Night Vision Devices Market is Expected to Reach US$ 11.6 Billion by 2024 – IMARC Group

Night Vision Devices Market is Expected to Reach US$ 11.6 Billion by 2024 - IMARC Group

Global Night Vision Devices Market to Reach US$ 11.6 Billion by 2024, Stimulated by Increasing Geopolitical Issues – IMARC Group
The global night vision devices market is driven by increasing geopolitical issues and territorial conflicts, and growing popularity in the field of hunting.

According to the latest report by IMARC Group, titled “Night Vision Devices Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global night vision devices market size reached US$ 7.4 Billion in 2018. Night vision devices refer to a set of equipment that helps in enhancing human sight under low light conditions. These devices were initially developed for military use during World War II. Since then, they have evolved from bulky optical instruments to lightweight goggles owing to the advancements in image intensification technology. With reductions in weight, cost, size and power consumption, night vision devices are employed in several application areas such as law enforcement, hidden-object detection, wildlife observation, military, automotive, navigation and entertainment.

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Global Night Vision Devices Market Trends:

Over the past few years, the increasing geopolitical issues and territorial conflicts have created a need for advanced electronic equipment, such as night vision devices, to improve vigilance and surveillance in military areas across the globe. Owing to this, manufacturers are consistently upgrading the functioning and design of cameras installed in night vision devices to improve their efficiency. Moreover, there has been a rise in the usage of night vision devices in border security on account of the high influx of refugees and immigrants, along with the increasing cross-border operations. Apart from the military sector, these devices have also gained popularity in the field of hunting across the Czech Republic, the United States and Russia to improve the performance of hunting gear like monoculars, viewfinders, and clip-on vision equipment with the help of advanced night vision technologies. On account of these factors, the market is expected to reach a value of US$ 11.6 Billion by 2024, at a projected CAGR of 7.4% during 2019-2024.

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Market Summary:

  • Based on the device, the market has been segmented into goggles, cameras and scopes. Currently, goggles are the most popular type of night vision devices.
  • On the basis of the technology, the market has been segregated into image intensifiers, thermal imaging and infrared illumination. Amongst these, the growth is led by image intensifiers, which help in amplifying the available light.
  • The market for night vision devices has been categorized on the basis of the end user, which mainly includes military and civil segments. Currently, the military segment represents the largest end user in the market.
  • On a regional basis, North America represents the biggest market for night vision devices, holding the majority of the global market share. This can be attributed to the large number of manufacturers of night vision devices in the region. Other major regions include Asia Pacific, Europe, Middle East and Africa, and Latin America.
  • The competitive landscape of the market has been examined in the report with some of the key players being FLIR Systems, Harris Corporation, L3 Technologies, American Technologies Network Corp. and Elbit Systems.

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