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“Ongoing upgrades to infantry soldier equipment and introduction of advanced digital electro-optics, night vision goggles, and thermal imagers, among others, are expected to fuel the growth of the tactical optics market across the globe.”
The global tactical optics market size is projected to grow from USD 9.7 billion in 2020 to USD 13.0 billion by 2025, at a CAGR of 6.1% during the forecast period. Some of the factors expected to fuel the growth of the tactical optics industry include the increased procurement of attack helicopters, armored vehicles, sniper rifles, automatic rifles, machine guns, and aircraft by militaries worldwide; and ongoing modernization of naval platforms by various countries. However, challenges such as high technical expertise requirements for the development of tactical optics for remote operations are curbing the growth of this market.
“The cameras & displays segment is projected to register the highest CAGR during the forecast period due to the rising procurement of various vehicles globally.”
Based on product, the cameras & displays segment is projected to register the highest CAGR during the forecast period due to an increase in the number of platforms where these cameras & displays are mounted. Armored vehicles, such as Main Battle Tanks (MBTs), are equipped with multiple electro-optic cameras and thermal cameras for drivers’ navigation, commander sights, and gunner sights. The growing demand for armored vehicles is driving the tactical optics market.
“The ground segment is estimated to lead the tactical optics market in 2020.”
Based on platform, the ground segment is estimated to account for the largest share of the tactical optics market in 2020. The ground segment includes tactical optics for dismounted soldiers, border surveillance, and armored vehicles. This segment is driven by the increased demand for soldier-based tactical optics, such as riflescopes and handheld devices. The need for advanced armored vehicles with remote weapon stations is also driving the tactical optics market growth in the ground segment.
“The unmanned platform segment is projected to witness the highest CAGR during the forecast period.”
Based on end use, the unmanned platform segment is projected to register the highest CAGR during the forecast period. This segment’s growth is driven by the rapid adoption of unmanned systems for surveillance and assault, globally. According to an article published by The Guardian in November 2019, more than 80,000 surveillance drones and almost 2,000 attack drones will be purchased by various militaries globally in the next ten years. The increase in demand for drones is, in turn, driving the demand for tactical optics.
“Asia Pacific is estimated to account for the largest share of the tactical optics market in 2020.”
Asia Pacific is estimated to lead the tactical optics market in 2020. The market in this region has tremendous potential due to the need for armored vehicles, aircraft, and helicopters. Additionally, the increased procurement of weapons for soldiers is driving the Asia Pacific tactical optics market. Countries in this region, such as China, India, and Japan, invest heavily in the modernization of their troops. For example, in February 2019, the Indian Ministry of Defense started the procurement of Beretta .338 Lapua Magnum Scorpio TGT and Barrett .50-calibre M95 sniper rifles. These rifles are said to replace the Russian Dragunov sniper rifles.
The break-up of the profiles of primary participants in the tactical optics market is as follows:
- By Company Type: Tier 1–35%; Tier 2–45%; and Tier 3–20%
- By Designation: C Level Executives–35%; Directors–25%; and Others–40%
- By Region: North America–45%; Europe–20%; Asia Pacific–30%; and Middle East and South America–5%
The tactical optics market includes major Tier 1 players, such as Kongsberg Gruppen AS (Norway), Raytheon Company (US), Elbit Systems Ltd. (Israel), Saab AB (Sweden), and BAE Systems plc (UK). These companies offer advanced electro-optic cameras and thermal cameras, which make up most of the tactical optics market share. 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).
The study covers the tactical optics market across various segments and subsegments. It aims at estimating the size and growth potential of this market across different segments based on product, platform, application, end use, range, and region. This study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to their product and business offerings, recent developments undertaken by them, and key market strategies adopted by them.
Reasons To Buy this Report
- This report is expected to help market leaders/new entrants with information on the closest approximations of the revenue numbers for the overall tactical optics market and its segments.
- This study is also expected to provide region-wise details on the applications, wherein tactical optics are used.
- This report aims at helping the stakeholders understand the competitive landscape of the market, gain insights to improve the position of their businesses, and plan suitable go-to-market strategies.
- This report is also expected to help them understand the pulse of the market and provide them with information on key drivers, restraints, challenges, and opportunities influencing the growth of the market.