Report Id: SNS/A&D/1162 | May 2022 | Region: Global | 125 Pages
Report Scope & Overview:
Riflescopes Market Size was valued at USD 5.85 billion in 2021 and is expected to reach USD 7.96 billion by 2028, and grow at a CAGR of 4.5% over the forecast period 2022-2028.
The protection and security of the military is a matter of global concern. Increased awareness of the protection of military invaders varies around the world because world peace is in their hands. These key factors are rising markets related to the military arena. All markets for military equipment and equipment receive a lot of attention and opportunities from government institutions. Riflescope Market is one of the markets related to security services. The above factors also drive the growth of the Riflescope market due to its military needs. A riflescope is defined as a telescopic view on the rifle. It is usually attached to the top of the gun to indicate the target. A riflescope works like a telescope to direct something with its provided lens. It helps military snipers to target an object and attack it. As a result of this benefit, Riflescope Market is gaining widespread popularity in the global defense industry. Riflescopes are advanced features; they contain a variety of structures such as magnification, viewing space, vertical lens width, and other important structures that influence the Riflescope market. These features and structures assist the military in various military operations and equipment while directing their opponents and their attacks. Therefore, because of these factors, the Riflescope Market is rising sharply. The growing demand for identification capabilities developed by the military, especially snipers, is improving the Riflescope Market.
Enhanced rifles-scope technology.
Demand in the sports market.
Faster growth rate.
Hampering the growth
Strict Government regulation
Military modernization programs
Low cost scopes.
THE IMPACT OF COVID-19
The COVID-19 pandemic has had a multifaceted impact on global economies. The global manufacturing of optical lenses, sensors, and components, as well as their assembly lines, has suffered moderately.
The supply of riflescopes for military usages is critical however, because these instruments are not replaced or changed on a regular basis due to their increasing durability, the market for them is not adversely affected. Resuming riflescope manufacturing and deliveries is dependent on a country's level of COVID-19 exposure, the level at which manufacturing operations are running, import-export regulations, and other factors. Although businesses may still accept orders, delivery schedules may not be fixed. The COVID-19 pandemic has had a negative impact on various market sectors. It faced difficult situations as a result of significant revenue losses. However, the pandemic period had a moderate impact on the Riflescope Market because riflescopes were critical in military forces. Because of the rise in terrorist attacks, the supply of these products was a top priority. However, the manufacturing operation and production process were halted due to the lockdown effect. Still, it quickly resumed after the global pandemic began to fade—the Riflescope Market Value to achieve its estimated growth rate in the coming years.
In terms of range, the Riflescope Market is divided into three categories: short-range, medium-range, and long-range. The short-range segment has dominated the market in recent years due to features such as rapid target acquisition, wide-field view, and lightweight. Medium-range riflescopes provide users with improved target acquisition and clearer vision to long-distance targets. Long ranges are commonly used by military forces. Due to increased terror attacks, the long-term segment exhibits a significant growth rate during the forecast period.
The Riflescope Market is divided into three categories: EO/IR, thermal imaging, and laser. Because of their advanced optic capability, EO/IR riflescopes can hit the target with pinpoint accuracy. Thermal imaging provides enhanced surveillance, increased visibility, and alerts for false alarms. These features are driving the segment forward. Laser riflescopes are widely used in tactical missions due to features such as accurate targeting in low light.
During the forecast period, the defense segment is expected to grow rapidly. The increase is due to an increase in the defense budget, increased rifle procurement contracts, and military force expansion. Military forces are replacing traditional rifle scopes with advanced scopes, which is driving market growth. Due to rising demand for rifles for commercial applications such as hunting and sports shooting, the commercial segment is expected to grow significantly between 2022 and 2028.
The riflescope market is highly fragmented, with several players accounting for significant amounts of shares in the market. Some of the prominent companies in the riflescope market are Burris Company, Hawke Optics, Hensoldt, Leupold & Stevens Inc., and Night force Optics. Several organizations have formed long-term relationships with the armed forces to upgrade and improve the battlefield capabilities of infantry soldiers. as well as for the development of future soldier modernization programs of defense ministries. Companies are investing heavily in R&D to develop new and advanced products and technologies that will give soldiers on the frontlines a tactical advantage over their competitors. Nikon introduced a new flagship hunting riflescope, Monarch riflescope, which is a long-range type riflescope that is best for hunting and sports activities. For military applications, manufacturers are introducing technologies, such as GPS geotagging, increased magnification, ultra HD magnification, along with connectivity features, such as Bluetooth and Wi-Fi, in the riflescope for connectivity with other gadgets, such as smart goggles for improvising accuracy Such developments are expected to assist companies in expanding their geographic presence by acquiring new contracts from the armed forces.
Key Market Players
Bushnell, BSA Optics, Burris Company, Schmidt-Bender, Walther Arms, INC, Hawke Optics, Nikon, Nightforce Optics, Hensoldt Sensors GmbH, Leupold & Stevens Inc, and Other players.
KEY MARKET SEGMENT:
Short (50 to 100 yards)
Medium (100 to 500 yards)
Long (> 500 Yards)
The geographical status of the Riflescope Market Outlook depicts the market's development in various parts of the world, including North America, Europe, Asia Pacific, the Middle East, Africa, and Latin America. North America is the dominant region, and it will continue to be the largest regional market among other regions. The use of riflescopes in European countries boosts the Riflescope market's regional growth. Because of shooting sports and hunting in developed countries such as Japan, Australia, and South Korea, the Asia Pacific market experienced the highest CAGR value during the evaluation period. The Middle East and Africa, as well as Latin America, have seen consistent growth as a result of the use of rifles for security and military purposes.
Rest of Europe
Rest of Asia-Pacific
The Middle East & Africa
Rest of Middle East & Africa
Rest of Latin America
|Market Size in 2021||US$ 5.85 Billion|
|Market Size by 2028||US$ 7.96 Billion|
|CAGR||CAGR of 4.5% From 2022 to 2028|
|Report Scope & Coverage||Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook|
|Key Segments||• By Application (armed forces, hunting, shooting sports)
• By Technology (EO/IR, thermal imaging, laser)
• By End User (Defense, Commercial)
• By Function (Day sights, night sights)
• By Range (Short (50 to 100 yards), Medium (100 to 500 yards), Long (> 500 Yards))
|Regional Analysis/Coverage||North America (USA, Canada, Mexico), Europe
(Germany, UK, France, Italy, Spain, Netherlands,
Rest of Europe), Asia-Pacific (Japan, South Korea,
China, India, Australia, Rest of Asia-Pacific), The
Middle East & Africa (Israel, UAE, South Africa,
Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America)
|Company Profiles||Bushnell, BSA Optics, Burris Company, Schmidt-Bender, Walther Arms, INC, Hawke Optics, Nikon, Nightforce Optics, Hensoldt Sensors GmbH, Leupold & Stevens Inc, and Other players.|
|DRIVERS||• Enhanced rifles-scope technology.
• Demand in the sports market.
• Faster growth rate.
|RESTRAINTS||• Hampering the growth
• Strict Government regulation
Frequently Asked Questions (FAQ) :
Table of Contents:
1.1 Market Definition
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1 COVID 19 Impact Analysis
4.2 Impact of the Ukraine War
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Global Riflescopes Market, By End-user
9. Global Riflescopes Market, By Technology
9.2 Thermal imaging
10. Global Riflescopes Market, By Application
10.1 Armed forces
10.3 Shooting sports
11. Global Riflescopes Market, By Range
11.1 Short (50 to 100 yards)
11.2 Medium (100 to 500 yards)
11.3 Long (> 500 Yards)
12. Global Riflescopes Market, By Function
12.1 Day sights,
12.2 Night sights
13. Regional Analysis
13.2 North America
13.3.6 The Netherlands
13.3.7 Rest of Europe
13.4.2 South Korea
13.4.6 Rest of Asia-Pacific
13.5 The Middle East & Africa
13.5.3 South Africa
13.6 Latin America
13.6.3 Rest of Latin America
14. Company Profiles
14.1.2 Products/ Services Offered
14.1.3 SWOT Analysis
14.1.4 The SNS view
14.2 Leupold & Stevens, Inc.
14.3 Burris Company
14.5 Hawke Optics
14.6 Hensoldt Sensors GmbH
14.7 Walther Arms, INC
14.9 Nightforce Optics
14.10 BSA Optics
15. Competitive Landscape
15.1 Competitive Benchmark
15.2 Market Share analysis
15.3 Recent Developments
An accurate research report requires proper strategizing as well as implementation. There are multiple factors involved in the completion of a good and accurate research report and selecting the best methodology to complete the research is the toughest part. Since the research reports, we provide play a crucial role in any company’s decision-making process, therefore we at SNS Insider always believe that we should choose the best method which gives us results closer to reality. This allows us to reach a stage wherein we can provide our clients best and most accurate investment to output ratio.
Each report that we prepare takes a timeframe of 350-400 business hours for production. Starting from the selection of titles through a couple of in-depth brainstorming sessions to the final QC process before uploading our titles on our website we dedicate around 350 working hours. The titles are selected based on their current market cap and the foreseen CAGR and growth.
The 5 steps process:
Step 1: Secondary Research:
Secondary Research or Desk Research as the name suggests is a research process wherein, we collect data through readily available information. In this process, we use various paid and unpaid databases to which our team has access and gather data through the same. This includes examining listed companies’ annual reports, Journals, SEC filling, etc. Apart from this, our team has access to various associations across the globe across different industries. Lastly, we have exchange relationships with various universities as well as individual libraries.
Step 2: Primary Research
When we talk about primary research, it is a type of study in which the researchers collect relevant data samples directly, rather than relying on previously collected data. This type of research is focused on gaining content-specific facts that can be sued to solve specific problems. Since the collected data is fresh and first-hand therefore it makes the study more accurate and genuine.
We at SNS Insider have divided Primary Research into 2 parts.
Part 1 wherein we interview the KOLs of major players as well as the upcoming ones across various geographic regions. This allows us to have their view over the market scenario and acts as an important tool to come closer to accurate market numbers. As many as 45 paid and unpaid primary interviews are taken from both the demand and supply sides of the industry to make sure we land an accurate judgment and analysis of the market.
This step involves the triangulation of data wherein our team analyses the interview transcripts, online survey responses, and observation of on-field participants. The below-mentioned chart should give a better understanding of part 1 of the primary interview.
Part 2: In this part of the primary research the data collected via secondary research and part 1 of the primary research is validated with the interviews with individual consultants and subject matter experts.
Consultants are those set of people who have at least 12 years of experience and expertise within the industry whereas Subject Matter Experts are those with at least 15 years of experience behind their back within the same space. The data with the help of two main processes i.e., FGDs (Focused Group Discussions) and IDs (Individual Discussions). This gives us a 3rd party nonbiased primary view of the market scenario making it a more dependable one while collation of the data pointers.
Step 3: Data Bank Validation
Once all the information is collected via primary and secondary sources, we run that information for data validation. At our intelligence center, our research heads track a lot of information related to the market which includes the quarterly reports, the daily stock prices, and other relevant information. Our data bank server gets updated every fortnight and that is how the information which we collected using our primary and secondary information is revalidated in real-time.
Step 4: QA/QC Process
After all the data collection and validation our team does a final level of quality check and quality assurance to get rid of any unwanted or undesired mistakes. This might include but is not limited to getting rid of the many typos, duplication of numbers, or missing any important information. The people involved in this process include technical content writers, research heads, and graphics people. Once this process is completed the title gets uploaded on our platform for our clients to read it.
Step 5: Final QC/QA Process:
This is the last process and comes when the client has ordered the study. In this process a final QA/QC is done before the study is emailed to the client. Since we believe in giving our clients a good experience of our research studies, therefore, to make sure that we do not lack at our end in any way humanly possible we do a final round of quality check and then dispatch the study to the client.