Night Vision Device market is expected to grow at a CAGR of 7.11% to reach a total market size of US$7.081 billion by 2022, from US$5.023 billion in 2017. The growing adoption of night vision devices for various applications due to its cost effectiveness is bolstering the demand for these devices. Rising number of terrorist attacks worldwide is further fueling 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 segment will dominate the global night vision device market throughout the forecast period owing to increasing demand from 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 requirement are also augmenting the demand for night vision goggles over the forecast period.
Geographically, North America held the largest share of global night vision device market in 2016 and will remain at its position till 2022 owing to the presence of large number of key players, along with the early adoption of technology in the region. APAC will also witness a significant regional market growth owing to the rising adoption of night vision devices for navigation and security applications.
Prominent key market players in 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. In 2016, Harris Corporation launched F5032 lightweight night vision binocular that eliminates the need to change static lenses for personal or mission specific requirements and reduces eye fatigue.
In this report, Night Vision Device market is segmented by technology, product, application, and geography as below:
Security and Surveillance
Europe Middle East and Africa
Middle East and Africa