The Global Sniper Rifle Market size was USD 2.6 Billion in 2022 and is likely to reach USD 4.13 Billion by 2031, expanding at a CAGR of 5.30% during 2023–2031. The growth of the market is attributed to the rising application of sniper rifles in defense. Moreover, rising investment in the military by government agencies is driving the market growth.
Sniper rifles are used in both military as well as law enforcement applications and are precise and support long-range target. The long-range precision rifles are also widely used in civil applications, such as hunting. The advancement in technology has brought semi-automation in rifles.
Sniper rifle is a portable shoulder-fired weapon system with a choice between bolt-action or semi-automatic action, fitted with a telescopic sight for accuracy. The primary function of sniper includes providing detailed monitoring from a covered position and neutralizing high-value targets to reduce the enemy’s battle. Sniper operations are unique owing to the integration of the tool that provides required level of precision.
Sniper Rifle Market Trends, Drivers, Restraints, and Opportunities
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Growing demand for advanced weapons is anticipated to drive the market expansion during the forecast period.
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Ongoing development of existing military equipment is projected to push the sniper rifles market growth in the coming years.
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Growing usage of long-range precision sniper rifles for commercial applications is propelling the market growth
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Increasing number of sniper squadrons, engagement profiles, and availability of technology is projected to spur the market growth in the projected timeline.
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Declining sales of long-range sniper rifles owing to stringent government regulations can hamper the market growth.
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The COVID-19 outbreak led to the supply chain disruption, restricting the market expansion. However, the market is expected to recover soon.
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Rising development of self-steering bullets, bullet loading, and cutting-edge sniper rifle accessories are expected to create opportunities for the market expansion during the forecast period.
Scope of Sniper Rifle Market Report
The report on the global sniper rifle market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Sniper Rifle Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Ranges (Up to 1,000 meters and Beyond 1,000 meters) and Usage (Civilian, Law Enforcement, and Military)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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FN HERSTAL, Remington Arms Company LLC, Beretta Holding SA, H&K AG, and Accuracy International.
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Sniper Rifle Market Segment Insights
Beyond 1,000 meters segment to constitute a large market share
In terms of ranges, the sniper rifle market is bifurcated into up to 1,000 meters and beyond 1,000 meters. The latter segment is expected to account for a key market share during the forecast period owing to militaries across the world prefer sniper rifles that have a long-range of over 1,000 meters. Moreover, law enforcement agencies are procuring rifles with a range of over 1,000 meters, driving the market segment growth. Armed forces of several countries and rifle manufacturers are collaborating to develop advanced sniper rifles with increased range and accuracy. The latest rifles allow hitting targets at over 1.5 km under any weather conditions without prior adjustments.
Military segment account to expand at a significant pace
Based on usage, the sniper rifle market is segmented into civilian, law enforcement, and military. The military segment is expected to grow at a robust pace in the coming years due to, the increasing defense expenditure and the equipment modernization initiatives from various armed forces. Growing adoption of latest technology to strengthen the military base. Furthermore, rising security threats and growing geopolitical issues across the borders are creating demand for the sniper rifles, propelling the expansion of the segment market share.
North America to dominate the market
On the basis of regions, the sniper rifle market is categorized as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is anticipated to dominate the market during the forecast period. The regional market growth can be attributed to rising investment of the US on the defense sector. On the other hand, the market in Asia Pacific is anticipated to exhibit a high CAGR due to growing investment of emerging countries such as China and India to strengthen the military force.
Segments
Segments Covered in the Report
The global sniper rifle market has been segmented on the basis of
Ranges
- Up to 1,000 meters
- Beyond 1,000 meters
Usage
- Civilian
- Law Enforcement
- Military
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- FN HERSTAL
- Remington Arms Company LLC
- Beretta Holding SA
- H&K AG
- Accuracy International
Competitive Landscape
Key players competing in the sniper rifle market include FN HERSTAL, Remington Arms Company LLC, Beretta Holding SA, H&K AG, and Accuracy International.
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