The firearm sight market is set to grow steadily, increasing from $1.59 billion in 2023 to $1.7 billion in 2024, with a CAGR of 7.1%. Growth is driven by demand in the military, defense, and civilian sectors. By 2028, the market is expected to reach $2.21 billion at a CAGR of 6.7%, with advancements in night vision sights and modular systems. Key trends include smart optical enhancements, wireless connectivity, and customizable systems.
Major Driver In The Firearm Sight Market
The trajectory of the firearm sight market is poised for growth, propelled by the anticipated increase in military expenditure. Military expenditure encompasses the resources allocated by a country for military measures, including the development, upgrading, and testing of new systems. According to the Stockholm International Peace Research Institute's 2021 report, global military expenditure rose by 0.7% to reach $2113 billion. This investment in defense measures is a key driver for the firearm sight market, emphasizing the importance of funding for new systems and technology. The continual rise in defense expenditure is a significant factor fueling the growth of the firearm sight market, with implications for its 2023, 2024, and 2028 market sizes.
Request A Free Sample Of The Global Firearm Sight Market Report
Firearm Sight Market Competitive Landscape
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
Key Firearm Sight Market Trend
Companies in the firearm sight market are focusing on technological advancements to enhance their competitive edge. For instance, in October 2021, Meprolight, an Israel-based optics manufacturer, launched the 'Tigon Sight.' This new sight combines military-grade thermal imaging technology with red-dot optics, allowing users to engage and spot targets through thermal imaging in conditions of darkness, smoke, and dust.
Get The Full Global Firearm Sight Market Report
Firearm Sight 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
By Geography:The regions covered in the firearm sight market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the firearm sight market in 2023.
The Firearm Sight Global Market Report 2024 furnishes information about the global firearm sight market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
