Global Tactical Optics Market.
Global Tactical Optics Market is projected to be valued at USD 13,770 Million by 2026, registering a CAGR of 5.91% from 2020 to 2026 owing to factors such as the growing demand for EO/IR cameras and rising defense expenditure of countries such as the US, China, and India. Furthermore, the weapon modernization programs across the globe are also expected to drive the growth of the market. Additionally, the growing adoption of handheld sighting devices such as binoculars and night vision goggles by the armed forces of countries such as the US is also expected to drive the growth of the segment. For example, in 2018, BAE Systems signed a contract with the US Army worth USD 97 million to provide night vision goggles and thermal weapon sights.
However, issues related to the demand for high technical expertise to develop tactical optics and stringent government regulations are likely to hamper the growth of the market.
Advancements in technology and rising terrorism across the globe are driving the growth of the market.
Growth Opportunities in the Market
Target Acquisition & Identification segment to register the highest CAGR: The target acquisition & identification segment is expected to register the highest CAGR during the forecast period owing to the growing adoption of target acquisition & identification systems by the US armed forces. For example, in 2018, Raytheon Company signed a contract with the US Army to provide target acquisition systems.
Cameras & Displays segment is expected to register the highest CAGR: The cameras & displays segment is projected to register the highest CAGR during the forecast period due to an increase in the number of platforms where these cameras & displays are mounted. Armored 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.
Airborne segment is expected to register highest CAGR: The airborne segment is projected to register the highest CAGR from 2020 to 2026, due to the increasing use of Unmanned Aerial Vehicles (UAVs) for surveillance and assault and rising orders for fighter aircraft and attack helicopters by various countries, such as India, China, the US, and Saudi Arabia.
Unmanned Platform segment to exhibit the highest CAGR: The rising adoption of unmanned systems by countries such as the US and China for various applications such as border surveillance and search & rescue is driving the growth of the segment. For example, in August 2019, AeroVironment, Inc. signed a contract worth USD 45 million with the US Army to provide Q-11B Raven small unmanned aircraft systems (UAS) and spare parts.
Long Range segment dominated the market in 2019: The long-range (> 25 km) segment dominated the market in 2019. The growth of this segment can be attributed to the increasing demand for electro-optic/infrared cameras, day cameras, and thermal cameras, among other tactical optics. Additionally, the increasing demand for remote weapon stations for armored vehicles and naval ships is also expected to drive the growth of the segment.
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