Global Night Vision Devices Market to Expand at a CAGR of 7.4% Over 2019-2024

Posted on 2019-04-08 by Mark Hub in Technology // 0 Comments

New York, USA, 2019-Apr-08 — /EPR Network/ — Over the recent years, the global night vision devices market has been witnessing a healthy growth on account of ascending terrorist threats as well as unlawful activities worldwide. This can also be accredited to escalating defence spending by military forces of several regions.

According to the latest report by IMARC Group, titled “Night Vision Devices Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, the global night vision devices market reached a value of nearly US$ 7 Billion in 2017. Night vision devices are optoelectronic tools which assist in providing a clear image in dark surroundings by sourcing, detecting and amplifying the light. The image produced by night vision devices is usually green in colour and presents an accurate as well as user-friendly picture to the wearer. These devices are primarily used for navigation, surveillance, detecting intruders and criminals as well as targeting by law enforcement and security agencies.

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On account of growing terrorist threats and unlawful activities across the globe, there is a need for constant vigilance, as a result of which security screening has become mandatory at public places like airports, railways, stadiums and border checkpoints. In addition to this, an escalation in the cases of covert operations acts as another major factors driving the night vision devices. Apart from this, technological advancements in night vision devices have led to low-cost solutions, reduced weight, enhanced product performance, unique product design and ease of handling. Moreover, the confluence of efficient consumption of power and expanding applications in wildlife photography has contributed towards the market growth. Looking forward, the market value is projected to reach around US$ 11 Billion by 2023, registering a CAGR of more than 8% during 2018-2023.

Market Summary:

Based on device, the market has been segregated as goggles, cameras, scopes and others. Amongst these, goggles represent the most popular night vision device.
On the basis of technology, image intensifier accounts for the largest market share. Other major technologies include thermal imaging and infrared illumination.
The market has also been bifurcated on the basis of end-user into the military and civil segments. Currently, the military segment holds the majority of the total share. This is due to the fact that the major military forces of the United States, Russia, China, India, North Korea, etc. are increasing their expenditure on defence.
Region-wise, North America is the leading market accounting for the majority of the global share. Other major markets include Europe, Asia Pacific, Middle East and Africa, and Latin America. The involvement of the United States in armed conflicts has been one of the major growth-inducing factors for the market. Moreover, rising cross-border smuggling activities and drug trafficking are expected to propel the demand for night vision devices in the region.
The competitive landscape of the market has also been examined with some of the key players being Flir Systems, Harris Corporation, L3 Technologies, Elbit Systems and American Technologies Network Corp.

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