Newark, NJ, Feb. 24, 2020 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global night vision device market is expected to grow from USD 6.32 billion in 2017 to USD 13.62 billion by 2025 at a CAGR of 10.1% during the forecast period from 2018-2025. Night vision device market growing at a rapid growth rate from the past few years. The increasing military and defense spending by various governments of countries is one of the key factor driving factors for the growth of the global night vision device market. It give military force a huge advantage over enemy opponents, allowing militaries to conduct vigorous military operations in the night, when the opposing force is at its most vulnerable.
Night vision devices are defined as optoelectronic devices which detect and amplify light such as infrared, ultraviolet, gamma and X-rays to provide a clear image in dark surroundings. The image is basically generated in shades of green to provide an accurate and user-friendly picture to the user. These devices are helpful for navigation, surveillance, and targeting. Besides this, law enforcement and security agencies involves both thermal-imaging and image-enhancement technology for surveillance. Also, hunters and nature enthusiast’s employs night vision devices to manoeuvre through the woods at night. Night vision devices are used in various applications such as In Military, in search and rescue missions, and in security cameras kept around residential spaces and camping site.
The global night vision device market is expected to witness rapid growth over the forecast period, owing to technological improvements providing for better performance, improved design, and convenience. In addition to this, the high amount of defense spending and growing security concerns are some of the other factors driving the growth of market. But high cost of devices negatively impact the growth of the market, over the forecast period. However, the increased government’s expenditure on night vision devices for combating operations and night patrolling may increase the market size in the coming years.
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Key players operating in the global night vision device market are Harris Corporation, L-3 Communications, Armasight, ATN Corporation, BAE Systems, FLIR Systems, Inc., Meopta, Newcon Optik, Sofradir EC, Elbit Systems Ltd., Rockwell Collins Inc., American Technologies Network Corp., Bharat Electronics Limited, and Thales Group among others. To enhance their market position in the global Night-vision device market, the key players are now focusing on adopting the strategies such as product innovation, recent developments, mergers & acquisitions, joint venture, collaborations, and partnership.
- In March 2018, BAE Systems won two orders totalling USD 97 million from the U.S. Army, to provide new night vision goggles and thermal weapon sights, which together will enable soldiers to rapidly and covertly acquire targets in all weather and lighting conditions.
- In January 2018, FLIR announced the launch of suite, Armasight, with thermal and night vision products for tactical professionals and hunters.
- In June 2018, L3 Technologies announced that it has been awarded a three-year, USD 391 million contract from the U.S. Army Contracting Command, to provide soldiers with true next-generation Binocular Night Vision Goggles that improve targeting, mobility, and maneuverability for ground forces.
The image intensifiers segment held the major market share in the global night vision device market and valued around USD 2.98 billion in 2017
The technology segment is classified into infrared illumination and thermal imaging, image intensifiers. The image intensifiers segment held the major market share in the global night vision device market and valued around USD 2.98 billion in 2017. Rising concerns about the national security, lower prices of devices than thermal imaging devices, and increasing implementation of night vision devices from the military & defense sector are fuelling the night vision device market.
The camera segment is dominating the market with the highest share 49.80% in 2017
The device type segment is divided into segments such as scope, camera, and goggle. The camera segment is dominating the market with the highest share 49.80% in 2017, because of the constant improvement in the night vision technology.
The defense and government segment accounted for the largest market share and valued around USD 1.82 billion in 2017
Industry segment includes defense and government, transportation and logistics, IT and telecommunications, manufacturing, healthcare, energy and utilities and others. The defense and government segment accounted for the largest market share and valued around USD 1.82 billion in 2017, due to the increasing arm conflicts and modernization programs worldwide.
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Regional Segment Analysis of the Night Vision Device Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
The regions analysed for the market include North America, Europe, South America, Asia Pacific, and Middle East and Africa. North America is dominating the market with the highest share of 39.90% in 2017. Due to the U.S is heavily impacting the market growth in the region due to use of the upgraded technology and high scale deployment of devices- night vision scope, night vision camera, and night vision goggle in various applications. Asia- Pacific is rapidly growing region due to high investments in modernization of military infrastructure and rising urban population in the region, especially in developing economies such as China and India. In addition to this, Europe is expected to hold the significant market share in the global night vision device market, owing to increasing demand from various countries such as France, Germany, and UK.
About the report:
The global night vision device market is analysed on the basis of value (USD Billion), volume (Thousand Units), export (Thousand Units), and import (Thousand Units). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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