USD 1198.3 million
Report ID: SQMIG20A2051 | Region: Global | Published Date: February, 2024 | Pages: 157 | Tables: 36 | Figures: 74
Global Telescope Market size was valued at USD 1198.3 million in 2021 and is poised to grow from USD 1215.08 million in 2022 to USD 1358.02 million by 2030, growing at a CAGR of 1.4% in the forecast period (2023-2030).
The global telescope market is driven by increasing demand from amateur astronomy to see and record astronomical phenomena due to rising interest in science fiction films. The demand for telescopes is mainly due to the development of astronomical research and the increase in the scope of the hobby. An increase in financial investment in astronomical research and national consumption capacity as well as national policies on astronomical education is the main growth factors for the telescope market.
Global telescope market is expected to grow due to the growing trend of amateur astronomy. Various science fiction games and television series are increasing interest in space and astronomy among the young generation around the world. Major market players are focusing on developing binoculars that are portable and enable users to easily connect and access features through their handsets. This is one of the major factors driving the demand for telescopes. Major industry players are concentrating on creating portable binoculars that let users quickly connect to the internet and access features through their smartphones. This is one of the main factors influencing telescope demand. Telescopes have become widely available in homes thanks to quick technological developments in the astronomy field, particularly in the fields of electronics and optics. Also, Internet of Things (IoT) enabled devices such as smartphones, and personal computers have also helped in the rapid adoption of astronomical telescopes. Films and television have greatly influenced children and adults regarding space technology and astronomical gadgets. High equipment prices and their associated components such as tripods, additional lenses, and other gears have a major challenge to market expansion.
US Telescope Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 1198.3 million
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Global telescope market is segmented on the basis of type, application, distribution channel, and region. On the basis of type, global telescope market is segmented into, refracting telescope, reflecting telescope and catadioptric telescope. On the basis of application, global telescope market is segmented into personal, educational services and scientist research institute. By distribution channel, the Telescope Market is segmented into Offline and Online. On the basis of region, global telescope market is divided into North America, Europe, Asia Pacific, Latin America, and MEA.
Telescope Market Analysis by Type
On the basis of type, global telescope market is segmented into, refracting telescope, reflecting telescope and catadioptric telescope. Refracting telescope segment accounted for the largest revenue share in 2022. Rising demand for telescopes capable of producing high-resolution images of distant objects is a major factor expected to drive growth of the segment. A refracting telescope uses a high-quality lens to bend light to a specific focal point so that the object is clearly visible to the viewer. It is generally preferred because of its straightforward and user-friendly design and operation.
Telescope Market Analysis by Application
On the basis of application, global telescope market is segmented into personal, amateur astronomy educational services and scientist research institute. The amateur astronomy segment accounted for the largest revenue share in 2022. Major drivers of this segment's growth include the escalating demand for portable telescopes and rapid technological advancements. Young people engage in the fascinating hobby of amateur astronomy to enrich their daily lives with knowledge. Additionally, youth can stay engaged in amateur astronomy, which enhances and increases their knowledge of various celestial bodies.
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On the basis of region, global telescope market is divided into North America, Europe, Asia Pacific Latin America, and MEA. Global telescope market in North America accounted for the largest revenue share in 2022. Consumers in this region have disposable income which enabled them to engage in costly hobbies such as astrophotography and others. This is a major factor expected to drive market growth in this region. Due to the growing interest in amateur astronomy in this area, astronomical education is also expanding, which has significantly increased the demand for telescopes there. Important market players in this region are also creating and releasing telescopes equipped with IoT features, which is encouraging consumers in this region to start using telescopes.
In terms of revenue share, Asia Pacific came in second place in 2022. A significant factor boosting market revenue growth in this region is the rising adoption of cutting-edge technologies like sensors and others. A global center for cutting-edge technologies is China. Since telescope parts are relatively less expensive in China than in other nations, major market players find it to be very profitable to purchase products from this nation. Additionally, this lowers the cost of producing their entire line of goods.
India held the largest regional share as a result of the growing popularity of astronomy among young people. Additionally, the presence of significant space research organizations like the Indian Space Research Organization (ISRO) has increased and fueled telescope acceptance among the populace in this nation. All of these elements contribute to the market growth in this region.
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Telescope Market Driver
Telescopes are one of the major instruments used for scientific research in astronomical institutions around the world. It helps researchers and industry experts to provide astronomical images and analyse them to generate insights. Major players in the market are incorporating advanced technologies like sensors and others to improve and offer users with various innovative features. They are also adding various features that effectively enable astronomical organizations to collect data. Therefore, with the increasing research and application in astronomy, the demand for telescopes is increasing rapidly.
Telescope Market Restraint
Chromatic aberration produces coloured fringes of highly contrasting ages in optical systems. This is mainly due to the diffraction of light rays as they pass through the lens focusing at different points depending on their wavelength. In a telescope, there are two types of chromatic aberration, the most common being an axial chromatic aberration. Axial chromatic aberration results in blurred colours in front of and behind the focus position due to differences in the focal point of each colour. This can be seen at the edges of very bright areas of the image. This factor hampers the growth of global telescope market.
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Global telescope market is highly competitive with the presence of local as well as global companies. The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of global telescope market.
Telescope Market Top Player's Company Profiles
Telescope Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our business information services team that collects, collates, co-relates, and analyses the data collected by means of primary exploratory research backed by the robust secondary desk research.
According to our global telescope market analysis, global market is expected to grow due to the growing trend of amateur astronomy. Various science fiction games and television series are increasing interest in space and astronomy among the young generation around the world. This hobby among the young generation is a major trend in developed nations that expands the market growth. By region, global telescope market in North America accounted for the largest revenue share.
|Market size value in 2021
|USD 1198.3 million
|Market size value in 2030
|USD 1215.08 million
|Forecast Unit (Value)
|North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
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For the Global Telescope Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Telescope Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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