Sniper Rifle Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

Sniper Rifle Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

The sniper rifle market is anticipated to register a CAGR of 2.5% during the forecast period.

The COVID-19 pandemic had a moderate effect on the sniper rifle market. The onset of the COVID-19 pandemic led to a decline in procurement orders for sniper rifles by various countries due to restrictions in trade and lockdown. Moreover, a decrease in the production of sniper rifles by various companies due to a reduction in the workforce led to manufacturers being unable to meet the production deadlines, leading to various manufacturers facing heavy losses. The decline in the pandemic promoted opportunities for trade between countries without restrictions, and the lifting of the lockdown enabled workers to return to factories companies were able to gradually increase their production process and witness profitable business owing to the gradual increase in demand for sniper rifles by many countries, and this is expected to lead the sniper rifle market to witness growth during the forecast period.

The procurement of sniper rifles is affected by many factors, such as the age of the existing rifles, engagement profile, increase in the number of sniper squadrons, the topography of battlefields, and availability of better technology. In the military segment, the growth in sniper rifle procurements can be attributed to the increasing defense expenditure and equipment modernization initiatives from various armed forces across the world. Various government regulations and illegal weapons transfer to perpetrators hamper the civilian use of rifles for long-range precision shooting. Technological advancements in automation in bullet loading, self-steering bullets, and cutting-edge technologies in sniper accessories are all expected to make sniper rifles more efficient and accurate during the forecast period.

Sniper Rifle Market TrendsBy Application, the Military is Expected to Witness Significant Growth during the Forecast Period

By application, the military is expected to witness significant growth during the forecast period. A sniper's primary function in modern warfare is to provide detailed surveillance from a concealed position and, if necessary, reduce the enemy's combat ability by neutralizing high-value targets. Various companies, such as S&T Motiv Co. Ltd, Savage Arms, FN Herstal, and Remington Arms Company LLC, are engaged in manufacturing advanced sniper rifles for military personnel worldwide.

In the military segment, the growth in sniper rifle procurements can be attributed to the increasing defense expenditure and equipment modernization initiatives from various armed forces across the world. Countries such as India and United States have been upgrading their military by procuring various advanced sniper rifles and through equipment modernization initiatives. For instance,

In 2022, the Indian Armed Forces announced that they are taking the delivery of 750 Sako TRG-42 sniper rifles from Finland and around 355,000 rounds of specialized .338 Lapua Magnum rounds for an estimated cost of USD 7-8 million. According to the proposal request from the Indian Army, 212 rifles have been intended to be procured for the Indian Air Force, and 88 sniper rifles are likely to be acquired by the Indian Navy. Various sniper rifles, which have been a part of the US army, such as the Barett M82, M40, and the Barett MRAD, have been considered the deadliest snipers and are still being used by the military. Thus, such advancements are expected to lead to the growth of sniper rifles for the military during the forecast period.

The North American Region is Expected to Witness Significant Growth During the Forecast Period

The North American Region is expected to witness significant growth during the forecast period. Military modernization programs and equipment modernization initiatives in the North American region are likely to be major factors in the growth of the sniper rifle market during the forecast period in the region.

In 2022, the US Marine Corps is in plans to replace their legacy M40A6 and Mk13 Mod 7 bolt-action sniper rifles with advanced Mk22 Mod 0 from the Barrett company. According to the company, the Mk22 was originally selected through a joint effort between Marine Corps Systems Command, Marine Forces Special Operations Command, and United States Army Special Operations Command. The Mk22 Mod 0 Advanced Sniper Rifle is a bolt-action precision rifle that incorporates a 7-35 power Precision Day Optic and a caliber-agnostic flash and sound suppressor. Moreover, the rifle uses a 10-round detachable magazine as a multi-caliber platform and can be configured to fire .338 Norma Magnum, .300 NM, or 7.62x51mm.

In March 2021, Barrett announced that they had been awarded a five-year contract for supplying approximately 2,800 sniper rifles to the US Army. Moreover in 2022, the New York City Department of Correction is investing USD 100,000 to purchase 10 sniper rifles for Rikers Island in order to address the security issues. Thus, advancements such the ones mentioned is expected to lead to the sniper rifle market witnessing growth in the North American region during the forecast period.

Sniper Rifle Market Competitive Analysis

Some prominent players in the Sniper Rifle Market are S&T Motiv Co. Ltd, Savage Arms, FN Herstal, Remington Arms Company LLC, and Knights Armament Co., among others.

Various companies are now developing advanced sniper rifles which are more lethal and are capable of supporting two different types of ammunition. These companies have a global footprint and robust supply chain, which aids in increasing their market presence. The local companies running with the support of the national government are the key competitors in the market. They have developed the ability to supply sniper rifles with high accuracy at a relatively low price while also meeting all the requirements set by the global armed forces.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Please note: This publisher does offer titles that are created upon receipt of order. If you are purchasing a PDF Email Delivery option above, the report will take approximately 2 business days to prepare and deliver.