Riflescopes Market Set to Witness an Uptick during 2020 to 2027

Posted by Mrudula Anil Karmarkar on April 20th, 2021

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.

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.

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.

In the U.S., the market for riflescopes is expected to expand at a CAGR of 5.2% over the forecast period. Military enhancements in the country, coupled with the adoption of the latest technological war weapons, are likely to offer growth opportunities. Moreover, ongoing political conflicts with Iran are expected to increase the procurement of rifles and assault guns, thus supporting the market growth.

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 2020, 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 2020 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.

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.

Telescopic sights are widely accepted on account of long-range aiming and adjustments in the scopes. The growing need for precision aiming at war locations and critical sites is expected to create opportunities for the market. Moreover, shooting sports activities are gaining popularity on account of global exposure, thus supporting the market growth.

Electro-optic, thermal imaging/infrared, and laser are the technologies used to develop the scopes. Technological developments in the riflescopes have created thermal imaging and laser aiming mechanisms to enhance the aiming activities. Also, the growing demand for precision aiming from long distances and in several lighting conditions is expected to create opportunities for the players to further develop the riflescopes in the market.

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Key players adopt several conventional strategies, including collaborations, expanding production capacities, and regional expansion, to enhance their business. The market for riflescopes is mature, and thus witnesses the presence of global players operating in the international market. These players are engaged in acquiring contracts from the leading militaries and developing customized scopes that can be installed on custom made guns and rifles. Some of the prominent players in the riflescopes market include:

• Hensoldt
•  Hawke Optics
•  Nightforce Optics
•  Leupold & Stevens, Inc.
•  Bushnell
•  SIG SAUER

Grand View Research has segmented the global riflescopes market on the basis of sight type, technology, application:

Riflescopes Sight Type Outlook (Revenue, USD Million, 2016 - 2027)

• Telescopic
• Reflex

Riflescopes Technology Outlook (Revenue, USD Million, 2016 - 2027)

• Electro-Optic
• Thermal Imaging
• Laser

Riflescopes Application Outlook (Revenue, USD Million, 2016 - 2027)

• Hunting
• Armed Forces
• Shooting Sports

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

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