The night vision devices market is anticipated to witness a healthy growth throughout the forecast period. The major factors boosting the market growth include the growing adoption of various types of devices for surveillance and security purposes with night vision features on account of rising crimes. Furthermore, the wide adoption of night vision devices across the military and defense sector around the globe plays a significant role in shaping up the market growth throughout the next five years. The booming adoption of night vision devices such as cameras and goggles across the wildlife research fields is also amplifying the demand for night vision devices. Furthermore, the cost-effectiveness of these devices is also a key factor that leads towards a healthy market growth.
Night Vision Device Market, Forecasts From 2019 to 2025, in US$ Billion
Source: Knowledge Sourcing Estimates
Night vision devices are optical observation devices that have the capability to deliver bright images in a low light environment. The various types of night vision devices include scopes, cameras, and goggles. There is also a rising adoption of devices such as cameras across the wildlife sanctuaries primarily for animal tracking which is also a key factor augmenting the business opportunities for the key market players over the next five years. Furthermore, the participation by the key market players in partnerships, acquisition, and product launches is also a key factor that shows the potential for the market to grow over the forecast period. The rising military spending in various countries around the globe for the adoption of technology with an aim to strengthening the military base due to rising regional tensions also provides an impetus for the market to surge in the next five years.
Participation by Market Players
The major factor responsible for the healthy market growth includes constant participation by the major players operating in the night vision devices market. The players are investing heavily in the R&D to develop and launch advanced products on account of the growing requirements of the end-users for achieving a competitive edge over other players. The market also witnessing a plethora of investments in the form of partnerships, acquisitions, and mergers that also further shows the potential for the market to grow. For instance, in April 2020, the U.S Army received the first-ever next-generation 656 combat-ready Enhanced Night Vision Goggle – Binocular (ENVG-B) system from L3Harris Technologies for the enhancement of the abilities of the army soldiers. Similarly, a strategic partnership was signed between the Thales Group and MKU in February 2020, for the development of ELFIE Night Vision Device (NVD) for the soldiers of the Indian army. Also, Elbit Systems acquired the night vision business segment of L3Harris Technologies to enhance its product offerings and business capabilities under a price consideration worth $350 million. Additionally, in March 2018, BAE Systems announced that they have received an order from the U.S army worth US$97 million for new night vision and thermal imaging technologies. Thus, all the factors such as acquisitions, strategic collaborations, and partnerships among companies and various end-users are some of the factors that are collectively contributing towards the night vision device market growth throughout the forecast period.
By technology, the night vision device market is segmented as thermal imaging, infrared illumination, and intensification. The thermal imaging segment is expected to hold a considerable market share throughout the forecast period on account of its wide adoption of numerous applications such as surveillance, search and rescue, and road safety among others. The image intensifiers segment is expected to witness a healthy growth during the next five years.
By product, the market has been segmented into goggles, camera, and scope. The goggles segment is anticipated to hold a significant market share throughout the forecast period. There is a wide application of night vision goggles, especially in the military sector. The booming investments in the military sector around the globe for the advancement of technology due to the rising number of attacks and the growing regional tensions among the nations is a key factor bolstering the growth of this segment throughout the forecast period. Also, an increase in the number of military personnel in various countries also adds up to the demand for night vision goggles, thereby projected to significantly drive the market growth over the course of the next five years. The camera segment is expected to witness a robust growth in the next five years primarily on account of the growing adoption among residential and commercial buildings for surveillance purposes due to the rising number of thefts and robberies. Also, increasing government focus towards efficient traffic management has also led to an intense deployment of road surveillance systems, thus offering lucrative opportunities for manufacturers in the coming years.
Armed Forces Personnel - India, 2010 to 2017
Source: The World Bank Group
The above-mentioned graph represents the number of personnel in armed forces in India which reached 3,031,000 by the year 2017 from 2,625,586 in 2010.
By application, the market has been classified on the basis of navigation, security and surveillance, and others. The security and surveillance segment is expected to hold a decent share in the market throughout the forecast period due to the wide applications across the defense sector. Furthermore, the growing adoption of security surveillance systems and road surveillance systems in the various developing economies of the region is a key factor propelling the growth of this segment during the next five years.
Geographically, the global market has been distributed into North America, South America, Europe, Middle East and Africa, and Asia Pacific. The North American region is expected to hold a significant market share on account of the presence of well-established infrastructure and the presence of key market players in the region. The Asia Pacific region is expected to witness decent growth in the next five years due to the rising military spending in the various developing economies. Also, the investments in smart cities have also propelled the adoption of road surveillance systems in India, which is also a key factor bolstering the growth in the APAC region throughout the forecast period.