DUBLIN--(BUSINESS WIRE)--Research and Markets has announced the addition of the "Riflescope Market by Sight Type (Telescopic Sight, Reflex Sight), Technology (Electro Optic, Thermal Imaging/ Infrared, Laser ), Application (Hunting, Armed Forces, Shooting Sports), and Region - Global Forecast to 2022" report to their offering.
The riflescope market is estimated to grow from USD 5.36 Billion in 2016 to USD 6.87 Billion in 2022, at a CAGR of 4.24% during the forecast period.
This growth of the market can be attributed to the rise in shooting sports activities, increasing adoption of riflescopes in military, and technological advancements. The market in Europe is expected to witness significant growth, owing to the popularity of hunting sports.
The market has been segmented on the basis of application, sight type, technology, and region. Among applications, the Armed Forces segment is estimated to grow at the highest CAGR during the forecast period; the hunting application segment is estimated to lead the market during the forecast period. On the basis of technology, the market has been segmented into electro optics, thermal imaging/infrared, and laser.
The thermal imaging/infrared technology is expected to witness increased adoption, especially in the military. Based on technology, the electro optic segment accounted for a share of 68% of the market in 2016. Assault rifles being launched are equipped with advanced night vision scope for better clarity.
The thermal imaging/infrared segment is expected to grow at the highest CAGR during the forecast period. Based on sight type, the reflex segment is estimated to grow at the highest CAGR during the forecast period; the telescopic segment is projected to lead the riflescope market during the forecast period.
Europe accounted for the largest share of the riflescope market in 2016, followed by North America and Asia-Pacific. The popularity of precision sports such hunting and shooting sports in European countries is expected to drive the hunting segment of the market in the region.
New product launches and contracts were the key growth strategies adopted by the companies in the riflescope market. The strategy of new product launches accounted for a share of 82% of the total developments registered in the market between 2011 and 2016. Contracts were mainly signed with the U.S. military.
The major challenge for system manufacturers is high cost. The major players identified in the riflescope market are Bushnell (U.S.), Leupold (U.S.), and Burris Optics (U.S.). There are largely 30 riflescope manufacturers across the globe. The manufacturers mostly adopted new product launches as their key growth strategy.
- Increase in Use of Riflescopes in Hunting And Shooting Sports is Expected to Drive the Riflescope Market
- Advancement in Riflescope Technology for Precision Attack
- Ban On Hunting
- Military Upgradation Programs to Drive the Demand for Advanced Riflescopes
- High Cost of Riflescopes
- BSA Optics
- Burris Optics
- Hawke Optics
- Leupold & Stevens, Inc.
- Nightforce Optics
- Schmidt & Bender
- Vortex Optics
- Walther Arms
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