Portland, OR, Oct. 28, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global weapon night sight market accrued revenue worth $1.0 billion in 2021, and will reach $1.8 billion by 2031, registering a CAGR of 6.2% from 2022 to 2031. The market research report offers a comprehensive analysis of oscillating industry trends, top segments, value chains, major investment business scenarios, regional landscape, and competitive space. The study is a major source of information for giant players, entrepreneurs, owners, and managers in creating new business plans for the future and taking steps to improve their market position. The report demonstrates an in-depth quantitative analysis of the market from 2022 to 2031 and guides investors in allocating funds to the rapidly evolving market.
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Weapon Night Sight Industry Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2022-2031 |
| Base Year | 2021 |
| Market Size in 2021 | $1.0 Billion |
| Market Size in 2031 | $1.8 Billion |
| CAGR | 6.2% |
| No. of Pages in Report | 250 |
| Segments Covered | Product Type, Platform, Technology, and Region. |
| Drivers | Surge in spending on defense activities and favorable government policies aimed at protecting national borders. |
| Opportunities | Upgradation of defense equipment. |
| Restraints | Huge costs of weapon night sight equipment. |
Covid-19 Scenario
- The COVID-19 outbreak negatively impacted global weapon night sight market growth due to the unavailability of raw materials and the revenue crunch during the pandemic.
- Disruptions in supply chain operations and delays in the purchase of weapon night sight equipment due to trade restrictions adversely impacted the global market growth during the COVID-19 period.
The report offers an in-depth division of the global weapon night sight market based on Product Type, Platform, Technology, and Region. It provides an in-depth investigation of every segment and sub-segment in tables and figures through which consumers can get insights into market trends. The market report analysis aids organizations, investors, and entrepreneurs in knowing which sub-segments are to be explored for achieving massive growth in the ensuing years.
Based on product type, the gun-mounted weapon night sight segment contributed the largest market share in 2021, accounting for nearly three-fourths of the overall share of the global weapon night sight market. Moreover, the same segment is predicted to retain its dominant status during the forecast timeline. However, the vehicle-mounted weapon night sight segment is slated to register the highest CAGR of nearly 7.2% from 2022 to 2031.
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In terms of platform, the ground-based segment accounted for the highest share of the global market in 2021, contributing more than half of the overall share of the global weapon night sight market. Moreover, this segment is predicted to contribute the highest market share by 2031. Furthermore, the same segment is anticipated to register the fastest growth with a CAGR of nearly 6.9% during the forecast timeframe. The report also includes other segments such as air-based and sea-based segments.
On basis of the technology, the thermal imaging segment accounted for a major share of the global market in 2021, contributing more than half of the global weapon night sight market share. Moreover, the segment is set to maintain its dominance during the forecast period. Nevertheless, the imaging intensifier segment is anticipated to record the fastest CAGR of nearly 7.4% from 2022 to 2031.
Based on region, North America contributed the largest market share in 2021, accounting for more than two-fifths of the global weapon night sight market share. The region is predicted to continue its market dominance by 2031. However, the Asia-Pacific weapon night sight market is set to register the fastest CAGR of 7.2% during the assessment period.
Major players of the global weapon night sight market profiled in the research report include BAE Systems Plc, Elbit Systems Ltd, Excelitas Technologies, L3Harris Technologies, Leonardo S.P.A, OPTIX Co, Raytheon Technologies Corporation, Rheinmetall AG, Rolta India Limited, Teledyne FLIR LLC., Thales Group, and Thomasnet Company.
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The report evaluates these key participants in the global weapon night sight industry. These participants have executed a slew of major business plans such as the extension of the consumer base, technology innovation, strategic partnerships, and collaborations for enhancing penetration of new technologies in the global markets and establishing strong market growth globally. The market study report helps in monitoring the performance of each segment along with examining the effect of new technology launches on the overall market earnings.
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