CHICAGO, May 22, 2020
CHICAGO, May 22, 2020 /PRNewswire/ -- According to the new market research report "Tactical Optics Market by Product (Weapon Scopes & Sights, Handheld Sighting Devices, Cameras & Displays), Platform, Application (ISR, Target Acquisition & Identification, Border & Coastal Patrol), End Use, Range, and Region - Global Forecast to 2025", published by MarketsandMarkets™, the Tactical Optics Market is projected to grow from USD 9.7 billion in 2020 to USD 13.0 billion by 2025, at a CAGR of 6.1% from 2020 to 2025. The market growth can be mainly attributed to the increasing procurement of armored vehicles, rotorcraft, machine guns, and aircraft by militaries globally and the ongoing modernization of naval platforms by various countries.
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The airborne platform segment is projected to register the highest CAGR during the forecast period
By platform, the airborne segment is projected to register the highest CAGR from 2020 to 2025, due to the increasing use of Unmanned Aerial Vehicles (UAVs) for surveillance and assault and rising orders for fighter aircraft and attack helicopters by various countries, such as India, China, the US, and Saudi Arabia.
The manned platform end use segment is projected to lead the tactical optics market from 2020 to 2025.
By end use, the manned platform segment is projected to lead the tactical optics market during the forecast period. This segment is driven by the high demand for tactical optics, such as riflescopes, binoculars, spotting scopes, night vision goggles, and thermal weapon sights. Significant investments for infantry soldiers by countries such as the US, Saudi Arabia, India, China, and South Korea are driving the overall market.
Browse in-depth TOC on "Tactical Optics Market"
186 – Tables
77 – Figures
251 – Pages
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North America is projected to be a high growth market for tactical optics during the forecast period.
The tactical optics market in North America is projected to grow at the highest CAGR during the forecast period. Multiple modernization programs by the US Army, Navy, and Air Force are contributing to the growth of the tactical optics market in this region.
The tactical optics industry includes major Tier 1 players, such as Kongsberg Gruppen AS (Norway), Raytheon Company (US), Elbit Systems Ltd. (Israel), Saab AB (Sweden), Leonardo S.p.A (Italy), and BAE Systems plc (UK). These companies offer advanced electro-optic cameras and thermal cameras, which make up the majority of the tactical optics market. The tactical optics industry also constitutes Tier 2 and Tier 3 players who offer tactical optics for dismounted soldiers, which cost comparatively lesser. These players include Sig Sauer, Inc. (US), Vortex Optics (US), Bushnell Corporation (US), and Leupold & Stevens, Inc. (US).
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