In the revised “Digital Binoculars Market” report, published by MRFR, the growth scope of the market is discussed. MRFR analysis states that the digital binoculars global market can expand at 5.66% CAGR by 2024. The video recording feature of digital binocular improves its sales. In regards to this, the market value recorded in 2018 was USD 778.37 Mn, is expected to touch USD 1,067.22 Mn by 2024.
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MRFR identified some prominent digital binoculars developers. They are Barska (US), American Technologies Network Corporation (US), Vivitar Corporation (US), Beretta Holding S.p.A. (Steiner) (Italy), FLIR Systems, Inc. (US), X-Stand Treestands (US), GordVE (US), Ricoh Imaging Americas Corporation (US), Nikon Corporation (Japan), Bushnell Corporation (US), EONCORE (US), Canon Inc. (Japan), NexOptic Technology Corp. (Canada), SGODDE (US), and others.
The Digital Binoculars Market trends COVID-19 Impact Analysis study is based on stabilization, magnification, application, and technology.
The magnification-based segments of the market are 6x–8x, less than 6x, and 8x and above. Digital binoculars that offer magnification within the range 6x–8x experience high sale. Its market segment can dominate the worldwide market in the review period. The diverse applications of 6x–8x magnification availing digital binocular due to steady viewing capabilities can spur the market growth.
By stabilization, the market has been segregated into image stabilized and standard. The standard segment is estimated to dominate the market in 2018. However, the image stabilized segment is expected to register the highest CAGR during the forecast period owing to improved stability in different conditions and superior power efficiency and battery life.
The technology-based segments of the market are night vision, thermal, digital storage, laser rangefinder, and others. The night vision feature of digital binocular is gaining high traction. Its segment of the digital binocular market can register a high growth rate across the forecast period. The rise in paramilitary and military applications of digital binoculars to achieve surveillance can prompt the market growth.
The application-based segments of the market are astronomy, military, hunting, sports, shooting, and others. Digital binoculars have major military applications. The rise in the demand for high-tech binoculars in the defense sector can boost the market.
Asia Pacific digital binoculars market to expand at a rapid CAGR across through the study period. The extended night vision offered by digital binoculars are is gaining high popularity. This can impel the expansion of the regional digital binocular market. In addition, the increment of disposable income and surge in urban migration can bolster digital binoculars market growth. The expansion of APAC market can be attributed to emerging trends that have significant impact on the lifestyle of people. Increased in number of people engaging in different household activities can support the regional market surge. The rise in investment in gadgets and related accessories required for outdoor events, such as bird watching can impel the market growth. Furthermore, the surge in adoption of digital binoculars across the defense industry can boost APAC market.
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Innovations and strategic partnership plans adopted by key players can gain organic traction. The growth strategies adopted by marketers are expected to generate substantial revenue in the evaluation period. To illustrate, NexOptic Technology Corp., a reputed dealer of optical and lens solutions in 2018, introduced DoubleTake, a digital binocular at the Las Vegas Consumer Electronic Show. High sale of the binoculars is reported due to its advantages, such as lightweight, which was designed by the company’s Blade Optics technology. Outdoor enthusiasts, such as birders, boaters, hikers, and people inclined towards watching sports events can other leisure activities were identified as high end-user of the binocular.
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