Tactical optics market to reach $13 billion by 2025, study findsNews
June 16, 2020
NORTHBROOK, Ill. The global market for tactical optics is projected to grow from $9.7 billion in 2020 to #13.0 billion by 2025, -- a CAGR of 6.1% -- according to a new report from MarketsandMarkets, "Tactical Optics Market by Product (Weapon Scopes & Sights, Handheld Sighting Devices, Cameras & Displays), Platform, Application (ISR, Target Acquisition & Identification, Border & Coastal Patrol), End Use, Range, and Region - Global Forecast to 2025."
Growth in this market, the study authors found, can be attributed mostly to the increasing procurement of armored vehicles, rotorcraft, machine guns, and aircraft by the world's military forces and also to the ongoing modernization of naval platforms by various countries.
By platform, the airborne segment is projected to register the highest CAGR from 2020 to 2025, due to the increasing use of unmanned aerial systems (UASs) for surveillance and assault and certain countries' rising orders for fighter aircraft and attack helicopters. Based on product, the cameras and displays segment is projected to register the highest CAGR during the forecast period, the researchers found, because of an expected increase in the number of platforms where these cameras and displays are mounted, including armored vehicles, which use multiple electro-optic cameras and thermal cameras for drivers’ navigation, commander sights, and gunner sights.
The reports's authors detail the major players in the tactical optics market, which include Kongsberg Gruppen, Raytheon, Elbit Systems, Saab, and BAE Systems.
For additional information on this study visit the MarketsandMarkets website.