Trending News: Riflescopes Market — Global Industry Analysis and Forecast 2020 to 2027
Global Riflescopes Market: Key Highlights
- According to the new market research report “Riflescopes Market by Sight Type (Reflex Sight, Telescope Sight and Collimating Optical Sight), by Technology (Electro-Optic, Laser and Thermal Imaging), by Weapon Compatibility (Sniper Rifles, Automatic Rifles), by Range Type (Short (50 to 100 yards), Medium (100 to 500 yards) and Long (> 500 Yards)), by Application (Hunting, Armed Forces, Shooting Sports and Military), by End-User (Defense and Commercial), by Region (North America, Asia Pacific, Europe, Middle East and Africa, South America) — Global Forecast (2020 to 2027)”, the global Riflescopes Market is estimated to reach USD 8.1 Billion by 2027 at a CAGR of around 4.9% during the review period.
- The Riflescope is also known as optical sight, which has a unique features that helps to give positive and repeatable return to zero from any elevation adjustments.
- Moreover, it advances with the features such as higher accuracy, longer range, high-quality scoreboards and an ability to fire shots from a good distance. These trend may lead to boost the growth of the market in the forecast period.
Global Riflescopes Market: Key Market Dynamics
- With the rising advancement in riflescope technology is witness to boost the growth of the market in the forecast period. Whereas, the technology advancement in Rapid Adaptive Zoom for Assault Rifles (RAZAR) lead to improve the features for rifleman to toggle between the high and low magnifications at a push of a button, without having to take off their eyes from the targets positions.
- One of the major key concern of the riflescopes market is high cost of riflescope which may restraining factor for the growth of the market.
- Growing military budget in emerging economies lead to create an opportunities for the growth of the riflescopes market in the forecast period.
- The ban on hunting in Asia-Pacific region in countries such as India, where there is a strict wildlife regulations, as well as few communities are not permitted to hunting of certain species.
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Global Riflescopes Market: Regional Overview
- North America:
The region is largely popular for the hunting, which is witness to increase the market adoption rate in the forecast period. Whereas, the countries in these regions are projected a growing turnout of the population for wildlife-related activities. These may lead to increase demand for riflescopes for hunting applications in the region. Moreover, the large penetration for a gun manufactures as well as the growing military budget in the region, will play as a key factor for the market growth in the forecast period.
Hence, the U.S and rising modernization of military are the factors which have contributed to region, for being the largest shareholder of the riflescopes worldwide.
The region is expected to play a major role for the growth and developments of the market in the forecast period. Whereas, the countries such as China has growing their budget system for the defense sector of the country. Also, Japan, India and South Korea play a significant role for the market growth in the region. Moreover, the large domestic base and rising the consumption of assault as well as sniper rifles by the defense sector is projected to boost the riflescopes market in the China.
Hence, the growing investment in the region is anticipate to fuel the growth of riflescopes market in the forecast period.
Global Riflescopes Market: Key Players Overview
- LEUPOLD & STEVENS, INC:
LEUPOLD & STEVENS, INC. is an American manufacturer of telescopic sight, red dot sights, spotting scopes, binoculars, rangefinders, golf rangefinders, and hunting. Also, the company develop and manufactures optical equipment. Whereas, the company markets its products to hunting as well as shooting the enthusiasts and golfers globally. In 2020, the company has announced that L3Harris has awarded a contract in the partnership with the Leupold to deliver of 115 productions to the United States Army for the Next Generation Squad Weapon Fire Control (NGSW-FC) Program.
- SIG SAUER:
SIG SAUER is the brand name which has used by two sister companies involved in the design and manufacture of firearms. In 2019, the company was awarded a contract worth of USD 12 million by the US SOCOM for the supply of its Electro-Optics TANGO6T 1–6×24 Second Focal Plane (SFP) Riflescope and ALPHA4 Ultralight Mount. Also, these will help the company to grow its share in the riflescopes market.
Hence, these contract will also an indefinite delivery as well as indefinite quantity with a firm-fixed price. These may anticipate for growth the demand of the market in the forecast period.
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