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Firearm Sight Market Trends, Opportunities & Analysis 2024-2033
Firearm Sight Market Trends
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According to The Business Research Company's, 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 Drivers and Trends:
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.
Major companies operating in the firearm sight market are focused on developing new technological solutions to strengthen their position. For instance, in October 2021, Meprolight, an Israel-based manufacturer of optics, thermal, and handgun sights, launched the new 'Tigon Sight'. The new sight is military-standard and is expected to blend uncooled thermal imaging technology with red-dot optics. The site also supports engaging and spotting through thermal image projection in complete darkness, smoke, and dust.
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Major Key Players of the Market:
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
Firearm Sight Market 2024 Key Insights:
• 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%.
• Rising Global Military Expenditure Fuels Growth In Firearm Sight Market
• Meprolight Introduces The 'Tigon Sight' With Uncooled Thermal Imaging And Red-Dot Optics Integration
• North America was the largest region in the firearm sight market in 2023
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