Artificial Intelligence
Tactical Optics Market to Surpass USD 18.77 Billion by 2030 owing to Rising Popularity of Tactical Shooting Sports | Research by SNS Insider
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Pune, May 09, 2023 (GLOBE NEWSWIRE) — “As per SNS Insider’s report, the Tactical Optics Market was worth USD 11.34 billion in 2022 and is anticipated to achieve USD 18.77 billion by 2030, with a projected Compound Annual Growth Rate (CAGR) of 6.5% during the forecast period spanning from 2023 to 2030.”
Market Overview
Tactical optics refer to optical instruments and devices that are designed to provide a range of visual enhancements for use in tactical scenarios. These optical tools are commonly used by military personnel, law enforcement officers, and hunters to improve their situational awareness, accuracy, and precision during critical operations. Tactical optics include a wide range of devices such as scopes, sights, binoculars, and rangefinders, which provide varying degrees of magnification, clarity, and precision.
Market Analysis
The tactical optics market is experiencing steady growth, primarily driven by a number of key growth factors. These growth factors include increasing demand from military and law enforcement agencies, as well as from hunting and shooting enthusiasts. One of the main drivers of growth in the market is the increasing demand for high-quality, durable optics that can withstand extreme conditions. As military and law enforcement agencies increasingly rely on technology to enhance their operational capabilities, they require optics that can deliver superior performance in a variety of environments and situations. Similarly, hunting and shooting enthusiasts demand high-quality optics that can help them achieve greater accuracy and precision in their shooting.
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Key Company Profiles Listed in this Report Are:
The Key Players are Kongsberg Gruppen, Vortex Optics, Saab AB, Raytheon Company, Sig Sauer, Elbit Systems, Leupold Stevens, BAE Systems, Leonardo, Bushnell Corporation, & more
Impact of Recession on Tactical Optics Market Growth
While recessions can have a negative impact on the tactical optics market, the industry has shown that it can withstand economic downturns and continue to thrive in the long run. Manufacturers and retailers of tactical optics can mitigate the impact of economic slowdowns by focusing on innovation, quality, and affordability to attract customers.
Tactical Optics Market Report Scope:
| Report Attributes | Details |
| Market Size in 2022 | US$ 11.34 Billion |
| Market Size by 2030 | US$ 18.77 Billion |
| CAGR | CAGR of 6.5% From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2020-2021 |
| Tactical Optics: Key Market Segmentation | • By Platform (Ground, Naval and Airborne) • By Application (Intelligence, Surveillance, & Reconnaissance, Target Acquisition & Identification, Search & Rescue and Border) • By Range (Short Range, Medium Range and Long Range) • By Product (Weapon Scopes & Sights, Handheld Sighting Devices, Cameras & Displays) • By End-Use (Manned Platform, Weapon Mounted, Soldier and Unmanned Platform) |
| Key Regional 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) |
Key Regional Developments
The tactical optics market in North America is expected to experience significant growth during the forecast period. This growth can be attributed to several factors, such as an increasing demand for advanced tactical equipment in military and law enforcement agencies. Tactical optics are highly advanced optical devices that are designed to provide improved accuracy and precision in targeting. They are extensively used in hunting, shooting, and military operations. The North American region is witnessing a surge in demand for these devices owing to their superior features and benefits. In addition, the presence of major market players and the availability of advanced technologies are also contributing to the growth of the market in North America.
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Key Takeaway from Tactical Optics Market Study
- The market is rapidly evolving with new advancements and innovations. One segment that is poised to dominate this market is intelligence. The integration of artificial intelligence and machine learning into tactical optics is transforming the way military and law enforcement personnel gather and process information.
- The market is expected to see a significant increase in the demand for weapon scopes and sights. This particular segment is predicted to dominate the market in the coming years, indicating a strong preference among tactical professionals and firearm enthusiasts for this type of equipment.
Recent Developments Related to Tactical Optics Market
- Lockheed Martin, one of the world’s leading aerospace and defense companies, has awarded a $31 million contract for secure data storage to POC, a trusted provider of IT solutions. This partnership highlights the importance of data security in the modern world, especially in the defense industry where sensitive information must be kept confidential and secure.
- In a recent development, FLIR, a leading manufacturer of thermal imaging and surveillance technologies, has acquired Armasight, a provider of high-quality optics for military, law enforcement, and civilian applications. The acquisition is aimed at expanding FLIR’s portfolio of products and technologies and further strengthening its position in the global market.
Table of Contents
1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Tactical Optics Market Segment, by Platform
9. Tactical Optics Market Segment, by Range
10. Tactical Optics Market Segment, by Application
11. Tactical Optics Market Segment, by End-Use
12. Tactical Optics Market Segment, by Product
13. Regional Analysis
14. Company Profiles
15. Competitive Landscape
16. Conclusion
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About Us:
SNS Insider is one of the leading market research and consulting agencies that dominate the market research industry globally. Our company’s aim is to give clients the knowledge they require in order to function in changing circumstances. In order to give you current, accurate market data, consumer insights, and opinions so that you can make decisions with confidence, we employ a variety of techniques, including surveys, video talks, and focus groups around the world.
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