According to Stratistics MRC, the Global Tactical Optics Market is accounted for $9.70 billion in 2020 and is expected to reach $18.08 billion by 2028 growing at a CAGR of 8.1% during the forecast period. Increase in procurement of tactical optics for dismounted soldiers and vehicle platforms and increasing demand for electro-optic/infrared (EO/IR) cameras are the factors driving the market growth. However, issues related to the demand for high technical expertise to develop tactical optics and stringent government regulations are hampering the growth of the market.
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By geography, Asia Pacific is going to have high growth during the forecast period due to the increasing territorial conflicts in the region and rising defense expenditures of countries, such as China and India, are driving the market growth in Asia-Pacific. The market in this region has tremendous potential due to the countries in this region, such as China, India, and Japan; invest heavily in the modernization of their troops which increases the need for armoured vehicles, aircraft, and helicopters driving the market growth for tactical optics.
Some of the key players profiled in the Tactical Optics Market include BAE Systems, Elbit Systems Ltd, Lockheed Martin Corporation, Northrop Grumman Corporation, Raytheon Technologies Corporation, Thales Group, Saab AB, Israel Aerospace Industries, Rafael Advanced Defense Systems Ltd, Vortex Optics, Leonardo, Bushnell Corporation, Kongsberg Gruppen, Leupold & Stevens, Inc. and L3Harris Technologies, Inc.
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