The night vision device market is projected to grow at a CAGR of 8.28% to reach US$10.086 billion by 2025, from US$6.258 billion in 2019. The growing adoption of night vision devices for various applications due to their cost-effectiveness is bolstering the demand for these devices. The rising number of terrorist attacks worldwide is further fuelling the need for night vision devices by the military and defense sector.
The other additional factor contributing to the market growth is a burgeoning need for tracking animal activities in wildlife sanctuaries.
By Product, night vision goggles are holding a significant share
By product, the night vision goggles segment is anticipated to hold a substantial share in the global night vision device market throughout the forecast period owing to increasing demand from the military and defense sector. Night vision goggles are small and lightweight which makes them a better choice for a range of applications. Moreover, factors such as low cost and lesser power requirements are also augmenting the demand for night vision goggles over the forecast period.
North America is expected to be the global leader
Geographically, North America held a significant share of the global night vision device market in 2019 and will remain at its position till 2025 owing to the presence of a large number of key players, along with the early adoption of technology in the region. The Asia Pacific will also witness significant regional market growth owing to the rising adoption of night vision devices for navigation and security applications.
Major players in the night vision device market have been covered along with their relative competitive position and strategies. The report also mentions recent deals and investments of different market players over the last year. The company profiles section details the business overview, financial performance for the past three years, key products and services being offered along with the recent developments of these important players in the night vision device market.
Prominent key market players in the Night Vision Device market include Thales Group, L3 Communications, BAE Systems, FLIR Systems, and ATN Corporation among others. Market players are adopting growth strategies like new product launches, M&A, and partnerships to expand their product portfolio and gain a larger market share.
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