PUBLISHER: The Business Research Company | PRODUCT CODE: 1552475
PUBLISHER: The Business Research Company | PRODUCT CODE: 1552475
Firearm sights are optical devices attached to firearms to assist users in aiming and accurately targeting their firearms. These sights are utilized by a wide range of users, including hunters, military personnel, law enforcement officers, competitive shooters and recreational firearm enthusiasts.
The firearm sight market consists of sales, by entities (organizations, sole traders and partnerships), of firearm sight products that are typically used by mounting them onto firearms, which can range from rifles and shotguns to handguns and even some specialized weapons systems. They enhance accuracy by providing a clear point of aim, allowing users to align their shot more precisely. Firearm sights are used in diverse environments, from dense forests and open fields in hunting to urban settings in law enforcement and varied terrains in military operations.
The global firearm sight market was valued at $1,330.08 million in 2018 which grew till 2023 at a compound annual growth rate (CAGR) of more than 3.00%.
Rising Demand For Firearms
The increase in demand for firearms drove the growth of the firearms sight market during the historic period. As firearm purchases increased, the demand for related accessories, including firearm sights, also rose. Firearm owners frequently seek to improve the accuracy and usability of their weapons, thereby driving up sales of sights. For instance, in January 2022, according to The Trace, a US-based, non-profit journalism outlet devoted to gun-related news, in the USA, gun production reached an all-time high of 22.5 million. Also heightened concerns over personal safety and security led more civilians to purchase firearms for self-defense. Further, Action on Armed Violence (AOAV), a UK-based charity that records, investigates and disseminates evidence of armed violence against civilians worldwide, reported that 33,846 non-combatants were killed or wounded in 2023. This figure represents a 62% increase from the previous year and is the highest number recorded since AOAV began its annual survey in 2010. The surge in civilian casualties is primarily attributed to airstrikes, bombs and artillery, with the three-month war in Gaza significantly contributing to the unprecedented toll. Therefore, an increase in demand for firearms supported the growth of the firearm sight market.
Integration Of Augmented Reality In New Weapon Sights Development
Companies in the firearm sight market are developing the new weapon sights with augmented reality technology. This technology enables users to view in low-light and obscured environments by detecting heat signatures. For example, in January 2024, Kopin Corporation, a US-based developer and provider of innovative display and optical technologies including firearm sights, has secured a $20.5 million contract from the US Department of Defense to develop a new thermal weapon sight configuration. This new weapon sight eyepiece will feature Kopin's proprietary high-brightness microdisplay and custom-designed Pancake optics, with deliveries planned for 2024 and 2025. The contract is part of a broader initiative to enhance defense capabilities through advanced augmented reality (AR) technology. This achievement marks a significant milestone in Kopin's transformation into a leading developer of application-specific optical solutions and is expected to contribute to the company's revenue and profitable growth.
The global firearm sight market is fragmented, with a large number of players operating in the market. The top ten competitors in the market made up to 6.54% of the total market in 2023.
Firearm Sight Global Market Opportunities And Strategies To 2033 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global firearm sight market as it emerges from the COVID-19 shut down.
Where is the largest and fastest-growing market for firearm sight? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The firearm sight market global report from The Business Research Company answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider firearm sight market; and compares it with other markets.