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Handheld Laser Distance Meter Market Overview
Increasing demand for digital measuring devices for getting accurate measurement results, and growing demand for handheld laser distance meter from construction industry, are the key factors driving the growth of handheld laser distance meter market across the globe.
On the basis of range of handheld laser distance meter, the market has been categorized on the basis of range, including up to 30-meters, 30-100 meters, and above 100-meters. Among these, handheld laser distance meter with range above 100-meters accounted for the largest revenue share in the market in 2018. This is attributed to growing demand for accurate measurement in construction of commercial buildings.
Based on end-user, the handheld laser distance meter market has been categorized into building and construction; military; metal and mining industry; and others, wherein ‘others’ include oil and gas industry, and logistics. Among these, building and construction industry held the largest share in the market in 2018. This is due to growing construction sector across the globe mainly in U.S., China, and India. For instance, in 2017, it has been recorded that China spent around 30% of country’s total investment on its infrastructure.
Based on region, North America is projected to hold the largest market share throughout the forecast period. On the other hand, Asia-Pacific (APAC) is expected to be the fastest growing region in the market, during the forecast period. This can be attributed to growing construction sector in APAC mainly in China and India. The growth in APAC construction sector can be attributed to increasing population, rising disposable income, and increasing construction projects in the region. For instance, in January 2019, China Railway Corporation (CRC) announced to construct new railway lines of 6,800 kilometers, an increase of 40% new tracks as compared to 2018. Additionally, the government of China has approved construction of inter-city railway projects of around $127.2 billion in cities such as Wuhan, and Shanghai.
Handheld Laser Distance Meter Market Dynamics
Increasing demand for digital measuring device is a key factor driving the growth of handheld laser distance meter market. With increasing digitization in the field of metrology, and due to growing demand for accurate measurements in different applications such as in construction of buildings, and roads the demand for handheld laser distance meter is increasing globally. A laser distance meter is accurate in measuring large distances, and displays faster measurement result as compared to traditional tapes used in measurement applications. Further, laser distance meter has on-board processing capability that allows the device to triangulate and calculate and can easily measure distance, and could also calculate area and volume. Hence, due to various features offered by handheld digital measuring device, the demand for this device over tapes is increasing globally.
Another, major factor driving the growth of handheld laser distance meter is growing construction sector, globally. The growth of construction sector is mainly due to rising number of construction projects and increasing investment in construction sector across the globe mainly in India, China, U.S., and Canada. For instance, according to U.S. Census Bureau, around $550 billion was spent in residential construction, and $500 billion was spent in commercial building construction in 2017; this is projected to exhibit a moderate growth during the forecast period.
Moreover, the U.S., Canada, and Mexico, have been selected as host nations for FIFA World Cup 2026, and this is projected to further drive the construction sector in these countries. Hence, with growing construction sector and increasing construction of commercial and residential building the demand for laser distance meter in construction applications is increasing around the globe.
Handheld Laser Distance Meter Market Competitive Landscape
With presence of numerous market players, the handheld laser distance meter is highly competitive in nature. The market players have been focusing on new product launches to increase their presence in the market. For instance, in 2018, Hexagon AB launched Leica DISTO X3 and X4, a latest distance meter for use in construction sites. This laser distance meter can withstand drop tests from a height of about 2 meters, and is suitable for rugged job site conditions. Further, in 2018, Robert Bosch GmbH launched Bosch BLAZE Outdoor GLM400C connected laser measure with viewfinder and the Bosch BLAZE Outdoor GLM400CL connected laser measure with camera to provide accurate measurements in any light conditions.
Some of the key players operating in the market include Hexagon AB, Robert Bosch GmbH, Trimble Inc., Fluke Corporation, FLIR Systems Inc., Stanley Black & Decker Inc., Transcat Inc., Makita New Zealand Ltd., Precaster Enterprises Co., LTD, and Prexiso AG.
The report will also provide a country-wise analysis. Some of the major countries that are covered in the report include U.S., Canada, Mexico, Brazil, U.K., Germany, France, Italy, Spain, China, Japan, India, South Korea, Australia, South Africa, Turkey, U.A.E., and Saudi Arabia.