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Global Telescope Market Insights
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.
Global Telescope Market Segmental Analysis
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.