Sniper Rifle Market size was valued at USD 144.29 million in 2023 and is poised to reach USD 282.36 million by the end of 2036, registering around 5.3% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of sniper rifle is assessed at USD 150.41 million.
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. 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.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
5.3% |
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Base Year Market Size (2023) |
USD 144.29 million |
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Forecast Year Market Size (2036) |
USD 282.36 million |
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Regional Scope |
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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.
Our in-depth analysis of the global sniper rifle market includes the following segments
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By Type |
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By Range |
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By End-User
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North America Market Statistics
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.
North America industry is set to account for largest revenue share by 2036, backed by rising need amongst the defense forces for advanced ammunitions. The sniper rifle 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.
Europe Market Analysis
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.
Author Credits: Dhruv Bhatia
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