Global Sniper Rifle Market Highlights 2020 – 2029
The global sniper rifle market, which garnered a significant revenue in 2020, is anticipated to record a modest CAGR over the forecast period, i.e., 2021-2029. The growth of the market can be attributed to the increase in purchase of military sniper rifles by government agencies and their growing use for sports shooting. The escalating number of sniper rifle procurements in the defense sector can be ascribed to the increasing military expenditure and surge in initiatives for the modernization of equipment by various armed forces across the world. According to our analysis, the global military expenditure reached almost $2 trillion in 2019, the highest value recorded in the past 3 decades. Moreover, with the ability of modern rifles to shoot larger distances with high precision, the sniper rifle market is projected to progress tremendously in the coming years. The rising demand for maintaining a sufficient stock of weapons and ammunition, which is further leading to an increase in the number of arms imports is also anticipated to drive the market growth. As per the data stated by The World Bank, 27.022 billion arms were imported globally in the year 2019.
The market is segmented by range into up to 1000 meters, and beyond 1000 meters. Among these segments, the beyond 1000 meters section of the range segment is anticipated to hold the leading share in the year 2021 in the global sniper rifle market owing to the preferences of the armed forces for best weaponry with a range of over 1000 meters. Moreover, countries facing terrorism threats and cross-border tension are obtaining advanced sniper guns for responding to long-term threats, which is estimated to lead to an increase in demand for these weapons, hence propelling the growth of this segment. CLICK TO DOWNLOAD SAMPLE REPORT
Global Sniper Rifle Market Regional Synopsis
Based on geographical analysis, the global sniper rifle market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Out of the market in these regions, the market in the North American region is anticipated to hold the leading share by the end of 2029. The market in the region is driven primarily by the United States, backed by the rising need amongst the defense forces for advanced ammunitions. The U.S. is one of the leading suppliers of arms and ammunition to many countries around the globe and is estimated to stay a key supplier over the forecast period, owing to an increase in joint agreements with the military organizations of the developing countries. As per our analysis, as of 2019, the USA accounted for almost 40% of the world’s total arms exports.
The market in Europe is also expected to hold a significant share on the back of the presence of countries, namely Russia and France, which hold the second and third largest share in the exports of heavy weapons and sniper rifles respectively.
The global sniper rifle market is further classified on the basis of region as follows:
- North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis
- The Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of the Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis
Our in-depth analysis of the global sniper rifle market includes the following segments:
- Semi-Automatic Action
- Up to 1000 Meters
- Beyond 1000 Meters
- Law Enforcement
- Rising Military Expenditure
- Geopolitical Strain Leading to the Rising Need Amongst Nations to Maintain Ammunition Stock
- Strict Regulatory Norms to Control the Proliferation of Weapons
Top Featured Companies Dominating the Market
- Barrett Firearms Manufacturing Inc.
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- Heckler & Koch Group
- Vista Outdoor Inc. (Remington Arms)
- Accuracy International Ltd.
- SNT Motiv Co., Ltd.
- FN Herstal, S.A.
- Knights Armament Co.
- Savage Arms, Inc.
- Zastava Arms
- PGW Defence Technologies Inc.