Rising Military and Defence Expenditure to Propel the Market Growth; Night Vision Devices Market to Reflect a CAGR of 8.8% through 2032
Published On : May 13, 2022
The night vision devices market was valued at USD 8.1 Billion in 2022 and is expected to grow to USD 18.9 Billion by 2032 at an 8.8% CAGR during the forecast period.
To combat the spread of COVID-19, governments throughout the world are adopting severe vision device monitoring techniques. Furthermore, in order to combat the pandemic, businesses are rebuilding their business continuity models by investing in innovative models.
Drones equipped with night vision devices aid police in locating people's gatherings while keeping social distance norms. The technology also aids in the identification of people who are not wearing masks in public locations.
Due to the technical advancements and strong demand in defense, the night vision devices market is predicted to rise. They are utilized for civilian purposes such as home security, camping, and search and rescue.
With an increase in events like terrorist attacks, trespassing, border security, and counter-actions, the army's requirement to operate at night is increasing, resulting in an increase in demand for night vision devices in defense.
The merging of night vision devices with sensor technologies leads to more precise approximations. This fusion technology allows the user to effortlessly communicate data and photographs to the base center and collect intelligence for various activities.
In several nations throughout the world, government agencies are modernizing their weapons and gadgets to improve navigation, surveillance, and targeting capabilities.
This increases the demand for night vision devices, resulting in an expanding night vision devices market size. The rising requirement for combat and patrolling missions in defence has resulted in higher defence budgets internationally. It is projected to improve opportunities for producers as a result of increasing government investment in R&D night vision devices.
For example, the United States military has reached a deal with BAE Systems to collaborate on technology advancements in night vision devices. The high cost of night vision devices owing to the usage of third-generation technology and defence budget cuts are projected to stymie night vision devices market expansion.
By its multi-tasking capabilities across many military and defence applications, the night vision devices market is rapidly expanding. High production costs, however, due to the usage of exotic materials such as night vision optics and the utilisation of pricey third-generation technologies, are projected to hinder night vision devices market expansion.
Due to the high expense of night vision devices, particularly night vision goggles, these gadgets are exclusively employed for military purposes. Certain political considerations force certain firms to keep their pricing high. This might hinder night vision devices market adoption of night vision devices (NVDs) like goggles and scopes.
The goggles sector had the highest night vision devices market share. The rising demand for night vision devices, i.e., goggles from the military and defence sectors is driving the segment's expansion. Additionally, increased investment and R&D efforts to update night vision devices are likely to boost the night vision devices market.
The border surveillance sector has the biggest night vision devices market share and is predicted to rise significantly throughout the forecast period. The increased demand for night vision devices and IR illumination equipment, panoramic surveillance and thermal imaging cameras, and the incorporation of internet protocol (IP) technology in surveillance cameras are all contributing to the night vision devices market expansion.
- The market for night vision devices in the United States is predicted to reach US$ 6.2 billion by 2032, with a compound annual growth rate (CAGR) of 8.7% throughout the research period.
- The market for night vision devices in the United Kingdom is expected to reach US$ 0.8 billion by 2032, with a CAGR of 7.9% during the forecast period.
- By 2032, China is expected to have a market worth US$ 1.3 billion in night vision devices, with a CAGR of 8.3% throughout the research period.
- By 2032, Japan's market for night vision devices is estimated to be worth US$ 1.1 billion, with a CAGR of 8.0% during the research period.
- With a CAGR of 7.6% throughout the research period, South Korea is predicted to reach a market size of US$ 0.7 billion in night vision devices by 2032.
- Goggles from the night vision devices market are expected to grow at the fastest CAGR of 8.5% in the product category.
- Navigation is expected to increase considerably in the application section of the night vision devices market, with a CAGR of 8.6%.
Thales Group, FLIR® Systems, Inc., BAE Systems Plc, Collins Aerospace, Bharat Electronics Limited, L3 Technologies, Inc., Harris Group Inc., American Technologies Network Corp., Elbit Systems Ltd., and SATIR are among the major companies involved in the night vision devices market.
- OmniVision Technologies, Inc., for example, unveiled its second-generation near-infrared (NIR) technology – "Nyxel 2" – for night-vision and machine-vision applications in March 2020. This technology has a larger range of vision, higher quality, and can work in low to no light circumstances.
- Thermoteknix Systems Ltd. debuted its innovative TiCAM 1000C Biocular Target Locator System at the Security & Policing security event in February 2019. It is a portable camera used for observation, surveillance, and security. It is also appropriate for low-light areas and inclement weather.
- Thales Group announced the co-development of ELFIE night vision devices with Indian armed force producer MKU ltd in February 2019. ELFIE will provide convenient mobility as well as night warfare capability. The device may be used with either a helmet or a weapon, and it is suited for both left and right eyes.
Night Vision Devices Market
Market Study on Night Vision Devices: Technical and Application Feasibility, Coupled with Growing Popularity Fuels the Demand
Market Study on Night Vision Devices: Technical and Application Feasibility, Coupled with Growing Popularity Fuels the DemandRequest TOC