Pune, Sept. 17, 2020 (GLOBE NEWSWIRE) -- The global night vision devices market size is projected to reach USD 9.02 billion by the end of 2027. The massive investments in the research and development of efficient products will contribute to the growth of the overall market in the coming years. According to a report published by Fortune Business Insights, titled “Night Vision Devices Market Size, Share & COVID-19 Impact Analysis, By Device Type (Binoculars and Monocular, Cameras, Glasses, Goggles, and Scopes), By Application (Border surveillance, Engineering, Fire and Rescue, Law Enforcement, Maritime & Coastal surveillance, Medical, Security, and Others (Natural Resource Agency Applications, etc.), and Regional Forecast, 2020-2027,” the market was worth USD 4.66 billion in 2019 and will exhibit a CAGR of 8.8% during the forecast period, 2020-2027.
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Night vision devices are equipment that are worn on the eyes and are aimed at enhancing the vision at night or low light. The applications of night vision devices in military and defense purposes will bode well for the growth of the overall market in the coming years. The increasing investment in the ‘technological’ aspect of these devices have yielded products with high operational efficacies as well as improved properties. The presence of numerous manufacturers has constituted an increase in the overall night vision devices market size in recent years. The use of night vision devices can be extended to critical applications in the military and defense sector, including sting operations in low light. These devices are also used for combat and rescue activities.
Demand for NVDs to Increase during the Covid-19 Pandemic
The recent coronavirus outbreak has created a sense of panic across the world. The rapid spread of the disease has compelled governments across the world. To curb the spread of the disease, there have been strict lockdowns that are being imposed in several countries. Several efforts are being taken to make sure there are no public gatherings at any given time. It is observed that night vision devices are being integrated into drones to locate such gatherings during low light and night times. As a result, the global NVD market will derive significant growth from the increasing product demand during the COVID-19 pandemic.
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Constant Product Innovations will Provide Impetus to Market Growth
The report encompasses several factors that have contributed to the growth of the overall market in recent years. Among all factors, the increasing investments in technological intervention and the introduction of advanced products have made the highest impact on market growth. Due to the massive potential held by technological integration in NVDs, several large scale companies are engaged in investing in advanced concepts. In June 2020, EZVIZ announced the launch of a new night vision devices. The company introduced ‘C3X,’ a dual lens night vision color camera. The company claims that the product perfectly caters to applications in outdoor security and surveillance activities. The product is a fully HD Wi-Fi AI based camera. EZVIZ’s latest product will not just benefit the company but will have a direct impact on the growth of the overall market in the coming years.
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North America to Emerge Dominant; Increasing Security Breaches to Aid Growth
The report analyses the ongoing market trends across five major regions, including North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among all regions, the market in North America is projected to emerge dominant in the coming years. The increasing security breaches in several countries across this region will lead to a wider product adoption. The increasing product use in surveillance and enhanced security measures in the United States and Canada will emerge in favor of the growth of the regional market. Moreover, the increasing military and defense expenditure will bode well for the growth of the regional market. As of 2019, the market in North America was worth USD 1.55 billion and this value is projected to increase further in the coming years.
List of Key Companies profiled in Night Vision Device Market report:
- BAE System Plc (Farnborough, United Kingdom)
- Leonardo S.p.A. (Rome, Italy)
- Thales Group (La Défense, France)
- Elbit Systems of America, LLC (ELBIT SYSTEMS LTD) (Fort Worth, Texas, United States)
- FLIR Systems, Inc. (Wilsonville, Oregon, United States)
- Night Vision Devices, Inc. (Pennsylvania, United States)
- N-Vision Optics, LLC (Massachusetts, United States)
- Safran Vectronix AG (Heerbrugg, Switzerland)
- Adams Industries, Inc. (Los Angeles, California, United States)
- Excelitas Technologies Corp. (Waltham, Massachusetts, United States)
- Opgal Optronic Industries Ltd. (Israel)
- Dali Technology Co., Ltd. (Zhejiang, China)
Industry Developments:
- June 2020 – Secureye announced the launch of a new Alexa-controlled Falcon iCam 500 Color Night Vision Camera.
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Detailed Table of Content
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Executive Summary
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Porter’s Five Force Analysis
- Global Night Vision Devices Market Share Analysis and Matrix, 2019
- Key Market Insights and Analysis, By Segments
- Global Night Vision Devices Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027
- By Device Type (Value)
- Binoculars and Monocular
- Cameras
- Glasses
- Goggles
- Scopes
- Rifle Scopes
- Handheld Scopes
- By Application (Value)
- Border surveillance
- Engineering
- Fire and Rescue
- Law Enforcement
- Maritime & Coastal surveillance
- Medical
- Security
- Others (Natural Resource Agency Applications, etc.)
- By Region (Value)
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
- By Device Type (Value)
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