Night vision devices are optical observation devices that allow users to have a clear vision, especially in low light environments. These devices have the ability to produce images with high brightness. The market is projected to witness healthy growth throughout the forecast period. The major factors that are amplifying the adoption of various types of night vision devices such as cameras, scopes, and others across by the numerous end-users on account of the cost-effectiveness of these devices. Moreover, the constant participation key market players in mergers, partnerships, acquisitions, and R&D for the development and launch of new products and technologies further show the potential for the market to grow throughout the forecast period. The market is also projected to show substantial growth on account of the rising adoption of numerous types of night vision devices in the wildlife research fields. The burgeoning adoption of these devices on account of the rising nature enthusiastic population along with rising adoption across wildlife sanctuaries for animal tracking is also significantly driving the market growth during the next five years.
Growing popularity of night vision devices across the wildlife research field is further bolstering the growth of global night vision devices market. As the number of nature enthusiasts is increasing at a considerable rate, the demand for night vision devices is also augmenting significantly, thereby driving the market growth. This growth is attributed to the high requirement for keeping track of the movement and activities of animals in the wildlife sanctuaries during night time as well.
Wide Adoption Across the Defense Sector
The night vision device market is anticipated to witness a healthy growth of 8.28% throughout the course of the next five years. There is a wide adoption of a variety of night vision devices in the defense industry across various applications such as surveillance, weapons, and automobiles among others. The increase in the military spending in almost every country around the globe for the adoption of the latest technologies for the strengthening of the military bases due to the rising regional tensions is also playing a significant role in shaping up the market growth throughout the forecast period. For instance, the military spending in various developing economies such as India and Brazil has been on a constant rise on account of increased spending for the up-gradation of the current military infrastructure and the adoption of new technologies. According to the data from the World Bank Group, military spending in China reached 249.997 billion by 2018 from 86.362 billion in the year 2008 (Source: The World Bank Group).
Military Spending (Currnet USD) - China, US$ Billion
Source: The World Bank Group
The segmentation of the market has been done into technology, product, application, and geography. By technology, the market has been classified into thermal imaging, infrared illumination, and image intensification, On the basis of product, the classification has been done into camera, goggle, and scope. By application, the distribution is done into navigation, security and surveillance, and others. Geographically, the market is classified as North America, South America, Europe, Middle East and Africa, and Asia Pacific.
North America to Hold a Significant Share
North America night vision devices market is projected to hold a decent share throughout the forecast period. The early adoption of technology coupled with the presence of key market players are some of the key factors supporting the growth in the North American region. The wide number of personnel working across the military sector is a key factor supplementing the significant share of the region throughout the forecast period.
Total Enlisted Personnel for Each Military Branch and Coast Guard, as of June 2019
Source: U.S. Department of Defense
Furthermore, the presence of a high-tech semiconductor industry in the region is also supplementing the night vision device market growth in the North American region throughout the forecast period.
A large number of companies are currently involved in the global night vision devices market, however, some have solidified their position as the leading providers in this industry. Market players in the night vision devices market are involved in different investments, new product launch, research and development, partnerships, and mergers and acquisitions as a part of their growth strategies to further expand their reach worldwide, which is further expected to propel the growth of the market in the coming years. Some of these are: