Sniper Rifle Market Size

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.