Tactical Optics Market is Projected to grow USD 13.77 Billion at a CAGR 5.91% by during the forecast period.
Global Tactical Optics Market is projected to reach USD 13,770 Million by 2026 and register a CAGR of 5.91%. The word tactical generally pertains to military firearms and their accessories. Tactical scopes are characterized by a low magnification range and serve the purpose of extending the shooter's range beyond their regular vision, which is why their usage is associated with the military.
Global Tactical Optics Market is expected to register significant growth during the forecast period owing to factors such as increasing demand for EO/IR cameras and growing weapon modernization programs across the globe. Furthermore, the increasing procurement of tactical optics for dismounted soldiers and vehicle platforms is also expected to drive the growth of the market. Additionally, the increasing adoption of tactical optics by the US armed forces is also expected to drive the market growth. For example, in December 2018, Raytheon Company signed a contract worth USD 40 million with the US Navy to provide repair services for the multi-spectral targeting systems of the H-60 aircraft.
However, issues related to the demand for high technical expertise to develop tactical optics and stringent government regulations are likely to hamper the growth of the market.
Advancements in technology and rising terrorism across the globe are driving the growth of the market.
Other Prominent Players
|Market Size||USD 13,770 Million (2030)|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Application, Product, Platform, End-Use|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Leonardo S.p.A. (Italy), BAE Systems (UK), Elbit Systems Ltd (Israel), KONGSBERG Gruppen AS (Norway), L3Harris Technologies, Inc. (US), Lockheed Martin Corporation (US), Northrop Grumman Corporation (US), Raytheon Technologies Corporation (US), Thales Group (France), Saab AB (Sweden)|
|Key Market Opportunities||Need for high technical expertise to develop tactical optics|
|Key Market Drivers||
Global Tactical Optics Market would record a CAGR of 5.91% in the study.
USD 13,770 Million will be the revenue of the global tactical optics market by 2030.
Increasing demand for EO/IR cameras is the main driver of the global tactical optics market’s growth.
Leonardo S.p.A., L3Harris Technologies, Inc. (U.S.), Elbit Systems Ltd, BAE Systems, and KONGSBERG Gruppen AS are the top players of the global tactical optics market.
Asia-Pacific is a region registering the maximum shares in the tactical optics market with growing territorial conflicts and rising defense expenditures of countries, such as China and India.