Grand View Research, Inc. - Market Research And Consulting.According to a new report by Grand View Research, Inc the defense organizations across the globe are focusing on the improvements in their respective capabilities by adopting machinery and tools with technological enhancements. Moreover, a rise in the number of military bases by prominent defense organizations across the globe is expected to increase the inventory for rifles and other guns, which is anticipated to support the riflescopes market growth.
The global riflescopes market size is expected to reach USD 10.25 billion by 2027, according to a new report by Grand View Research Inc., expanding at a CAGR of 4.8% from 2020 to 2027. Increasing enhancements in military and defense equipment are expected to drive the demand for riflescopes in the projected time. Moreover, the growing demand for target precision in long-range rifles is likely to support the market growth in the estimated time.
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The adoption of modern war equipment in defense systems, including military, navy, and air force, is expected to have a positive impact on market growth. Furthermore, unstable political relations between major economies and the rise in military activities across the globe have increased the consumption of rifles and machine guns, which is likely to influence the market growth in the projected years.
Riflescopes Market Report Highlights
By sight type, the telescopic segment is expected to expand at the fastest CAGR over the forecast period on account of its adjustable mechanism for varied range targets and easy to mount structure
By technology, in 2019, the electro-optic riflescopes dominated the market with a share of 59.8% and are likely to grow at a significant rate in the estimated period. Easy aiming and precision offered by this technology is likely to increase its utilization by armed forces
In North America, the thermal imaging/infrared scopes segment was valued at USD 570.1 million in 2019 and is anticipated to gain greater shares in the upcoming period on account of the rise in demand for target aiming in different light environments
Asia Pacific is expected to expand at the fastest CAGR in the estimated time on account of military enhancements by China, India, Japan, and Pakistan. Political disruption in the region is likely to increase military activities across its borders, and thus is expected to influence the market growth
Prominent players in the market are collaborating with rifle manufacturers to keep intact the outflow of the production. Moreover, technical specifications by defense organizations and custom options offered by the players are expected to influence market growth.
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Technological advancements in the scopes for long-range targets and stability in aiming have introduced multi-functional scopes that can be adjusted for long as well as short-range targets. Telescopic sight scopes are widely used owing to their long-range and offered adjustments for long and short distances.
Prominent players in the market are focusing on improving the sight mechanism in the scopes for precision in aiming through rifles and machine guns. Several applications of riflescopes include hunting, armed forces, and shooting sports.
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Grand View Research has segmented the global riflescopes market on the basis of sight type, technology, application, and region:
Riflescopes Sight Type Outlook (Revenue, USD Million, 2016 - 2027)
Riflescopes Technology Outlook (Revenue, USD Million, 2016 - 2027)
Riflescopes Application Outlook (Revenue, USD Million, 2016 - 2027)
Riflescopes Regional Outlook (Revenue, USD Million, 2016 - 2027)
Central & South America
Middle East & Africa (MEA)
List of Key Players of Riflescopes Market
Leupold & Stevens, Inc.
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research Guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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