Growth Prospects of Shooting Ranges Market in the Next Five Years

 


(I-BusinessNews.Com, November 07, 2020 ) The global shooting ranges market has been broadly classified into indoor and outdoor segments. The outdoor segment is projected to account for the larger share of the global market during the forecast period. However, the indoor Shooting Range Market is projected to grow at a higher CAGR in the next five years, owing to advanced technologies in target simulations. Also, with further advancement in range designs, the indoor shooting range segment is projected to achieve substantial growth in the future.

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This report studies the global market over the forecast period from 2015 to 2020. The market is projected to reach $1,080 Million by the end of 2020, at CAGR of 8.35% from 2015 onwards.

A number of factors including increasing demand for enhanced training, technological advancement in shooting range designs, and integration of shooting ranges with other training methods are expected to drive the market for shooting ranges.

On the basis of region, this market is classified into five, namely, North America, Europe, Asia-Pacific, the Middle East, and Rest of the World. In 2015, the global indoor shooting range market is estimated to be dominated by Europe and the global outdoor shooting range market is estimated to be dominated by North America. A number of factors such as high defense spending have led to growth in the shooting ranges market in North American countries.

The virtual simulators segment held the largest market share in the indoor shooting range market, in 2014. It is also projected to grow at the highest CAGR of 12.49% by 2020. The military application segment is projected to account for a large market share of 59.81% during the forecast period.

New contracts are the key strategy adopted by the major players to develop their position in the global shooting ranges market. Strategies such as partnerships, agreements, collaborations, joint ventures, and acquisitions were also adopted by a significant number of market players to strengthen their product portfolios and to expand their geographic presence.

Key Market Players

Key players in this market include SAAB Training and Simulation (Sweden), Meggitt Training Systems Inc. (U.S.), Theissen Training Systems GmbH (Germany), Range Systems (U.S.), Polytronic International AG (Switzerland), and Shooting Range Industries LLC (U.S.), among others.

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