Press release
Firearm Sight Market Size, Share, Analysis, Trends And Strategies 2024-2033
The Business Research Company offers in-depth market insights through Firearm Sight Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The firearm sight market size has grown strongly in recent years. It will grow from $1.59 billion in 2023 to $1.7 billion in 2024 at a compound annual growth rate (CAGR) of 7.1%. The growth in the historic period can be attributed to military and defense sector demand, civilian market expansion, influence of law enforcement needs, development of night vision sights.
The firearm sight market size is expected to see strong growth in the next few years. It will grow to $2.21 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%. The growth in the forecast period can be attributed to rapid development of reflex sights, customization and modular systems, advancements in materials and construction, rise in terrorism. Major trends in the forecast period include smart optical enhancements, customizable and modular systems, user-friendly controls and interfaces, advancement in training functionalities, wireless connectivity and integration.
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Market Segmentation:
The firearm sight market covered in this report is segmented -
1) By Type: Full Size, Microdots, Mini Reflex
2) By Platform: Ground-Based, Air-Based, Sea-Based
3) By Application: Hunting, Armed Forces, Other Applications
Major Driver - Rising Global Military Expenditure Fuels Growth In Firearm Sight Market
Rising military expenditure is expected to propel the growth of the firearm sight market going forward. Military expenditure refers to the amount that a country spends on military measures or resources. Military expenditure is spent on new systems, upgrading existing systems, and performing research, development, testing, and evaluation of new systems that can promote the growth of market. For instance, in 2021, according to Stockholm International Peace Research Institute, a Sweden-based independent resource on global security, total global military expenditure increased by 0.7% to reach $2113 billion. Therefore, rising defense expenditure is driving the growth of the firearm sight market.
Competitive Landscape:
Major companies operating in the firearm sight market report are Nikon Sport Optics, Lucid Optics, SIG Sauer, Swarovski Optik KG., Leupold & Stevens Inc., Burris Company Inc., Vortex Optics, Bushnell Inc., Sellmark Corporation., Trijicon Inc, Meopta USA Inc, EOTech Inc., Meprolight, Crimson Trace Corporation, Primary Arms LLC, Leapers Inc., KAHLES Gesellschaft M.b.H., Steiner EOptics Inc, Holosun Technologies Inc, TruGlo Inc, Athlon Optics, Lightforce USA Incorporated., High Speed Gear, Aimpoint AB, NcSTAR Inc., DI Optical, Swampfox Optics, Delta Optical Thin Film A/S., Command Arms Accessories LLC, Black Spider LLC, Trijicon Electro Optics, Birmingham Small Arms Company Limited., Firefield, Docter Optics SE., Pulsar
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Top Trend - Innovative Advancements In Firearm Sights With Next Generation Thor 5 XD / 5 XD LRF Series Smart HD Thermal Rifle Scopes
Major companies operating in the firearm sight market are focused on developing new innovative products, such as thermal rifle scopes, to strengthen their position in the market. For instance, in July 2023, American Technologies Network, Corp. (ATN), a US-based leader in the tech optics industry and manufacturer of high-end night vision devices, launched the Next Generation ThOR 5 XD and 5 XD LRF Series Smart HD Thermal Rifle Scopes, an advanced, first-to-market 1280x1024, 60Hz 12-micron ultra-sensitive HD thermal sensor, further enhancing hunting enthusiasts' experience in the field. The ThOR 5's faster quad-core processor, which can run processes independently of the other cores, enables users to record and stream video simultaneously. The more compact design of the smart HD rifle scopes makes for a more convenient usage experience. With the help of ATN's online reticle editor, customers of the fifth-generation product line can create their own personalized reticle, selecting from a wide range of colors, intensities, and forms.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Firearm Sight Market Characteristics
3. Firearm Sight Market Trends And Strategies
4. Firearm Sight Market - Macro Economic Scenario
5. Firearm Sight Market Size And Growth
…..
27. Firearm Sight Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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