Night Vision Device Market
Night Vision Device Market - By Type Insights, By Technology Insights, By Application Insights & Global Region - Market Size, Trends, Share & Forecast 2020-2025Request Sample Request Discount
The global night vision device market size was valued at USD 6.2 billion in 2019 and is expected to register a compound annual growth rate (CAGR) of 8.1% from 2020 to 2025. The night vision devices like night goggles have the capability of representing color images. These goggles are beneficial to the military sector, from surveillance to rescue and combat services. A good functioning night vision device can easily see up to 150- 200 yards on a less cloudy night. Thus, making it one of the major reasons to expand the market growth.
The adventure and adrenaline rush among nature enthusiasts and wildlife researchers are driving the major growth of the night vision device market. Furthermore, the military and the armed forces use this technology due to its easy functioning and technical feasibility, and affordable cost is making it a real trend that is expected to drive the market.
Tech innovators around the country are striving to improve the components used in the night vision device. Some of the major integrations were noticed with weapon locating devices similar to viewfinders, rangefinders to help soldiers aim at their target with 100% precision. The rise of these advanced technological products in different spheres is driving the market growth exponentially. Additionally, devices that are lightweight are known to be the best in terms of high optical performance cause the market to gain the right traction.
Although we can see some restraints by Government to barricade the usage of these products due to privacy violation, thus, liming the production and now these are significantly available for military usage. The commercial usage of this product has tremendously caused security breaches making it a flight risk, thus restraining the growth of the night device market.
North America is leading the Night vision device market due to the extensive use of night goggles in the U.S army. Further, pertaining to research and developmental activities, there is a promise of growth in the regional market. North America is valued at USD 3.4 billion in 2019 and is expected to grow rapidly in terms of revenue share by 2025. The growth is accountable to register this growth due to the presence of large number of vendors.
Asia Pacific is the second leading in terms of revenue share in the night vision device market. This tremendous growth is accounted for a staggering rise in border disputes with an additional rise in expenditure on weapons and devices in the defense sector. Additionally, a notable amount of commercial usage is raising the traction with the continuous developments by military forces.
Europe is also accountable for a large share of revenue in the night vision device market in 2019 and is considered to grow at a steady pace over the forecast period of six years. Countries like Germany, France and U.K are adopting more surveillance for the city streets and thus expanding the market rapidly.
According to type, the segment can be categorized into scope devices, goggles and cameras. The scope devices are expected to be the largest market share in 2019 and were valued at USD 2.8 Billion. They are more trending than goggles, alternate to the fact that they are heavier and giant. They are beneficial for navigation and scouting purposes.
Goggles are the next largest segment due to their extensive use across the globe for defense-based requirements. Automotive manufacturers are more focused on integrating devices with assistance systems for vehicles. Additionally, factors like night tours are a lucrative opportunity for this market.
The camera segment also accounts for a substantial market in 2018 and is expected to grow at a faster CAGR over the forecast period. Factors like reduced costs and maintenance costs help in the further growth of this market. These cameras are flexible, easier to use, and detachable.
In terms of technology, the market can be segmented into intensifiers, thermal imaging, and others. Thermal imaging is accountable for the largest market share in 2019. The thermal imaging market was valued at USD 2.4 Billion in 2019.
While Image Intensifier is also growing at a faster rate due to its growing popularity and innovation in technology, the night technology device is categorized into different generations. The newest generation of devices, the generation 3 is highly used by the military and defense due to its better resolution and sensitivity.
The defence is one of the most catered segments for the night vision device market. It is registered to grow at a significant CAGR in 2019 during the forecast period of the report. The military needs its services owing to its better night vision with better color results.
The year 2019 saw an extensive rise in night safaris and wildlife research, making it the second-largest segment. Also, there is a heavy pouring of government funding to enable researchers to carry out their research activities.
The major key players in the night vision device segment include Raytheon Company; Apresys, Inc., American Technologies Network Corporation; Harris Corporation; FLIR Systems, Inc.; Yukon Advanced Optics Worldwide; Bushnell; Firefield; Luna Optics; and L3 Technologies, Inc.
The major players in the segment are focusing on major expansions with giant mergers and acquisitions to set their foot in the market.
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