Sniper Rifle Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 5.17 % |
| Fastest Growing Market | North America |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Sniper Rifle Market Analysis
The sniper rifle market size was valued at USD 141.86 million in 2023 and is forecasted to reach USD 182.56 million by 2028, registering a CAGR of 5.17% during the forecast period.
- The decline in the pandemic promoted opportunities for trade between countries without restrictions, and the lifting of the lockdown enabled workers to return to factories companies were able to gradually increase their production process and witness profitable business owing to the gradual increase in demand for sniper rifles by many countries, and this is expected to lead the sniper rifle market to witness growth during the forecast period.
- The procurement of sniper rifles is affected by many factors, such as the age of the existing rifles, engagement profile, increase in the number of sniper squadrons, the topography of battlefields, and availability of better technology. In the military segment, the growth in sniper rifle procurements can be attributed to the increasing defense expenditure and equipment modernization initiatives from various armed forces across the world. Various government regulations and illegal weapons transfer to perpetrators hamper the civilian use of rifles for long-range precision shooting. Technological advancements in automation in bullet loading, self-steering bullets, and cutting-edge technologies in sniper accessories are all expected to make sniper rifles more efficient and accurate during the forecast period.
Sniper Rifle Market Trends
MIlitary Segment to Witness Significant Growth During the Forecast Period
- A sniper's primary function in modern warfare is to provide detailed surveillance from a concealed position and, if necessary, reduce the enemy's combat ability by neutralizing high-value targets. In the military segment, the growth in sniper rifle procurements can be attributed to the increasing defense expenditure and equipment modernization initiatives from various armed forces worldwide. Countries such as India and the United States have been upgrading their military by procuring various advanced sniper rifles and through equipment modernization initiatives.
- For instance, in 2022, the Indian Armed Forces announced that they are taking the delivery of 750 Sako TRG-42 sniper rifles from Finland and around 355,000 rounds of specialized .338 Lapua Magnum rounds for an estimated cost of USD 7 to 8 million.
- According to the proposal request from the Indian Army, 212 rifles have been intended to be procured for the Indian Air Force, and 88 sniper rifles are likely to be acquired by the Indian Navy. Various sniper rifles, which have been a part of the US Army, such as the Barett M82, M40, and the Barett MRAD, have been considered the deadliest snipers and are still used by the military. Thus, such advancements are expected to lead to the growth of sniper rifles for the military during the forecast period.
- Likewise, in January 2022, the first multi-caliber sniper rifle, the KN-12, is expected to enter the Turkish Armed Forces (TSK) inventory. The rifle, along with other light and heavy weapon systems, is being developed by the Machinery and Chemical Industry (MKE) and was exhibited as part of the EFES-2022 Combined Joint Field Fire Exercise conducted in the Aegean. Moreover, the sniper rifle makes use of two different, the 7.62- and 8.59-millimeter ammunition.
North America to Dominate Market Share During the Forecast Period
- Military modernization programs and equipment modernization initiatives in the North American region are likely to be major factors in the growth of the sniper rifle market during the forecast period in the region. In 2022, the US Marine Corps is in plans to replace their legacy M40A6 and Mk13 Mod 7 bolt-action sniper rifles with advanced Mk22 Mod 0 from the Barrett company.
- According to the company, the Mk22 was originally selected through a joint effort between Marine Corps Systems Command, Marine Forces Special Operations Command, and the US Army Special Operations Command. The Mk22 Mod 0 Advanced Sniper Rifle is a bolt-action precision rifle that incorporates a 7-35 power Precision Day Optic and a caliber-agnostic flash and sound suppressor.
- Moreover, the rifle uses a 10-round detachable magazine as a multi-caliber platform and can be configured to fire .338 Norma Magnum, .300 NM, or 7.62x51mm.
- In March 2021, Barrett announced that they had been awarded a five-year contract for supplying approximately 2,800 sniper rifles to the US Army. Moreover, in 2022, the New York City Department of Correction is investing USD 100,000 to purchase 10 sniper rifles for Rikers Island in order to address security issues. Thus, advancements such as the ones mentioned are expected to lead to the sniper rifle market witnessing growth in the North American region during the forecast period.
Sniper Rifle Industry Overview
Some prominent players in the Sniper Rifle Market are SNT Motiv Co., Ltd., Savage Arms, Inc., Herstal Group, and Knights Armament Co, Strategic Armory Corps LLC, among others. Various companies are now developing advanced sniper rifles which are more lethal and are capable of supporting two different types of ammunition. These companies have a global footprint and robust supply chain, which aids in increasing their market presence. The local companies running with the support of the national government are the key competitors in the market. They have developed the ability to supply sniper rifles with high accuracy at a relatively low price while also meeting all the requirements set by the global armed forces.
For instance, in January 2022, according to the information released by the company Sako, the Finnish Defence Forces Logistics Command and Sako Ltd signed a contract to procure the new Rifle System M23 from the company. The total value of the procurement, including the value-added tax, will be approximately EUR 10 million (USD 11.84 million). Moreover, the contract also includes an additional procurement option for possible subsequent procurements.
Sniper Rifle Market Leaders
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SNT Motiv Co., Ltd.
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Savage Arms, Inc.
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Knights Armament Co
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Strategic Armory Corps LLC
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Herstal Group
*Disclaimer: Major Players sorted in no particular order
Sniper Rifle Market News
- April 2023: The Estonian Centre for Defence Investments (ECDI) inked a seven-year contract worth USD 44.26 million with Sako Ltd. to supply new 8.6 mm sniper rifles to the Estonian Defence Forces and Defence League. The new rifles outperform previous sniper rifles in terms of accuracy and stability of firing characteristics.
- February 2023: Sako was awarded a contract worth around USD 12 million by the Finnish Ministry of Defence (MoD) to supply precision rifle systems and related equipment to the Finnish Defense Forces.
Sniper Rifle Market Report - Table of Contents
1. Introduction
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. Research Methodology
3. Executive Summary
4. Market Dynamics
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Industry Attractiveness - Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. Market Segmentation
5.1 Range
5.1.1 Upto 1,000 Meters
5.1.2 Beyond 1,000 Meters
5.2 Application
5.2.1 Civilian
5.2.2 Law Enforcement
5.2.3 Military
5.3 Geography
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canada
5.3.2 Europe
5.3.2.1 Germany
5.3.2.2 United Kingdom
5.3.2.3 France
5.3.2.4 Russia
5.3.2.5 Italy
5.3.2.6 Rest of Europe
5.3.3 Asia-Pacific
5.3.3.1 China
5.3.3.2 India
5.3.3.3 Japan
5.3.3.4 South Korea
5.3.3.5 Australia
5.3.3.6 Rest of Asia-Pacific
5.3.4 Latin America
5.3.4.1 Mexico
5.3.4.2 Brazil
5.3.5 Middle East and Africa
5.3.5.1 United Arab Emirates
5.3.5.2 Saudi Arabia
5.3.5.3 Turkey
5.3.5.4 South Africa
5.3.5.5 Rest of Middle East and Africa
6. Competitive Landscape
6.1 Vendor Market Share
6.2 Company Profile
6.2.1 SNT Motiv Co., Ltd.
6.2.2 Savage Arms, Inc.
6.2.3 Herstal Group
6.2.4 Vista Outdoor Inc.
6.2.5 Knights Armament Co.
6.2.6 Accuracy International Ltd.
6.2.7 Strategic Armory Corps LLC
6.2.8 Zastava Arms
6.2.9 B&T AG
6.2.10 Denel SOC Ltd.
6.2.11 PGM Pr茅cision
6.2.12 Beretta Holding S.A.
6.2.13 Heckler & Koch GmbH
7. Market Opportunities and Future Trends
Sniper Rifle Industry Segmentation
Sniper rifles are high-precision, long-range rifles that are used in both military and law enforcement applications. The modern sniper rifle is a portable shoulder-fired weapon system with a choice between a bolt action or semi-automatic action. It is fitted with a telescopic sight for extreme accuracy.
The Sniper rifle market report has been segmented by range, application, and geography. By range, the market has been segmented up to 1,000 meters and beyond 1,000 meters. By application, the market has been segmented by civilian, law enforcement, and military. By geography, the market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.
The market sizing and forecasts for all the segments have been provided in value (USD).
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| Beyond 1,000 Meters |
| Application | |
| Civilian | |
| Law Enforcement | |
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Sniper Rifle Market Research FAQs
What is the current Sniper Rifle Market size?
The Sniper Rifle Market is projected to register a CAGR of 5.17% during the forecast period (2024-2029)
Who are the key players in Sniper Rifle Market?
SNT Motiv Co., Ltd., Savage Arms, Inc., Knights Armament Co, Strategic Armory Corps LLC and Herstal Group are the major companies operating in the Sniper Rifle Market.
Which is the fastest growing region in Sniper Rifle Market?
North America is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Sniper Rifle Market?
In 2024, the North America accounts for the largest market share in Sniper Rifle Market.
What years does this Sniper Rifle Market cover?
The report covers the Sniper Rifle Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Sniper Rifle Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Sniper Rifle Industry Report
Statistics for the 2024 Sniper Rifle market share, size and revenue growth rate, created by 糖心vlog传媒鈩� Industry Reports. Sniper Rifle analysis includes a market forecast outlook to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
