Market synopsis
Market Research Future (MRFR) in the new report on the global digital binoculars market 2020, states determiners and restrains on the market. A detailed study on the influence of COVID 19 outbreak on the digital binoculars is elaborated in the report. As per MRFR data, the digital binocular market is anticipated to thrive at 5.66% across the analysis period. The Digital Binoculars Market Share value can rise from USD 778.37 million to USD 1,067.22 million across 2018 to 2024. The global market of digital binocular is expected to boom in the foreseeable future due to gradual increase in awareness among consumers and invest by top notch players in the technology.
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Segment Analysis
The Digital Binoculars Industry can be considered for magnification, stabilization, technology, and application.
The magnification ranges covered in the research include less than 6x, 6x–8x, and 8x and above. Digital binoculars that fall under the magnification range of 6x–8x can gain the highest impetus in the coming years, given their rising applications in diverse sectors that need enhanced steady viewing proficiency. Apart from this, it is also expected that the segment can acquire the fastest CAGR over the appraisal period.
The segments on the basis of stabilization are image stabilized as well as standard. In 2018, the lead belonged to the standard segment; however, it is the image stabilized segment that can gain at the highest rate in the following years. The latter’s fast gaining rate is the result of its ability to provide better stability in varying conditions along with higher battery life as well as power efficiency.
The primary technologies included in the study are night vision, thermal, digital storage, laser rangefinder, and more. The market for night vision technology can record the fastest growth rate in the next few years, on account of the increasing uptake in the paramilitary and military sector for surveillance applications. On the other hand, over the forecast period, the market for laser rangefinder technology can procure the top spot in the global market.
The application areas of digital binoculars are hunting and shooting, astronomy, military, sports, and others. It is presumed that the demand for digital binoculars can be the highest in the military sector, because of the growing need for technologically superior products. The military and security sectors in developed as well as developing countries are spending considerably on upgradation as well as refurbishment of their stock, which also leads to market advancement.
Regional Analysis
The geographical analysis of the digital binoculars market has been conducted for North America, Europe, Asia-Pacific, and the rest of the world.
The North American market has been segmented into the US, Canada, and Mexico. The regional market is expected to account for the largest share of the global digital binoculars market during the review period. The growth of the market in North America can be attributed to the well aware end-users who increasingly invest in the latest technology upgrades. As a result, the companies operating in the region are constantly reinventing and rebranding the existing products to increase level of quality and innovation in design
In terms of market size, Europe is expected to hold the third-largest share. The European market has been divided into the UK, Germany, France, and the rest of Europe. Germany is the leading country-level market whereas the market in France is expected to register the highest growth rate during the forecast period.
The market in Asia-Pacific is expected to be the fastest-growing during the review period of 2019 to 2024. The regional market has been classified as China, Japan, India, and the rest of Asia-Pacific. Increase in disposable income coupled with the growing urban population has largely impacted the lifestyle of consumers leading to growing investments in gadgets and related accessories to pursue their hobbies such as sports and bird watching.
The rest of the world includes South America, the Middle East, and Africa. Among these, the Middle East is expected to dominate the market and register the highest CAGR during the forecast period.
Key players
GordVE (US), Bushnell Corporation (US), X-Stand Treestands (US), American Technologies Network Corporation (US), Beretta Holding S.p.A. (Steiner) (Italy), Barska (US), Vivitar Corporation (US), Ricoh Imaging Americas Corporation (US), SGODDE (US), Nikon Corporation (Japan), FLIR Systems, Inc. (US), EONCORE (US), Canon Inc. (Japan), and NexOptic Technology Corp. (Canada) among others are some reputed suppliers of digital binoculars in the market as listed by MRFR.
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