Shooting Ranges Market: Outdoor Shooting Range Segment at 9.3% CAGR During 2023-2031
Shooting Ranges Market by Type (Indoor Shooting Range, Outdoor Shooting Range), by Product Type, by End-User: Global Opportunity Analysis, Forecast, 2021-2031
PORTLAND, OR, UNITED STATES, March 1, 2023 /EINPresswire.com/ — Rise in investments made by law enforcement and military agencies in firearms training across departments, increased participation of youngsters in indoor & outdoor sports, and growth in demand for technologically advanced shooting range equipment especially in developing economies drive the growth of the global shooting ranges market. By end user, the military segment accounted for the highest share in 2021. By region, on the other hand, LAMEA would showcase the fastest CAGR by 2031.
According to the report published by Allied Market Research, the global shooting range market size was estimated at $1.1 billion in 2021 and is expected to hit $2.4 billion by 2031, registering a CAGR of 8.3% from 2022 to 2031. The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and evolving market trends. The market study is a helpful source of information for the frontrunners, new entrants, investors, and shareholders in crafting strategies for the future and heightening their position in the market.
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Covid-19 scenario-
Sales of indoor and outdoor shooting range experienced a decline, especially during the initial phase of the pandemic.
However, as the lockdown restrictions were lifted in most countries, sales of indoor ranges witnessed an incline, since indoor ranges offer safety from external weather conditions and can be physically maintained in a monitored environment condition.
The global shooting ranges market is analyzed across type, product type, end-user, and region. The report takes in an exhaustive analysis of the segments and their sub-segments with the help of tabular and graphical representation. Investors and market players can benefit from the breakdown and devise stratagems based on the highest revenue-generating and fastest-growing segments stated in the report.
By type, the indoor shooting range segment held the highest share in 2021, garnering more than half of the global shooting ranges market revenue. The outdoor shooting range segment, on the other hand, would showcase the fastest CAGR of 9.3% throughout the forecast period.
By product type, the fixed targets segment contributed to nearly two-fifths of the global shooting ranges market share in 2021, and is projected to rule the roost by 2031. The virtual simulators segment would also display the fastest CAGR of 9.4% throughout the forecast period. The moving targets segment is also discussed in the report.
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By end user, the military segment accounted for the highest share in 2021, generating nearly three-fourths of the global shooting ranges market revenue. The same segment would also portray the fastest CAGR of 8.6% during the forecast period. The civil segment is also analyzed through the study.
By region, North America held the major share in 2021, garnering more than three-fifths of the global shooting ranges market revenue. LAMEA, simultaneously, would showcase the fastest CAGR of 11.0% from 2022 to 2031. The other provinces studied through the report include Europe and Asia-Pacific.
The key market players analyzed in the global shooting ranges industry report include InVeris Training Solutions, Action Target, Inc., Range Systems, Inc., Cubic Corporation, Virtra Training Systems, Inc., and Saab AB. These market players have embraced several strategies including partnership, expansion, collaboration, joint ventures, and others to highlight their prowess in the industry. The report is helpful in formulating the business performance and developments by the top players.
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David Correa
Allied Analytics LLP
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