Industry Overview of Sniper Rifle Market
A sniper rifle refers to long-range, portable, and high-precision shoulder ammunition integrated with night-vision and telescopic sight devices that magnify targets and aid in visual aiming. They are available in bolt-action and semi-automatic action models. These sniper rifle categories comprise of spiked feet, lightweight bolt carrier, rear grip, back view extended monopod, detachable muzzle brake, bipod, adjustable scope rings, socket, and spiked feet as standard components. They can possess bullets for a longer duration in barrels as compared to conventional guns and shoot with much higher velocity and accuracy. Sniper rifle variants are flexible, quick, stable, and capable of destroying aircraft and light armored vehicles and prove highly effective in providing detailed surveillance from concealed positions and neutralizing high-value targets to mitigate combat. Consequently, they find extensive applications across numerous sectors, such as defense, military, law enforcement, etc.
How Big Is the Sniper Rifle Market?
The global sniper rifle market size reached US$ 2.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 3.9 Billion by 2028, exhibiting a growth rate (CAGR) of 5.38% during 2023-2028.
Sniper Rifle Market Trends and Drivers:
The escalating geopolitical tensions and terrorist attacks across borders that have prompted the military and defense sector to extensively adopt advanced ammunition are among the key factors driving the sniper rifle market. In line with this, the elevating need to strengthen military bases and the launch of several initiatives by the government bodies aimed at modernizing armed forces are acting as significant growth-inducing factors. Moreover, the rising rate of arms import and export activities across the globe are also positively influencing the market growth. Apart from this, the development of technologically progressive sniper rifles equipped with efficient bullet loading capacities, enhanced range and accuracy, and automatic steering facilities that help to demolish rival targets efficiently is further stimulating the global market. In addition to this, the increasing product adoption in sports shooting is expected to propel the sniper rifle market over the forecasted period.
Global Sniper Rifle Market 2023-2028 Analysis and Segmentation:
Top Key Players covered in this report are: Accuracy International, B&T AG, FN Herstal, H&K AG (Compagnie De Developpement De L’Eau S.A.), Knights Armament Co, PGM Precision, PGW Defence Technology Inc., Savage Arms Inc., SNT Motiv Co. Ltd., Strategic Armory Corps and Zastava Arms USA.
The report segmented the market based on region, type, range and application.
Breakup by Type:
- Bolt-Action
- Semi-Automatic Action
Breakup by Range:
- Up to 1,000 meters
- Beyond 1,000 meters
Breakup by Application:
- Civilian
- Law Enforcement
- Military
Breakup by Region:
- North America
- United States
- Canada
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
The key regions covered in the market report are Asia Pacific, Europe, North America, Latin America, Middle East and Africa.
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Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2023- 2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape