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An increasing number of people showing interest in shooting sports and a rise in new product development with innovative technology by manufacturers are some of the trends driving the demand for riflescope. New and technologically advanced riflescopes are projected to emerge as a result of technical advancements, such as integration with night vision goggles and riflescopes for smart firearms. Rising demand for precision attack technologies has resulted in growth in the demand for riflescopes globally. Also, the increased need for precision aiming at long distances and in a variety of lighting conditions is likely to provide chances for market competitors to further enhance riflescopes. Developing countries, in particular, are replacing their armed forces' conventional rifles with new assault rifles equipped with advanced riflescopes. For example, India declared in June 2019 that it plans to produce 650,000 AK-203 assault rifles with new riflescopes, fueling the rise of riflescopes. The expansion of the riflescopes market is projected to be aided by an increase in the number of military facilities established by major defence organisations throughout the world, which is predicted to boost the inventory of rifles and other weaponry. Unstable political relations between large geographies, combined with an increase in terrorist acts, have boosted demand for long-range and short-range weapons to combat the conditions.
To grow the business, key players are using a variety of conventional methods such as collaborations, increased manufacturing capacity, and regional development. These companies are pursuing contracts with the world's biggest military and developing customised scopes for use on custom-made firearms and rifles. For instance, Leupold & Stevens, Inc., in collaboration with Aimpoint, has been granted a USD 42.8 million military optics contract to produce Mark 6 riflescopes and Mark 6 riflescope-integrated mounting systems. This contract will serve as the foundation for the next generation of integrated optical aiming systems for modern small weapons.
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