Global Night Vision Devices Market Size is projected to reach USD 16.35 billion by 2031, growing at a CAGR of 7.86%: Straits Research
According to Straits Research, "The global night vision devices market size was valued at USD 8.28 billion in 2022. It is estimated to reach USD 16.35 billion by 2031, growing at a CAGR of 7.86% during the forecast period (2023–2031)."
New York, United States, March 20, 2024 (GLOBE NEWSWIRE) -- Night vision is a technology that enhances visibility in low-light or pitch-black conditions. It enables individuals to perceive objects and environments that would be difficult or impossible to perceive with the naked eye at night or in dim lighting conditions if not for the use of night vision devices. Devices with night vision amplify available light or capture infrared radiation, then convert the captured data into visible images. This technology has numerous applications, including military operations, surveillance, the observation of wildlife, and security.
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Increasing Military Expenditure Drives the Global Market
There has been a discernible upward trend in global military expenditure. For example, the Finance Minister of India allocated INR 525,166,15 crore to the Ministry of Defense for fiscal year 2022–23 in February 2022. This represents an increase of INR 46,970 crore, or 10%, over the previous year's budget of INR 478,196 crore and is the largest increase in the defense budget in recent history. Therefore, rising military expenditures are anticipated to drive the market significantly.
Evolution of Sensor Fusion Technology Creates Tremendous Opportunities
The implementation of sensor fusion technology is a significant market trend. Including sensors in night vision devices allows for accurate estimations. Thermal imaging and image intensification are the two key technologies that comprise sensor fusion. Combining the two technologies will give users access to a wide spectrum of visible light, ranging from near-IR to long-wave IR. The military, law enforcement, and security agencies will benefit from sensor fusion technology.
Using sensor fusion technology, users can transmit images to a command center for information verification or general intelligence gathering and observation. Therefore, the demand for sensor fusion technology within the military is increasing. Complex military equipment incorporating multiple technologies is utilized for military operations. Thus, sensory fusion technology will generate growth opportunities for the global night vision device market during the forecast period.
Competitive Players
The key global night vision devices market players are Teledyne FLIR LLC, American Technologies Network Corp., L3Harris Technologies Inc., Elbit Systems Ltd, BAE Systems PLC, Raytheon Technologies Corporation, Thales Group SA, Bushnell Inc., FireField, Luna Optics Inc., OpgalOptronic Industries Ltd, and others.
Regional Analysis
North America is the most significant global night vision device market share holder and is anticipated to exhibit a CAGR of 7.36% during the forecast period. The increased spending on military and defense in the region has enabled companies to conduct R&D, resulting in innovations that allow them to manage the safety and security of their citizens and borders more effectively. Market participants are also developing new technologies for aviation and other applications. In March 2022, Baanto International, a Canadian technology company, released a 27-inch touchscreen designed for the military. This touchscreen satisfies Night Vision Imaging Systems (NVIS) requirements and can be used in missions regardless of ambient light level. In addition, the regional governments intend to advance their night vision capabilities through research and development, integration, experimentation, laboratory and platform testing, evaluation, and the integration of their night vision capabilities with existing systems.
Europe is estimated to exhibit a CAGR of 7.73% over the forecast period. Countries like the United Kingdom, Austria, Switzerland, and Germany, among others, are the primary contributors to Europe's high revenue share. The primary market drivers are government initiatives concerning security, counter-terrorism, and the need to provide emergency services in regions with low visibility or ambient light. Recent government expenditures have increased to acquire technologically advanced equipment for night vision capabilities in the region. For example, in January 2022, the Spanish Army issued a bid for Night Vision Goggles worth approximately 1 million euros. This purchase contributes to enhancing the personal equipment of troops.
Additionally, regional businesses collaborate with technology firms to develop advanced night vision systems. For instance, Theon Sensors recently partnered with HENSOLDT Optronics and SAFRAN Electronics and Defense to co-produce and maintain its night vision binoculars and advance the development of optronics systems, such as thermal imaging.
Key Highlights
Based on type, the global night vision devices market is divided into cameras, goggles, rifle scopes, monoculars, binoculars, and others. The camera segment owns the highest market share and is estimated to grow at a CAGR of 7.37% during the forecast period.
Based on technology, the global night vision devices market is bifurcated into thermal imaging, image intensifiers, infrared illumination, and others. The thermal imaging segment dominates the global market and is projected to exhibit a CAGR of 7.02% over the forecast period.
Based on application, the global night vision devices market is segmented into military and defense, wildlife spotting and conservation, surveillance, navigation, and other applications. The military and defense segment is the largest revenue contributor to the market and is expected to exhibit a CAGR of 7.26% throughout the forecast period.
North America is the most significant global night vision devices market shareholder and is anticipated to exhibit a CAGR of 7.36% during the forecast period.
Market News
In November 2022, Kyocera Corporation announced that it developed an Automotive Night Vision System capable of identifying collision-risk objects in low-visibility driving conditions, like at night or in rain, snow, fog, or smoke. The system is anticipated to reduce traffic accidents and promote safer driving.
In December 2022, PARD, a night vision and thermal imaging specialist, announced that it is bringing two of its most popular digital clip-on night vision systems to the North American market: NV007V and NV007SP.
Global Night Vision Devices Market: Segmentation
By Type
Camera
Goggles
Monoculars and Binoculars
Rifle Scope
Other Types
By Technology
Thermal Imaging
Image Intensifier
Infrared Illumination
Other Technologies
By Applications
Military and Defense
Wildlife Spotting and Conservation
Surveillance
Navigation
Other Applications
By Regions
North America
Europe
Asia-Pacific
Latin America
The Middle East and Africa
Get Detailed Market Segmentation @ https://straitsresearch.com/report/night-vision-devices-market/segmentation
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