Firearm Sight Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

Firearm Sight Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Firearm Sight Market size is estimated at USD 2.22 billion in 2024, and is expected to reach USD 2.65 billion by 2029, at a CAGR of 3.59% during the forecast period (2024-2029).

The global firearm sights market is steadily growing, fueled by heightened demand for precision shooting across the military, law enforcement, and civilian sectors. Technological advancements, notably the integration of digital sighting systems and night vision capabilities, further propel market expansion. Additionally, worldwide defense spending increases and the popularity of shooting sports plays a pivotal role in this growth.

Technological innovations are at the forefront of the evolving firearm sight market. Advanced sighting systems, including holographic, red dot, and laser sights, are being developed to enhance accuracy and targeting efficiency. A notable trend is integrating augmented reality (AR) and artificial intelligence (AI) into these systems, providing real-time data analytics and heightened situational awareness.

Challenges loom in the form of stringent government regulations on firearm ownership, the high costs associated with advanced sighting systems, and the prevalence of counterfeit products. Yet, opportunities are ripe, especially with the growing adoption of firearm sights in emerging markets, technological advancements, and surging demand from non-military sectors like sports shooting and hunting. Companies adept at navigating these challenges while seizing growth opportunities are poised for success in this competitive landscape.

Firearm Sight Market Trends

Sniper Rifles Segment to Showcase Remarkable Growth During the Forecast Period

The surge in hostile incidents has made countries shift their focus to developing combat forces specialized in counter-radical operations. The diffusion of hostile situations in countries like Iraq and Syria may move the hotspot of terrorist movements away from the Middle East. In this regard, countries are preparing to counter undesirable circumstances by developing specialized elite forces.

As such, the members of the special forces undergo rigorous training in various activities, like sniping, parachuting, infiltration, exfiltration, assault, intelligence gathering, patrolling, tactical shooting, stress firing, reflex shooting, survival skills, linguistic training, logistic training, and trade-craft training, among others. Several armed forces are taking measures to bolster their armed forces. In December 2023, Russia issued a decree to reinforce its armed forces by adding 170,000 servicemen. This augmentation responds to perceived threats, mainly linked to Russia's special military operations and NATO's ongoing expansion.

Snipers are being used as force multipliers in special operations. In September 2023, CARACAL and its subsidiary MERKEL, a German producer of luxury hunting rifles, unveiled three unique HELIX DELUXE VIP hunting rifles featuring hand-engraved, arabesque designs on the rifle action, pistol grip cap and charging lever. Ach rifle has a distinctive, UAE-inspired hand-engraved motif. Hence, the growing requirements for force multipliers in special missions are leading the armed forces to strengthen their sniper forces, creating demand for firearm sights.

Asia-Pacific to Witness Highest Growth During the Forecast Period

In recent years, the Asia-Pacific region has seen a surge in border disputes, prompting increased military spending. Countries in the region are investing in advanced sights for firearms, aiming to equip their militaries with cutting-edge capabilities for future combat needs. As per a 2023 report by the Stockholm International Peace Research Institute (SIPRI), China secured its position as the world's second-largest defense spender, allocating approximately USD 296 billion. India held fourth place with defense spending of USD 83.6 billion.

Numerous defense companies are collaborating with defense personnel to provide advanced firearm sights. The market is poised for growth, bolstered by a burgeoning domestic production base and the defense sector's increasing acquisition of advanced assault and sniper rifles. For example, in December 2023, India's Defense Acquisition Council (DAC) greenlit the purchase of an extra 70,000 SIG Sauer SIG716 7.62×51 mm rifles for the Indian Army, with an estimated price tag of USD 100 million. This move follows a 2019 deal in which 72,400 SIG716 rifles were procured for USD 90 million, expedited under the Fast Track Procurement procedure.

Such acquisitions are anticipated to continue during the forecast period, fueling the growth of the firearm sight market in the region.

Firearm Sight Industry Overview

The firearm sight market is semi-consolidated, with numerous players engaged in R&D and producing diverse firearm sights tailored to end-user needs. Key players in this market include Bushnell (Vista Outdoor Inc.), Burris Company (Beretta Holding S.A.), Sig Sauer, Inc., Leonardo DRS, Inc. (Leonardo S.p.A.), and Aimpoint AB, among others.

In recent years, defense companies have ramped up R&D investments to develop advanced firearm sights tailored for defense personnel globally. Additionally, these companies are forging partnerships with defense personnel worldwide, integrating their needs into products. This strategy differentiates their offerings and positions them to capture a larger market share. The incorporation of cutting-edge technologies, like artificial intelligence, is poised to unlock new business avenues, fueling significant market growth during the forecast period.

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