A recent study by Fact.MR states that nearly 2.4 Mn units of handheld laser distance meters were sold in 2018, and estimates a 2.1% rise in sales of handheld laser distance meters, to cross 2.5 Mn units by 2019. Fact.MR thoroughly assesses various aspects of the handheld laser distance meter market to reach unique conclusions about its growth prospects, and changing demand for handheld laser distance meters across industry verticals.
The study finds that, in the past few years, distance measurement tools have undergone multiple transformations-all aimed at improving the accuracy, efficiency, and ease of handling the equipment. The study anticipates demand for handheld laser distance meter to remains robust in the building and construction industry, with resurgent rise in the residential and commercial construction activities alike.
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“The construction industry has witnessed a considerable growth since the past decade. It is ushering in the digital technological revolution to reduce its heavy reliance on mechanical technology and manual labor. As leading industry players are rethinking long-established practices by shifting to next-generation instruments, such as handheld laser distance meters, to improve the business productivity and sustainability to reshape their competencies. Thereby, the building and construction industry will continue to prove the most lucrative end-user industry in the handheld laser distance meter market,” says Fact.MR.
Spotting the lucrative sales opportunities, manufacturers in the handheld laser distance meter market are gradually foraying into the construction industry. The Fact.MR study finds that over 1.4 million units of handheld laser distance meters were sold to the building and construction industry in 2018, which is nearly 60% of overall sales.
The study predicts that the building and construction industry will continue to hold the largest volume share in the handheld laser distance meter market in the upcoming decade. Leading manufacturers in the handheld laser distance meter market are focusing on adopting innovative promotion strategies to reach more construction companies that still rely on manual labor and traditional measurement tools.
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4 in 10 Handheld Laser Distance Meters Sold in Asia Pacific Excluding Japan
The Fact.MR study projects that the sales of handheld laser distance meters will surpass 1 million in the Asia Pacific region excluding Japan (APEJ) in 2019, accounting for over 40% share of the global handheld laser distance meter market. Leading players in the handheld laser distance meter market find the APEJ region as an attractive regional market that has been fostering burgeoning industrial activities over the past few years.
Strong issuance of building permits in fast-growing economies in the APEJ region are making developing countries, such as India and China, the fastest-growing construction markets in the world. As these emerging economies in the APEJ region are contributing to the construction material and tools demand growth, stakeholders in the handheld laser distance meter market spot potential for growth in the region.
Not just the construction industry, but the metal and mining industry in APEJ is also creating lucrative sales opportunities for stakeholders in the handheld laser distance meter market. The rich reserves & resources of metals and minerals are thriving the metal and mining undertakings in the region. Thereby, the Fact.MR study predicts that the ongoing activities in the APEJ metal and mining industry will bolster demand for state-of-the-art distance measurement tools, such as handheld laser distance meters, in the upcoming years.
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The Fact.MR study provides a detailed forecast of the handheld laser distance meter market for the period between 2019 and 2027. Global sales of handheld laser distance meters are estimated to surpass 3 million units by 2027-end.
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