Providing accuracy, increasing rifle range, offering better vision, the riflescope is being used on a large scale by the armed forces, shooting sports community, and hunting. Most of the major companies already provide various features such as HD micro-display, night vision riflescope. However, manufacturers are also focusing on providing next-gen of riflescope with innovative technology such as advanced zoom which magnifies vision by 1.5 times, with wireless technology it has become easy to connect image from a riflescope camera into the soldier’s night vision goggle. By connecting these two, soldiers will be able to aim the weapon, without the need of raising it to the eye. Meanwhile, military upgradation programs are also resulting in the increased demand for technologically advanced riflescope.
However, various factors such as ban on hunting in various regions, and high cost of riflescope are acting as the restricting factors in the riflescope market.
According to the latest report by Fact.MR, the global riflescope market is expected to witness moderate growth. The market is projected to register 4.0% CAGR during the forecast period 2017-2022. Advancements in technology and increase in shooting as a sports activity are some of the factors resulting in the growth of riflescope market. Major market players are also moving towards signing contracts with military and are also introducing new products. Following insights show how the global riflescope market will perform in the coming years.
5 Forecast Highlights on Global Riflescope Market
- North America is expected to remain dominant in the global riflescope market. North America riflescope market is projected to surpass US$ 2,200 million revenue by the end of 2022. Rising interest towards shooting as a sport and increasing adoption of riflescope in defense are some of the factors fueling the growth of riflescope market in North America.
- Europe is also anticipated to witness growth during the forecast period. Owing to the increase in animal hunting activities, introduction of modernization program for soldiers, the demand for riflescope with advanced features is increasing, resulting in the growth of Europe riflescope market.
- Telescopic sights is expected to be one of the highly preferred riflescope product. By the end of 2022, telescopic sights is projected to surpass US$ 3,700 million revenue. It is also anticipated to account for nearly three-fourth of the revenue share by the end of 2017.
- Electro optic technology in riflescope is expected to account for highest revenue share. Electro optic technology is projected to create an incremental opportunity of over US$ 600 million between 2017 and 2022. Meanwhile, thermal/infrared riflescope technology is also expected to witness moderate growth during the forecast period.
- Riflescope is expected to be widely used in hunting. Hunting is projected to reach nearly US$ 2,500 million revenue by the end of 2022. Although riflescope will also find its application in armed forces. Armed forces are expected to account for nearly two-fifth of the revenue share by the end of 2017.
The report has also profiled leading market players in the global market for riflescope, which will remain active through 2022. These include companies such as Leupold & Stevens, Inc., Bushnell Inc., Burris Company, Inc., Hawke Optics, Vortex Optics, BSA Optics, Inc., SAM ELECTRICAL EQUIPMENTS (NANTONG) CO., LTD, and Schmidt & Bender GmbH & Co. KG.