Tactical Optics - Global Market Outlook (2020-2028)
According to Stratistics MRC, the Global Tactical Optics Market is accounted for $9.70 billion in 2020 and is expected to reach $18.08 billion by 2028 growing at a CAGR of 8.1% during the forecast period. Increase in procurement of tactical optics for dismounted soldiers and vehicle platforms and increasing demand for electro-optic/infrared (EO/IR) cameras are the factors driving the market growth. However, issues related to the demand for high technical expertise to develop tactical optics and stringent government regulations are hampering the growth of the market.
Tactical optics refer to optical equipment and devices used for military applications, these devices help shooters/pilots/soldiers to see beyond the scope of their regular vision as they have a low magnification range. The optical devices are low on weight, compact, and effective, and can be mounted on military aircraft and vehicles, thereby ensuring the safety of the pilots or soldiers.
Based on the product, the cameras & displays segment is going to have lucrative growth during the forecast period owing to the increasing use of thermal cameras for border surveillance. The growing demand for head-mounted displays for soldiers on the battlefield is expected to drive the growth of the segment due to an increase in the number of platforms where these cameras & displays are mounted. Armoured vehicles, such as main battle tanks (MBTs), are equipped with multiple electro-optic cameras and thermal cameras for drivers’ navigation, commander sights, and gunner sights.
By geography, Asia Pacific is going to have high growth during the forecast period due to the increasing territorial conflicts in the region and rising defense expenditures of countries, such as China and India, are driving the market growth in Asia-Pacific. The market in this region has tremendous potential due to the countries in this region, such as China, India, and Japan; invest heavily in the modernization of their troops which increases the need for armoured vehicles, aircraft, and helicopters driving the market growth for tactical optics.
Some of the key players profiled in the Tactical Optics Market include BAE Systems, Elbit Systems Ltd, Lockheed Martin Corporation, Northrop Grumman Corporation, Raytheon Technologies Corporation, Thales Group, Saab AB, Israel Aerospace Industries, Rafael Advanced Defense Systems Ltd, Vortex Optics, Leonardo, Bushnell Corporation, Kongsberg Gruppen, Leupold & Stevens, Inc. and L3Harris Technologies, Inc.
• Short-Range (< 3 km)
• Medium-Range (3–25 km)
• Long-Range (> 25 km)
• Border & Coastal Patrol
• Search & Rescue
• Target Acquisition & Identification
• Homeland Security
• Intelligence, Surveillance, & Reconnaissance (ISR)
• Weapon Scopes & Sights
• Cameras & Displays
• Handheld Sighting Devices
End Users Covered:
• Weapon Mounted
• Unmanned Platform
• Manned Platform
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
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- Market share assessments for the regional and country-level segments
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- Covers Market data for the years 2019, 2020, 2021, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
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