The Riflescopes Market, a dynamic realm within the domain of precision optics, continues its upward journey. It has transitioned from a valuation of USD 5.7 Billion in 2020 to a projected USD 7.3 Billion by 2025, exhibiting an impressive CAGR of 5.0% during the forecast period. This growth is underpinned by several pivotal factors, including technological advancements enhancing precision attack capabilities and a burgeoning demand for hunting and shooting sports. Nevertheless, there exist challenges to surmount, chiefly the significant cost associated with riflescopes. However, the industry holds substantial opportunities through military modernization contracts, beckoning manufacturers to seize a substantial market share.
Request Sample PDF Report (Use Corporate E-mail ID for Higher Priority): https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=216692701
Coping with the COVID-19 Impact on the Riflescopes Market
The global COVID-19 pandemic has yielded multifaceted consequences for economies across the globe. While sectors such as optical lenses, sensors, and components experienced moderate disruptions in manufacturing, the supply of riflescopes for military applications remained a focal concern. The inherent durability of riflescopes mitigated the overall impact on the market. Nonetheless, resuming the manufacturing and delivery of riflescopes hinged on a multitude of variables, including the extent of COVID-19 exposure in specific regions, the status of manufacturing operations, and evolving import-export regulations. Consequently, while companies continued to accept orders, the assurance of fixed delivery schedules remained elusive.
Propelling Forces: Technological Advancements in Riflescopes
Technological evolution stands as the lifeblood of the Riflescopes Market. Precision assumes paramount significance in military contexts, necessitating scopes that can swiftly and accurately identify targets. The advent of technologies such as Rapid Adaptive Zoom for Assault Rifles (RAZAR) has ushered in a revolution. RAZAR technology empowers riflemen to seamlessly toggle between high and low magnifications with a mere press of a button, all the while maintaining their focus on the target and a firm grip on the rifle. Leading companies like Bushnell (US) and Vortex Optics (US) are at the forefront, offering RAZAR technology embedded in long-range riflescopes.
Further technological innovations, such as integration with night vision goggles and the development of smart riflescopes, are poised to propel the growth of advanced riflescopes, promising a more precise and effective military landscape.
Challenges to Overcome: The Impact of Hunting Restrictions
Riflescopes find their primary utility in hunting, an activity governed by diverse regulations worldwide. While countries like Australia and New Zealand encourage hunting for the purpose of population control, others like India enforce stringent wildlife regulations that prohibit the hunting of certain species. Bans on trophy hunting have been instituted in countries like Botswana and Zambia, with Costa Rica enacting laws that prohibit all forms of sport hunting, both within and outside protected areas. Given that hunting contributes a significant portion, approximately 40–45%, to the revenue streams of riflescope manufacturers, these bans loom as a significant threat to the industry's future.
Opportunities on the Horizon: Military Modernization Programs
The Riflescopes Market stands on the precipice of unprecedented opportunities, primarily driven by the proliferation of military modernization programs on a global scale. For instance, in June 2019, the Indian government inked contracts with Fabbrica d'Armi Pietro Beretta S.p.A. (Italy) and Barrett (US) for the procurement of 5,719 sniper rifles. Similarly, in January 2019, SIG Sauer (Germany) entered into a contract with the US Department of Defense (DOD) to supply the US Special Operations Forces (SOF) with advanced riflescopes. This five-year contract carries an annual value of USD 12 million.
Moreover, the adoption of riflescopes by various militaries across different platforms and the burgeoning concept of weapon system integration at the platform level are poised to catalyze the global riflescopes market.
The Challenge: The Pricing Conundrum of Riflescopes
One of the significant challenges confronting the Riflescopes Market is the high cost associated with these precision optics. The price of riflescopes varies depending on specifications such as magnification, objective lens diameter, and range, tailored to different applications like hunting, shooting sports, and self-defense. In light of a flourishing optics market, there exists a discernible trend towards the acquisition of lower-cost scopes. Several imported optics, equipped with promising features, cost a fraction of high-magnification optics manufactured by companies like Bushnell (US), Leupold & Stevens, Inc. (US), and Burris Company (US). This pricing differential presents a formidable challenge to the proliferation of high-cost riflescopes.
Charting the Trajectory: Telescopic Sights Lead the Way
Within the Riflescopes Market, the telescopic segment emerges as the torchbearer of growth, projected to exhibit the highest CAGR from 2020 to 2025. Telescopic sights, equipped with various graphic image pattern reticles, offer precise aiming points, rendering them indispensable in the realm of hunting applications. Their continued demand bolsters their market share vis-à-vis reflex sights.
A Glimpse at Applications: Armed Forces Take Center Stage
In terms of application, the armed forces segment takes the spotlight, poised to register the highest CAGR during the forecast period. This is largely attributable to the proliferation of military modernization programs across diverse nations. Developing countries, in particular, are transitioning from conventional rifles to advanced assault rifles equipped with cutting-edge riflescopes. For example, in June 2019, India unveiled plans to manufacture 650,000 AK-203 assault rifles fitted with advanced riflescopes.
Asia-Pacific: A Hub of Potential
The Asia Pacific Riflescopes Market emerges as a hub of growth, projected to record the highest CAGR from 2020 to 2025. Nations like China, India, Australia, Japan, and South Korea contribute to the regional market's vigor. Notably, China's increased defense budget and domestic production base, coupled with heightened consumption of assault and sniper rifles by its defense sector, are propelling the riflescopes market within the region.
Navigating Uncertain Waters: The Defense Budget Dilemma
The global COVID-19 crisis precipitated budgetary adjustments in the defense sector. While some nations reduced their overall defense budgets, others like the US, China, and select European countries bolstered their planned defense spending. Industry experts suggest that defense departments are prioritizing sectors critical to national security, temporarily curtailing budgets for research and non-critical areas. This nuanced landscape adds an element of uncertainty to the Riflescopes Market's trajectory.
Speak to an Analyst Or Have a Face-to-face Meeting: https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=216692701
Key Market Players
The Riflescopes Market is dominated by global behemoths, including SIG Sauer, Inc. (US), Vortex Optics (US), Leupold & Stevens, Inc. (US), Burris Company, Inc. (US), Trijicon, Inc. (US), and Nightforce Optics (US). Contracts and innovative product launches have been pivotal strategies employed by these industry leaders to carve a path to growth in the Riflescopes Market.
The Riflescopes Market embarks on a remarkable journey, fueled by technological innovation, military modernization endeavors, and an ever-growing demand for precision optics. While challenges loom, opportunities abound, and the industry's resilience and adaptability will play a pivotal role in determining its trajectory in the years to come.
About MarketsandMarkets™
MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
Earlier this year, we formally transformed into one of America's best management consulting firms as per a survey conducted by Forbes.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, and facilitates analysis of interconnections through applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To learn more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.
Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: [email protected]
The global Riflescopes & Red Dot Sight Market size is expected to reach USD 9.8 billion by 2026 according to a new study by Polaris Market Research.
The report “Riflescopes & Red Dot Sight Market Share, Size, Trends, Industry Analysis Report By Magnification ( 1-8x, 8-15x, >15x); By Sight Type (Telescopic, Reflex); By Red Dot Sight Type (Full size, Microdots, Mini Reflex); By Technology (Electro-Optic/IR, Thermal Imaging, Laser); By Application (Hunting, Armed Forces, Shooting Sports); By Range (Short, Medium, Long), By Regions, Segments & Forecast, 2020 – 2026” gives a detailed insight into current market dynamics and provides analysis on future market growth.
Development of novel products, growing focus of governments across the globes on armed forces modernization, widening scale of anti-terrorist activities and broad product portfolio offered by companies are some of the factors benefitting the market growth.
Shooting sports are played at various national and international levels in countries across the globe such as Olympics, Asian Games, Commonwealth Games, among others.
The sport is becoming increasingly popular in countries such as India particularly after the nation secured medals in these major sporting events.
IT reduces the complexity that is associated with using iron sights as riflescopes do not require lining up of the rear sight with the front sight.
Nikon Prostaff Rimfire is one of the excellent riflescopes ever introduced by this brand for medium and long-range shooting.
The scope is exceptional with its sighting and durable characters and offers you a great option to drop ideas of buying the scopes that can cost you even more than your rifles.
Today we will discuss more this product and try to review its features and advantages over other counterparts.
