Advancements in riflescopes technology for precision attack and increasing demand for riflescopes for hunting and shooting sports are key factors fueling the growth of the riflescopes market across the globe. The riflescopes market size is projected to grow from USD 6.5 billion in 2019 to USD 7.9 billion by 2025, at a CAGR of 3.4% from 2019 to 2025. Increasing demand for highly precise firearms for armed forces, and hunting & shooting sports applications are some of the factors expected to fuel market growth.
Based on the application, the hunting segment is projected to lead the riflescopes market from 2019 to 2025. Based on application, the hunting segment estimated to lead the riflescopes industry in 2019 and is expected to continue its dominance till 2025.Hunting is widely popular in North America and Europe.
Countries in these regions are witnessing an increasing turnout of the population for wildlife-related activities.This has led to the growing demand for riflescopes for hunting applications.
For instance, data of the US Department of the Interior shows that 101.6 million Americans, i.e., 40% of the US population of 16 years old and older—participated in wildlife-related activities in 2016.
Based on technology, the thermal imaging segment is projected to grow at the highest CAGR from 2019 to 2025. Based on technology, the thermal imaging segment is expected to grow at the highest CAGR during the forecast period.The thermal sights mounted on a rifle follow the infrared radiation emitted by the target.
Modern thermal imagers are low-powered, which reduce battery usage and are light in weight. These modern thermal sights are now integrated with soldiers’ night-vision goggles; this interface shares the imagery from the weapon sight with goggles and displays the target in real-time.
Asia Pacific riflescopes market is projected to grow at the highest CAGR during the forecast period. Asia Pacific is estimated to grow at the highest CAGR in riflescopes industry during the forecast period.Increasing incidences of territorial and armed conflicts in Asia Pacific have led the region’s major economies, such as India and China, to adopt strong military measures to protect their land as well as population.
In addition to this, intrastate conflicts involving insurgents and terrorists have resulted in an increased demand for riflescopes in the region.
Break-up of profiles of primary participants of the riflescopes market • By Company Type - Tier 1 – 35 %, Tier 2 – 45%, and Tier 3 – 20% • By Designation – C Level – 35%, Director Level – 25%, and Others – 40% • By Region – North America -20%, Europe – 5%, Asia Pacific – 30%, and the Middle East – 45%
Major companies profiled in the report are Lockheed Martin Corporation (US), BAE Systems Plc. (UK), Raytheon (US), MBDA (France), Israel Aerospace Industries (Israel), Elbit Systems Ltd. (Israel), Saab AB (Sweden), General Dynamics Corporation (US), Northrop Grumman (US), Rheinmetall AG (Germany), and Leonardo SpA (Italy), among others.
Research Coverage: This report segments and analyzes the riflescopes market during the forecast period. The market has been classified based on product (tactical missiles, guided rockets, guided ammunition, and loitering munition), technology (infrared, semi-active lasers, radar homing, GPS, INS, anti-radiation, and others), type (autonomous and semi-autonomous), speed (hypersonic, non-hypersonic), and region (North America, Europe, Asia Pacific, the Middle East, and Rest of the World).
Reasons to Buy This Report: From an insight perspective, this research report has focused on various levels of analysis — industry analysis (industry trends), market ranking analysis of top players, and company profiles. These insights together comprise and discuss basic views on the competitive landscape, emerging and high-growth segments of the riflescopes market, high-growth regions, and drivers, restraints, challenges, and opportunities influencing the growth of the market.
The report provides insights on the following pointers: • Market Penetration: Comprehensive information on precision-guided munition offered by top market players • Market Sizing: The estimated size of the market in 2019 and its projection from 2019 to 2025 • Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new products launched in the riflescopes market • Market Overview: Market dynamics and subsequent analysis of the associated trends as well as drivers, restraints, opportunities, and challenges prevailing in the riflescopes market • Market Development: Comprehensive information about lucrative markets – the report analyzes the markets for precision-guided munition across different regions • Market Diversification: Exhaustive information about new products launched, untapped geographies, recent developments, and investments in the riflescopes industry • Regional Analysis: Factors influencing the growth of the riflescopes market in North America, Europe, Asia Pacific, the Middle East, and Rest of the World (RoW) • Competitive Assessment: In-depth assessment of market shares, strategies, products, and manufacturing capabilities of leading players in the riflescopes market • Impact of Mega Trends: Effect of the growth of the electronic/network-centric warfare, which uses drones or cyber platforms utilizing Artificial Intelligence (AI) and embedded computing platforms, on the riflescopes market
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