Digital Binoculars Market Research Report - Global Industry Forecast To 2027

Digital Binoculars Market Research Report: By Magnification (>6x, 6x–8x, <8x), Stabilization (Image Stabilized, Standard), Technology (Thermal, Night Vision, Laser, Digital Storage), Application (Military, Astronomy, Sports) - Industry Forecast to 2027

ID: MRFR/SEM/6197-HCR | February 2021 | Region: Global | 110 pages

Market Synopsis


Global digital binoculars market is expected to grow from USD 778.37 million in 2018 to USD 1,067.22 million by 2024, at a CAGR of 5.66%, during the forecast period.


The global digital binoculars market has been segmented based on magnification, stabilization, technology, application, and region.


By magnification, the market has been segmented into less than 6x, 6x–8x, and 8x and above. Digital binoculars with magnification in the range of 6x–8x is expected to dominate the market during the forecast period owing to their diverse end-use applications that require high steady viewing capabilities. The segment is expected to register the highest CAGR during the forecast period.


By stabilization, the market has been segregated into image stabilized and standard. The standard segment is estimated to dominate the market in 2018. However, the image stablized segment is expected to register the highest CAGR during the forecast period owing to improved stability in different conditions and superior power efficiency and battery life.


By technology, the market has been segmented into thermal, night vision, laser rangefinder, digital storage, and others. The night vision segment is expected to register the highest CAGR during the forecast period owing to their growing adoption in military and paramilitary applications for surveillance purpose. However, the laser rangefinder segment is expected to dominate the market during the forecast period.


By application, the market has been segmented into military, astronomy, sports, hunting and shooting, and others. The military segment is expected to dominate the digital binoculars market during the forecast period owing to the recurring demand for technologically advanced binoculars. The security and military end-users from both developed and developing nations are investing in upgrades and refurbishment of their existing stock.


The key players profiled in the digital binoculars market research report are American Technologies Network Corporation (US), Barska (US), Beretta Holding S.p.A. (Steiner) (Italy), Vivitar Corporation (US), X-Stand Treestands (US), FLIR Systems, Inc. (US), Ricoh Imaging Americas Corporation (US), GordVE (US), Bushnell Corporation (US), and Nikon Corporation (Japan).


The players of the market focus on various growth strategies such as partnerships, mergers, acquisitions, and new product development to enhance their product offerings and expand their market. For instance, in 2018, Leica Camera AG, a leading manufacturer of cameras, lenses, binoculars, rifle scopes, microscopes, and ophthalmic lenses, launched a series of rangefinding binoculars known as Geovid HD-B 3000. These binoculars are equipped with a ballistic calculator, a perger-porro prism, a multi-positioned eyecup, and a central focus wheel with right eye diopter. These binoculars have the capability to identify objects up to 2.7 kilometers away.


Digital binoculars Market


Digital Binoculars Market


Source: MRFR Analysis


Segmentation


By magnification, the market has been segregated into less than 6x, 6x–8x, and 8x and above.


By stabilization, the market has been segmented into image stabilized and standard.


By technology, the market has been segmented into thermal, night vision, laser rangefinder, digital storage, and others


By application, the market has been segmented into military, astronomy, sports, hunting and shooting, and others.


By region, the market has been segmented into North America, Europe, Asia-Pacific, and the rest of the world.


Regional Analysis


The global market for digital binoculars market is estimated to grow at a significant rate during the forecast period from 2019 to 2024. The geographical analysis of the digital binoculars market has been done for North America, Europe, Asia-Pacific, and the rest of the world. 


Asia-Pacific is expected to register the highest CAGR in the digital binoculars market during the forecast period owing to increasing disposable income of consumers in this geography with the ever-increasing urban population. These trends have largely impacted the lifestyle of consumers in Asia-Pacific leading to growing investments in gadgets and related accessories to indulge in various outdoor activities such as bird watching. Furthermore, increasing spending from the defense industry is expected to propel the demand for digital binoculars.


North America is expected to dominate the digital binoculars market from 2018 to 2024 during the forecast period as the end-users in this region due to increasing awareness among consumers and the ability of active market players to invest in the latest technology upgrades. The companies operating in the region are constantly reinventing and rebranding the existing products to improve quality and innovation in design. Furthermore, easy availability of proficient technical expertise is also expected to drive the market for digital binoculars in the region.


Competitive Analysis


The key players have adopted partnerships and new product development as a part of their organic growth strategy to further strengthen their market position. For instance, in 2018, NexOptic Technology Corp., a company that deals with optical and lens technologies, unveiled a digital binocular—DoubleTake—at the Las Vegas Consumer Electronic Show, 2018. These binoculars are lightweight and made using the company’s patented technology—Blade Optics. The end-users for these binoculars are outdoor enthusiasts such as boaters, birders, hikers, and hunters; and other activities such as watching sports events and leisure activities.


Key players


The prominent players in the digital binoculars market are American Technologies Network Corporation (US), Barska (US), Beretta Holding S.p.A. (Steiner) (Italy), Vivitar Corporation (US), X-Stand Treestands (US), FLIR Systems, Inc. (US), Ricoh Imaging Americas Corporation (US), GordVE (US), Bushnell Corporation (US), Nikon Corporation (Japan), Canon Inc. (Japan), EONCORE (US), SGODDE (US), NexOptic Technology Corp. (Canada).


Intended Audience



  • Binoculars manufacturers

  • Raw material suppliers

  • Research institutes

  • Market research and consulting firms

  • Technology investors

  • Governments and financial institutions

  • Analysts and strategic business planners



Report Scope:
Report Attribute/Metric Details
  Market Size   USD 1,067.22 Million
  CAGR   5.66%
  Base Year   2019
  Forecast Period   2020-2027
  Historical Data   2018
  Forecast Units   Value (USD Million)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Magnification , Stabilization, Technology, Application
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   American Technologies Network Corporation (US), Barska (US), Beretta Holding S.p.A. (Steiner) (Italy), Vivitar Corporation (US), X-Stand Treestands (US), FLIR Systems, Inc. (US), Ricoh Imaging Americas Corporation (US), GordVE (US), Bushnell Corporation (US), Nikon Corporation (Japan), Canon Inc. (Japan), EONCORE (US), SGODDE (US), NexOptic Technology Corp. (Canada)
  Key Market Opportunities   Growing investments in gadgets and related accessories to indulge in various outdoor activities such as bird watching.
  Key Market Drivers

  • Growing adoption in military and paramilitary applications for surveillance purpose.
  • Easy availability of proficient technical expertise.


  • Frequently Asked Questions (FAQ) :


    The market value can be USD 1,067.22 million by the year 2024 and the growth rate achieved by the market can be 5.66%.

    The standard segment had led the market in the year 2018, among all the stabilization-based segments.

    Rising adoption of night vision binoculars in military and paramilitary applications for surveillance purposes is ramping up their demand in the market.

    Players are focusing mainly on strategies like mergers, partnerships, new product development and acquisitions, for business growth in the market.

    Surging disposable income of consumers, given the ever-increasing urban population coupled with the rising spending from the defense sector are the prime reasons behind the fast –paced market growth in Asia Pacific.