Night Vision Device Market is Forecasted to Reach US$ 8.8 billion in 2028, Says Stratview Research

The global night vision device market is projected to witness a growth rate of 4.5% annually from 2023 to 2028, with an anticipated size of US$ 8.8 billion by 2028, according to an analysis by Stratview Research.

Stratview Research, a global market research firm has launched a report on the global night vision device market which provides a comprehensive outlook of the global and regional market, industry forecast, current & emerging trends, segment analysis, competitive landscape, & more.

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Report Highlights:
Market Size in 2028: US$ 8.8 billion
Growth (CAGR): 4.5% during 2023-2028
Forecast Period: 2023-2028
Trend Period: 2017-2021
Base Year: 2022
Number of Segments Covered: 4
Number of Tables & Graphs: 100+

Segment Insights on the Night Vision Device Market:
The global night vision device market is segmented based on product type, technology type, platform type, and region.

Based on platform type - The market is bifurcated into ground-based platform, air-based platform, and naval-based platform. Among these platform types, the ground-based platform is likely to continue as the major demand generator for night vision devices in the foreseen future as these devices are frequently used by dismounted soldiers for every ground-based operation and mission. Moreover, a number of counter-terrorism missions occur in low-light environments or at night, which simultaneously increases the usage of night vision devices. In the ongoing Russia-Ukraine war, there has been a large usage of these devices by the Russian as well as Ukrainian armies.

Based on the product type - The market is segmented as night vision goggles, weapon night sight, and handheld thermal imagers. Among these product types, night vision goggles account for the largest market share. The goggles are used in large volumes as they are deployed across every soldier who is engaged in a military operation or mission. They enable soldiers to see through dark or no-light environments and are also capable of penetrating through mist, fog, rain, and smoke. As a result, these night vision devices witness the highest demand generation across the globe.

Based on the technology type - The market is classified as image intensification technology, thermal technology, and fusion technology. At present, thermal technology is in greater demand for night vision devices as compared to image intensification and fusion technology. Over the years, thermal imaging devices have proved to be excellent tools for night vision, as they detect thermal radiation and translate the heat into a picture without using a source for illumination. Unlike image intensification, this technology can work in absolute darkness and penetrate through fog, rain, mist, and smoke to a large extent. Therefore, with the increasing focus on curbing terrorism and the growing border disputes across the globe, the demand for night vision devices equipped with this advanced technology is expected to intensify.

To know the most attractive segments, visit:
https://www.stratviewresearch.com/2813/night-vision-device-market.html

Which Region Shows the Most Promising Growth Forecast and Opportunity?

The analysis suggests that North America is expected to maintain its dominance in the night vision device market throughout the forecast period. This growth outlook is majorly attributed to the following-
- This is attributed to the extensive investments made by the US DoD on these devices with companies such as L3 Harris Technologies, Inc., Raytheon Technologies Corporation, and Elbit Systems of America, LLC. Moreover, the USA is the supreme military spender globally, accounting for more than 1/3rd of the total military expenditure.
- Concurrently, Asia-Pacific is expected to witness the fastest growth in the night vision device market in the coming years.
- The key factors responsible for the swift growth are increased demand for night-vision goggles and weapon night sights by the regional military forces and a continuous rise in overall military expenditure, especially in China and India.

Night Vision Device Market Drivers:

Some of the key drivers listed in the report are given below.
- A night vision device improves vision in low-light or no-light environments or during night operations. These devices were introduced during the 2nd World War and have been increasingly used since.
- These devices are becoming popular in military applications, enabling soldiers to execute various military tasks without putting their lives at greater risk.
- The increasing political stalemates, rising border conflicts, and the growing threat of terrorism in recent years, there has been a hefty increase in the overall production and deployment of these night vision devices for military personnel.
- As several military operations, such as counter-terrorism and anti-militant missions, occur during the night, the procurement of night vision devices becomes of paramount significance for all the defense authorities across the globe.
- In line with this, there have been several investments in the defense industry directed at night vision devices in recent years, which would boost the overall market.

Top Companies in the Night Vision Device Market:
Stratview Research has identified the following companies as the top market players (Based on Dominance).
• L3Harris Technologies, Inc.
• BAE Systems plc
• Thales Group
• Elbit Systems Ltd.
• Raytheon Technologies Corporation
• Leonardo DRS
• Teledyne FLIR LLC
• Rheinmetall AG
• Excelitas Technologies Corp.
• ASELSAN A.

What Unique Insights Does this Report Offer?

This report provides comprehensive insights into the Night Vision Device Market, answering critical questions like:

• How big is the sales opportunity?
• Which regions offer the best sales opportunities?
• Which are the most attractive market segments?
• Which are the top players and their market positioning?
• How complex is the business environment?
• What are the factors affecting the market?

For Customization or Any Other Queries, Get in Touch with Our Industry Experts at - sales@stratviewresearch.com

Related Reports:

• Weapon Night Sight Market: https://www.stratviewresearch.com/2840/weapon-night-sight-market.html

• Thermal Imager Market: https://www.stratviewresearch.com/3375/thermal-imager-market.html

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Stratview Research is a global market research firm that highly specializes in aerospace & defense, chemicals, and a few other industries.
It launches a limited number of reports annually on the above-mentioned specializations. Thorough analysis and accurate forecasts in this report enable the readers to take convincing business decisions.
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This release was published on openPR.