Market Trends of Firearm Sight Industry
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.
