Telescope Market Size, Share, Growth Analysis, By Type(Refracting telescope, Reflecting telescope, Catadioptric telescope), By Region - Industry Forecast 2024-2031

Telescope Market size was valued at USD 1.19 billion in 2022 and is poised to grow from USD 1.20 billion in 2023 to USD 1.34 billion by 2031, growing at a CAGR of 1.4% during the forecast period (2024-2031).

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.