Night Vision Device Market: Opportunities and Forecast Assessment, 2020–2027

 

The GMI Research expects the night vision device market to expand at an increased rate. From a regional perspective, North America is projected to lead the market. The increasing security breaches and strict security measures during the night in the US and Canada, will drive the growth of the night vision device market.

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Night Vision Device Market Dynamics (including market size, share, trends, forecast, growth, and industry analysis)

Key Drivers

The growing terrorist activities, coupled with the growing security concerns that have surged night patrolling and combat operations at a global level, are the key drivers contributing to the growth of the night vision device market size. Furthermore, the increasing availability and advancements in surveillance solutions will further pay the way for the growth of the night vision device market during the forecast period. Advancements, such as the implementation of light-weighted devices and other technological innovations, are some other factors propelling the market growth. The rising use of this device across several verticals, including border security, law enforcement, healthcare, and others, is further augmenting the growth of the global night vision device market in the upcoming years. Additionally, the growing spending of the military, coupled with the rising requirement for technologically advanced and efficient devices, will further stimulate the growth of the market. The global military expenditure in 2019 represented a 3.8% rise over 2018. The US's military expenditure increased by 5.3 %, valued at $732 billion in 2019, and had reported for around 38% of the global military spending. On the other hand, the factor restraining the growth of the global night vision market include the high cost of manufacturing advanced device.

Device Type Segment Drivers

Based on the device type, the scopes is predicted to lead the market in the upcoming years. Scopes provide higher performance compared with other devices. These devices are generally utilized as weapon sights even though they are heavy in comparison to goggles. The strong demand for clearer vision during night hours is another driver that will positively influence the growth of the market. The product improvements by various vendors in the market are bolstering the market growth. For example, the Raytheon/L3/Insight W1000 thermal imaging military riflescope offers precise image quality, selectable reticles, and a high-quality weapon utilized for thermal imaging.

Night Vision Device Market’s leading Manufacturers:

·         BAE Systems

·         Harris Corporation

·         Leonardo S.p.A

·         Thales Group

·         FLIR Systems, Inc.

·         Raytheon Company

·         L3 Technologies, Inc.

·         Luna Optics

·         Elbit Systems

·         Safran Vectronix AG  

Night Vision Device Market Segmentation:

Segmentation by Device Type:

·         Binocular and Monocular

·         Camera

·         Goggles/Glasses

·         Scopes

Segmentation by Application:

·         Border Surveillance

·         Law Enforcement

·         Fire & Rescue

·         Healthcare

·         Others

Segmentation by Region:

·         North America

o   United States of America

o   Canada

 

·         Asia Pacific

o   China

o   Japan

o   India

o   Rest of APAC

·         Europe

o   United Kingdom

o   Germany

o   France

o   Spain

o   Rest of Europe

·         RoW

o   Brazil

o   South Africa

o   Saudi Arabia

o   UAE

o   Rest of the world (remaining countries of the LAMEA region)

About GMI Research

GMI Research is a market research and consulting company that provides syndicated research reports, consulting services, and customized market research reports. Our reports are based on market intelligence studies to ensure relevant and fact-based research across numerous sectors, including healthcare, automotive, information technology & communication, FMCG, and other industries. GMI Research’s deep understanding related to the business environment helps us in generating objective strategic insights. Our research teams consisting of seasoned analysts and researchers have hands-on experience in various regions, including Asia-pacific, Europe, North America, and the Rest of the World. The market research report offers in-depth analysis, which contains refined forecasts, a bird's eye view of the competitive landscape, factors impacting the market growth, and several other market insights to aid companies in making strategic decisions. Featured in the ‘Top 20 Most Promising Market Research Consultants’ list of Silicon India Magazine in 2018, we at GMI Research are always looking forward to help our clients to stay ahead of the curve.

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