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Military Night Vision Device Market 2024: Global Size, Segmentation, and Growth Insights
Military Night Vision Device Global Market Report 2024
According to The Business Research Company's, The military night vision device market size has grown rapidly in recent years. It will grow from $4.39 billion in 2023 to $4.86 billion in 2024 at a compound annual growth rate (CAGR) of 10.9%. The growth in the historic period can be attributed to military modernization initiatives, threat perception and national security, counterinsurgency operations, urban warfare and special operations, global peacekeeping missions.
The military night vision device market size is expected to see strong growth in the next few years. It will grow to $7.07 billion in 2028 at a compound annual growth rate (CAGR) of 9.8%. The growth in the forecast period can be attributed to enhanced connectivity and communication, cybersecurity and electronic warfare concerns, rise in asymmetric warfare, focus on energy efficiency, global climate change considerations. Major trends in the forecast period include thermal imaging technology, integration of augmented reality (ar) features, miniaturization and lightweight designs, digital night vision, fusion night vision systems, wireless connectivity and data sharing.
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Market Drivers and Trends:
The rising terrorist attacks are expected to propel the growth of the military night vision devices market going forward. Terrorist activities refer to a rise in the number and severity of violent acts committed by individuals or groups to cause harm, fear, or disruption to society. Military night vision systems aid in the prevention of terrorist attacks by enabling military personnel to see in low-light circumstances and detect possible threats before they can carry out an assault. For instance, in March 2023, according to the global terrorism index 2023, in 2022, the deaths per terrorist attack rise by 0.4 on an average in 2022. Terrorist attacks have become more lethal by killing an average of 1.7 people per attack as compared to 1.3 deaths per attack in 2021. Further, in 2022, a total of 6,701 deaths were reported due to terrorist activities. Therefore, the rising terror attacks will drive the military night vision devices market.
Technological advancements are a key trend gaining popularity in the military night vision devices market. Companies operating in the military night vision devices market are adopting new technologies to sustain their position in the market. For instance, in September 2021, L3Harris Technologies Inc., a US-based defense contractor, and information technology services provider, launched (ENVG-B) system and was awarded by the US Army $100 million for delivering enhanced night vision goggle technology. This technology enables the enhancement of soldiers' ability of surveillance, mobility, awareness, target engagement, lethality, and survivability. The ENVG-B, STORM II laser rangefinder, and tactical radios like the AN/PRC-163 and AN/PRC-171 are the most recent examples of how the firm is helping the Army's objective to improve troop situational awareness, mobility, and lethality.
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Major Key Players of the Market:
American Technologies Network Corporation; Teledyne FLIR LLC; L3 Harris Technologies Inc.; Thales Group SA; British Aerospace plc; Elbit Vision Systems Ltd.; Bharat Electronics Limited; Meopta USA Inc.; Newcon Optik; Rockwell Collins Inc.; Collins Aerospace; Bushnell Corporation; Luna optics Inc.; ABB Ltd.; Kuka AG; Armasight; Night Optics USA; Bering Optics; Hard Head Veterans LLC; Custom Night Vision; FLIR Systems Inc.; Harris Corporation; ITT Corporation; OpticsPlanet Inc.; Yukon Advanced Optics; Sightmark LLC; Carl Zeiss Sports Optics GmbH; Trijicon Inc.; US Night Vision Corp.; Vortex Optics
Military Night Vision Device Market 2024 Key Insights:
• The military night vision device market will grow to $7.07 billion in 2028 at a compound annual growth rate (CAGR) of 9.8%.
• Surge In Terrorism Drives Growth In The Military Night Vision Devices Market
• Technological Advancements In The Military Night Vision Devices Market
• Asia-Pacific was the fastest growing region in the military night vision devices market in 2023
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