Hyderabad, Aug. 17, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled “Sports Optic Market Report (2023-2028),” the market is estimated at USD 2.16 billion in 2023. It is expected to register a CAGR of 2.94% during the forecast period.
Sport optical tools improve a user's ability to track, acquire, and understand targets in their environment. Rifle scopes, binoculars, and protective eyewear are certain products comprised of sports optics. These are employed in various activities, such as water sports, snow sports, hunting, etc. Investments by governments worldwide to offer top-notch facilities and training to athletes competing in numerous sports disciplines at various levels are expected to strengthen the market further.
Report Summary:
| Report Attribute | Details |
| Market Size (2023) | USD 2.16 billion |
| Market Size (2028) | USD 2.5 billion |
| CAGR (2023-2028) | 2.94% |
| Study Period | 2018-2028 |
| Forecast Units | Value (USD billion) |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Report Scope | Market Dynamics, Revenue Forecast and Segmentation, Competitive Landscape, and Recent Developments, Market Growth, Future Opportunities, and Trends |
| Key Market Drivers | Increasing government investments. |
| Advances in astronomical projects. |
Who are the Top Companies in the Sports Optic Market?
The global sports optic market is highly competitive in nature.
The key players holding the global sports optic market are:
- Wolters Kluwer NV
- Thomson Reuters Corporation
- Mindcrest Inc.
- Lexisnexis (RELX PLC)
- Abacus Data Systems
- Everlaw Inc.
- Proofpoint Inc.
- CS Disco Inc.
- Brainspace Corporation
- IBM Corporation
- Wipro Technologies
- UnitedLex Corporation
- Argopoint LLC
- Premonition LLC
- Analytics Consulting LLC
- CPA Global
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Key Highlights from the Sports Optic Market Report:
Telescopes to Drive the Market
- Telescopes can spot everything that the human eye can't. Based on functionality and use, telescopes can be classified as Refracting Telescope and Reflecting Telescope. On one side, various astronomical projects are creating demand, while on the other, travelers and sports enthusiasts also add to the user base of these telescopic devices.
- Telescopes give a more detailed view of the galaxies, planets, stars, and other heavenly bodies. With higher magnification capability, birds can be viewed at a greater distance.
North America to Account for Major Market Growth
- The US government announced a one-billion-dollar investment in public-private partnerships to achieve national conservation goals. The US Fish and Wildlife Service, the US Forest Service, the National Oceanic and Atmospheric Administration, and the US Department of Transportation signed a 2 billion USD partnership for fish passage and culvert removal. These investments are expected to boost wildlife tours and other forestry activities in the region, ultimately driving the use of sport optics.
- In December 2022, the African Astronomical Society (AfAS) and the American Astronomy Society (AAS) organized a submission to plan a vision for 2024. It was agreed upon to establish an African astronomical committee that promotes teamwork amongst scientists and engineers throughout the continent.
What are the Latest Developments in the Sports Optic Market?
- In January 2023, ZEISS revealed Smart Focus Lightweight (SFL) binoculars specially designed for wildlife enthusiasts and travelers. It claims this to be the lightest series of SFL. Enhanced optical design, high-quality glass, and special coating are some vital features of the product.
- In December 2022, Panda Optics introduced Snowsport visual solution to provide the ultimate in goggle vision, comfort, and performance.
Mordor Intelligence has Segmented the Sports Optic Market Based on Tools, Deployment Mode, Industry, and Geography
- By Tools (Market Size and Forecast based on Value (USD billion), 2018-2028)
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- Predictive
- Descriptive
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- By Deployment Mode (Market Size and Forecast based on Value (USD billion), 2018-2028)
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- Cloud
- On-premise
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- By Industry (Market Size and Forecast based on Value (USD billion), 2018-2028)
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- Legal Firms
- Corporate Firms
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- By Geography (Market Size and Forecast based on Value (USD billion), 2018-2028)
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- North America
- United States
- Canada
- Europe
- United Kingdom
- Germany
- France
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Rest of Asia-Pacific
- Latin America
- Middle East
- North America
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In a nutshell, the Mordor Intelligence market research report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those who are looking to understand this industry. Get a glance at the Sports Optic Market Report (2023-2028).
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About Mordor Intelligence:
Mordor Intelligence is a market intelligence and advisory firm. At Mordor Intelligence, we believe in predicting butterfly effects that have the potential to change or significantly impact market dynamics.
Our market research reports are comprehensive and provide exclusive data, facts and figures, trends, and the industry’s competitive landscape.
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