Recent Changes at Military Night Vision Device Market Scope, Research Methodology, Rising Demand, Industry Trends & Revenue Models | Major Keys: BAE Systems, FLIR Systems, Inc., Newcon Optik and Bharat Electronics Limited (BEL)
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The ability of night vision devices to provide an advantage of carrying out military operations at the night has increased the product demand extensively. The new developments in the area of image intensification and thermal devices have been successful in providing vision over a wide range of spectrum coupled with advent of sensor fusion technology which is anticipated to drive the market growth owing to its ability to transfer images for intelligence collection.
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The current advantages coupled with ongoing advancements are expected to drive the market growth by a CAGR of around 10% during the forecast period i.e. 2019-2027. Additionally, there have been huge investment in the research and development area to provide best equipment at the time of war.
The global military night vision device marketis segmented by type, technology and application. On the basis of type, the market is segmented into goggles, cameras and scope/tubes, out of which the goggles segment is expected to have leading shares on the back of their lightweight, detachable nature coupled with features such as thermal imaging system.
On the basis of technology, the market is segmented into image intensifier and thermal imaging, out of which, the image intensifier segment is anticipated to have maximum market shares on the back of its wide range of use for different application for instance, surveillance, targeting, navigation and others.
Geographically, the market is segmented into North America, Europe, Asia-Pacific, Latin America and Middle East & Africa. North America is expected to have leading shares of around 29% on the back of huge military expenditure and investment coupled with presence of key market players in the region. Europe is anticipated to have 26% of the market shares owing to increase in armed forces budget to provide better military facilities. Asia-Pacific is expected to witness fastest growth.
Rise in Geopolitical Issuesto Boost the Demand for Night Vision Devices
The increasing conflicts between the countries and rising geopolitical issues have led to the emergence of night vision devices demand for surveillance and strengthening military bases. Additionally, up gradation of night vision cameras and technology advancements to tackle the cross border and immigrant issues are anticipated to drive the market growth.
Industry Players are Progressing towards Minimizing the Barriers faced by the Global Night Vision Devices Market
The high quality night vision devices are quite expensive and are not affordable to all. Additionally, in some low income economies there is a limited military budget which restricts the adoption of these devices.
This report also provides the existing competitive scenario of some of the key players of the global military night vision device market which includes company profiling of:
FLIR Systems, Inc.,
Bharat Electronics Limited (BEL),
L3 Technologies, Inc.,
Elbit Systems Ltd. and other prominent players.
The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments.
On the whole, the report depicts detailed overview of the global military night vision device market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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