Military Night Vision Device Market is estimated to witness 10.65% CAGR during the forecast period, 2018-2024

Military Night Vision Device Market

Military night vision devices are optoelectronic equipment which allow users to see in the dark. They utilize various technologies such as image intensifier, thermal imaging, and infrared illumination, to produce typically monochrome images in intensities of light approaching total darkness. Night vision devices are vital in enhancing situational awareness during night operations and poor visibility conditions. These devices are generally used by military and law enforcement agencies for surveillance, navigation, targeting, and other purposes. However, recently these devices are becoming considerably cheaper, and are being procured by the common people for a wide variety of applications, ranging from hunting to paranormal research. Currently, there are a number of investments by companies, such as BAE Systems Plc, Elbit Systems Ltd, FLIR Systems Inc., on military night vision device, which would significantly propel the market growth. The rising terrorist attacks and focus on counter operations, increasing incidences of border trespassing and focus on border protection are the key factors driving the global market.

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Moreover, with the integration of night vision device with tactical headset, there has been a steep rise in the sale of military night vision device.

Meanwhile, increased usage of drones is hindering the market growth to a certain extent. However, changing nature of warfare and increase in military spending offer promising growth opportunities to the market.

Regional Analysis:
The global military night vision device market is estimated to witness 10.65% CAGR during the forecast period, 2018-2024. In 2018, the market was led by North America with 28.08% share, followed by Europe and Asia-Pacific with shares of 24.85% and 21.43%, respectively. Asia-Pacific is the fastest growing region for night vision device market. North America dominates the global market and is likely to grow remarkably in the night vision device front. The region has witnessed extensive military expenditure and technological advancements, and thus, generates a very high demand for military night vision devices.

Moreover, the U.S. military is adopting advanced technologies and investing in research and development in military night vision devices. The region accounted for the largest share in the global market in 2017, primarily due to the presence of major manufacturers such as Rockwell Collins Inc. and Harris Corporation in this region. In addition, the increasing military expenses by the U.S. Department of Defense (DOD) on developing tactical equipment, in the recent years, have resulted in the market witnessing a significant surge in demand, in this region. Moreover, the current military operations and exercises in the Middle East countries will also result in the U.S. focusing on developing new night vision devices such as ENVG (enhanced night vision goggles), which will further deepen the scope of the market in the region.

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Key Players:
American Technologies Network Corp. (U.S.), BAE Systems plc (U.K), Bharat Electronics Limited (India), Elbit Systems Ltd. (Israel), FLIR Systems, Inc. (U.S.), Harris Corporation (U.S.), L3 Technologies Inc. (U.S.), Meopta Optica S.R.O (Czech Republic), Rockwell Collins, Inc. (U.S.), and Thales Group (France) are some of the key players operating in the market. Thales Group, BAE Systems, L3 Technologies, Rockwell Collins, and Harris Corporation are the leading players and together accounted for nearly 70% of the market share in 2017.

An objective of the Global Military Night Vision Device Market Report – Forecast till 2024:

To provide insights into factors influencing the market growth
To provide historically and forecast revenue of the market segments and sub-segments with respect to regional markets and their key countries
To provide historically and forecast revenue of the market segments based on device type, technology, application, and region
To provide strategic profiling of key players in the market, comprehensively analyzing their market share, core competencies, and drawing a competitive landscape for the market

Target Audience:
Defense Companies
Component Providers
Investment Agencies
Government and Regulatory Authorities

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Key Findings:
The global military night vision device market in this report has been segmented on the basis of device type into three, namely, goggle, camera, and scope. The goggle segment market is projected to register the highest CAGR of 11.37% during the forecast period.

The global military night vision device market has been segmented, by technology, into image intensifier, thermal imaging, and infrared illumination. The image intensifier segment market is projected to register the highest CAGR of 11.15% during the forecast period.

The global military night vision device market in this report has been segmented on the basis of application into four segments, namely surveillance, navigation, targeting, and others. The surveillance segment market is projected to register the highest CAGR of 11.52% during the forecast period.

North America would dominate the military night vision device market by 2024. It is expected to register a CAGR of 10.81% during the forecast period. It is expected to reach a market size of USD 1,948.8 million by 2024.

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