Market Trends of Sniper Rifle Industry
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.
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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.
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