of Handheld Laser Distance Meters in multiple end use industries such as construction, architectural, transportation, and defense & security industries among others. Technological advancement is one of the major factors expected to drive the market growth. Increased investment in research and development activities in the global Handheld Laser Distance Meter market is further expected to propel the growth of market over the forecast period. The global market is projected to grow at a CAGR of 3.79% during the forecast period. Furthermore, increasing use of laser sensors in various applications coupled with IoT enabled smart devices is projected to augment the demand for handheld laser distance meters market during the forecast period.
On the basis of application, the market can be segmented into distance measurement, positioning and monitor of objects, security applications movement detections, and level and elevator measuring among others. The distance measurement segment is expected to hold the largest market share, and is further projected to reach USD 1,812.04 million by 2026. The distance measurement segment is projected to grow at the highest CAGR during the forecast period.
On the basis of usage, the global handheld laser distance meter market can be segmented into Indoor, and Outdoor. The Outdoor segment is estimated to hold the largest market share in terms of revenue, followed by Indoor. The Outdoor segment is projected to grow at the highest CAGR of 4.37% owing to high demand.
North America is expected to dominate the global market for Handheld Laser Distance Meters owing to high demand for the product in construction and architectural industry. Increasing research and development activities has led to growing integration of connected devices and Handheld Laser Distance Meters to optimize business operations. Europe is expected to hold the second largest market share in terms of revenue, with estimated revenue of USD 1241.39 million by 2026. The Asia Pacific region is projected to grow at the highest CAGR of 6.18% during the forecast period.
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Global Handheld Laser Distance Meter Sensor Market Drivers
Growing demand for handheld laser distance meters in multiple industries:
Laser distance meters are used extensively in the construction, interior design, mining and electronics industries among others. Laser distance meters send a pulse of laser light to the target and measures the time it takes for the reflection to return. The product finds majority of its applications in the construction and interior design industries, where it is used to measure the floor space and distances for furniture design. In February 2018, Leica Geosystems introduced new laser distance meters which can withstand drop tests from a height of 2 meters, and are suitable for rugged job sites and adverse conditions. New product launches are expected to increase use of handheld laser distance meters in developed as well as developing countries.
Rapid advancements in the construction industry especially in the developing countries in the Asia Pacific region is expected to boost market demand for handheld laser distance meters. Countries such as India, China, South Africa and other south Asian countries are expected to lead to demand for effective measurement technologies. Significant growth in construction of residential buildings, commercial complex, hospitals and monuments is further expected to boost growth in the market. Handheld Handheld Laser Distance Meters are convenient to use, and make it easy to take measurements without physically using a measuring tape. Technological advancements and investments in the market is also expected to have a positive impact on market growth.
Along with the construction industry, handheld laser distance meters are also used in the mining industry to measure distances. They can measure widths, heights, areas and diameters of certain objects at any angle. The product finds significant applications in the mining industry, automobile, product and interior designing among others. Multi-functional capabilities of laser distance meters have led companies adopting handheld Handheld Laser Distance Meters.
Advantages of handheld laser distance meters such as accuracy, convenience and functionality:
Use of handheld distance meters has the ability to reduce lag time, efficiency and accuracy of measurements in multiple end use industries. Precise laser distance meters are used with a tripod to maintain stability while measuring distances. Mounting a laser distance meter on a tripod allows measurement of complex landscapes such as uneven slopes and remote locations. Handheld laser distance meters are also used extensively for continuous monitoring of traffic, landslides and general movements. As opposed to the alternatives to handheld laser distance meters, measuring tapes are very tedious and can often be inaccurate. Technological advancements and availability of advanced technologies in developed as well as developing countries is expected to lead to growth in the market.
Advanced handheld distance meters are multifunctional, and can measure corners, slots, edges, and difficult shapes efficiently. They are also equipped with touchscreens which make it easier to use. Due to their applications in the construction industry, laser distance meters need to be sturdy enough to withstand dust and rough usage. Advanced devices are equipped with Bluetooth, which allows easy data transfer without any hassle. Combinations of tilt sensors provide simple and efficient measurement of height. Integration of handheld Handheld Laser Distance Meter devices with smartphones and tablets allows data and sketch transfers, without occurrence of typing errors. Ability of handheld laser distance meters to measure distance, volume and area effectively is expected to be the major driver for growth in the market.
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The desk research involved a robust background study which meant referring to paid and unpaid databases to understand the market dynamics; mapping contracts from press releases; identifying the key players in the market, studying their product portfolio, competition level, annual reports/SEC filings & investor presentations; and learning the demand and supply side analysis for the Handheld Laser Distance Meter Market.
The primary research activity included telephonic conversations with more than 50 tier 1 industry consultants, distributors, and end-use product manufacturers.
Finally, based on the above thorough research process, an in-depth analysis was carried out considering the following aspects: market attractiveness, current & future market trends, market share analysis, SWOT analysis of the companies and customer analytics.
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