Weapon Scope Market Size, Share, Growth, and Industry Growth by Type (Telescopic Sight, Collimating Optical Sight and Reflex Sight) By Application (Hunting, Military and Law Enforcement and Other), Regional Insights, and Forecast from 2023 to 2031

Updated On: 20 November 2023

Weapon Scope Market REPORT OVERVIEW

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The global weapon scope market size is expanded rapidly in 2022 and market is expected to generate substantial revenue by 2031, exhibiting a high compound annual growth rate (CAGR) from 2022 to 2031.

Defense organizations from all around the world are focusing on employing tools and technology that reflect current technological breakthroughs to improve their individual capabilities. Furthermore, an increase in the quantity of military facilities operated by key defense organizations throughout the world is going to result in a rise in the stock of rifles and other weapons, which is predicted to encourage the growth of the market for weapon scopes.

COVID-19 Impact: Lockdown Affected the Export and Import of Goods Which Challenged the Market

The COVID-19 pandemic has had a severe impact on the world economy, disrupted the supply chain, and stopped output in manufacturing facilities. The military industry had slower development as a result of a disruption in the supply chain, which also affected the import and export of weapons and curtailed plans for weapon purchase.

LATEST TRENDS

"New Technology Inventions to Promote the Market"

Due to the rising usage of these rifles by the military services and for hunting, there has been an increase in the demand for weapon scopes in recent years. In dim lighting, it is challenging to see well. As a result, the military is making a growing demand for night vision scopes. Wider field of vision, more realistic images, long battery life, and high level of dependability are all features of this kind of scope. Because the internal technical structure of night vision scopes is more durable than other technologies, they will endure the weather.

Weapon Scope Market Segmentation

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• By Type Analysis

By type, market is segmented into telescopic sight, collimating optical sight and reflex sight. The telescopic sight segment will dominate the market in the coming years.

• By Application Analysis

Based on applications, the market is classified into hunting, military and law enforcement and other. The hunting segment will lead the global share through 2031.

DRIVING FACTORS

"Rising Demand for Weapons for Shooting Sports to Propel the Market"

The expansion of the weapon scopes market is driven by rising demand for weapons for shooting sports and hunting, particularly in the United States. In the United States, USA Shooting is an organization committed to growing and supporting Youth Olympic Shooting Sports. Additionally, the National Shooting Sports Foundation (NSSF) and 4-H Shooting Sports provide a variety of youth programs for international competitions, the Olympics, and other events. In the United States, there are several distinct ranges, including ones for archery, rifles, and numerous types of mixed shooting.

"Use in Defence Groups to Impel the Market"

Defense groups all around the world are concentrating on enhancing their respective capabilities by using equipment and technologies with modern technological advancements. In addition, an increase in the number of military bases by significant defense organizations throughout the world is likely to raise the inventory of rifles and other weaponry, which is anticipated to promote the expansion of the weapon scope market.

RESTRAINING FACTORS

"Government Regulations to Hinder the Demand for Weapon Scope Market"

The majority of nations have restrictive government regulations governing hunting and gun ownership that limit market expansion. The Wildlife Protection Act of 1972 forbids hunting in India. Additionally, severe restrictions are in place for the preservation of wildlife and hunting in some European nations, including Germany, Finland, and Denmark. The expansion of the weapon scope industry is hampered by rules in some nations governing hunting licenses.

Weapon Scope Market REGIONAL INSIGHTS

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"North America’s Weapon Scope Market to Grow Exponentially with the Forecasted Period"

In 2020, North America had a lion's share of global market revenue. A huge number of shooting ranges, military modernization initiatives, the largest defense spending, and an increase in the number of high-tech weapons purchased from the American Army are all contributing factors to the expansion.

Between 2021 and 2031, the Asia Pacific is expected to develop significantly. Defense spending is rising in growing economies like China and India, which is what is causing the surge. The market growth is anticipated to be boosted by the increased purchase of high-tech weapons and the expansion of shooting ranges.

The United Kingdom, Germany, Russia, and other European nations will all increase their defense spending, which will result in huge growth for Europe. In Europe, France is home to the most hunters. National hunting licenses were sought for in France on a large scale in 2019. Because of this, the market expansion in Europe is being driven by an increase in demand for high precision weaponry for military forces and hunting.

During the period of 2021 to 2028, the remainder of the globe will have moderate growth. This expansion is the result of higher costs for buying advanced weaponry from Saudi Arabia, Israel, and other countries. The Middle Eastern and Latin American nations' burgeoning shooting sports programs and increasing defense budgets are the main drivers of industry expansion.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead in the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolio.

List of Market Players Profiled

• Aimpoint (Sweden)
• Leupold & Stevens (U.S.)
• Schmidt &Bender (Germany)
• EOTech (U.S.)
• Burris (U.S.)
• Vortex Optics (U.S.)
• Trijicon (U.S.)
• Nikon (Japan)
• Night Force (U.S.)
• Bushnell (U.S.)
• US optics (U.S.)
• Kahles (U.S.)
• Mueller (U.S.)
• Night Optics Usa (U.S.)
• Holosun (U.S.)
• Tasco (U.S.)
• NcSTAR (U.S.)
• BSA Optics (U.S.)
• Meprolight (Israel)
• Pulsar (U.S.)

REPORT COVERAGE

The market research study examines the worldwide market in detail, focusing on important elements such as leading players, product/services or type, and leading end-use applications. Aside from that, the research analyses major advancements and provides insights into lighting market trends. In addition to the causes indicated above, the paper includes a number of other factors that have contributed to recent growth.