Weapon Night Sight Market : Gun-Mounted Weapon Night Sight, Vehicle-Mounted Weapon Night Sight 2021-2031

The global weapon night sight market was valued at $1.0 billion in 2021, and is projected to reach $1.8 billion by 2031, growing at a CAGR of 6.2% from 2022 to 2031.

North America is expected to dominate the global weapon night sight market. North America is projected to witness an increase in the adoption of weapon night sight by the defense agencies, owing to multiple military modernization and enhancement programs underway in the North America. In January 2019, EOTech, a division of L3Harris Technologies, Inc., signed a $ 26.3 million five-year contract with the US Special Operations Command (USSOCOM), to provide the US military with state-of-the-art holographic sights and optics with G33 clip magnifier.

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COVID-19 Impact Analysis

Revenue crunch and unavailability of raw materials were some of the major factors affecting the weapon night sight devices market, owing to the increased trade restrictions. Furthermore, defense budget cuts from several countries such as the U.S., India, France and Israel also affected the growth of the market. For instance, in 2021, the U.S. defense budget was reduced from $712 billion in 2020 to $705 billion in 2021.

Factors such as disruptions in the supply chain and delayed purchases coupled with cross-border trade restrictions are responsible for the slowdown of the weapon night sight market. Markets throughout the world observed reduced procurement of weapon night sight, and the procurement contracts are expected to grow gradually over the next few years, as governments continue to build up their defense capabilities for addressing the uncertain geopolitical tensions across different nations such as the India-China, India-Pakistan, or the continued disagreement in South China Sea.

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KEY FINDINGS OF THE STUDY

By type, the vehicle-mounted weapon night sight segment is anticipated to exhibit significant growth in the near future.
By platform, the ground-based segment is anticipated to exhibit significant growth in the near future.
By technology, the imaging intensifier segment is anticipated to exhibit significant growth in the near future.
By region, Asia-Pacific is anticipated to register the highest CAGR during the forecast period.

Key players operating in the global weapon night sight market include BAE Systems Plc, Elbit Systems Ltd, Excelitas Technologies, L3Harris Technologies, Leonardo S.P.A, Optix CO, Raytheon Technologies Corporation, Rheinmetall AG, Rolta India Limited, Teledyne Flir LLC., Thales Group, and Thomasnet.

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