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Night Vision Device Market worth 9.92 Billion USD by 2023
Posted On: Nov 2023
Global Night Vision DeviceMarket is worth USD 5.54 billion in 2016 and is expected to reach USD 9.92 billion by 2023, at a CAGR of 8.7% from 2017 to 2023 as per the report “Global Night Vision Device Market Research Report - Industry Analysis, Size, Share, Growth, Trends And Forecast” available with DecisionDatabases.com.
The global night vision device market has achieved a huge growth over the last few years. The major factor that drives the global night vision device market is innovation in technology, increasing military expenditure and modernization and commercial applications of night vision devices. In addition, the main factor which is influencing the growth of the night vision device market is increase in adoption of night vision device due to its low cost. Night vision devices are used in various fields such as military, surveillance, hunting, and navigation, marine container, aerial vehicles, and defence ground equipment for navigation and monitoring purposes in low light and for security camera around the house, camping, search and rescue, etc. Also, night vision devices are used in wildlife sanctuaries to observe the various activities of animals in night time. Night vision device provides optical directing, eye tracking, multi- spectral imaging and many other things. Thus, the rising acceptance of night vision devices among the different industry vertical creates new market opportunities for night vision devices manufacturers.
The report categorizes the global market for night vision device on the basis of product, end user,technology and regions. By product, the global night vision device market can be segmented into night vision cameras, night vision goggles, and night vision scopes. Among the aforementioned product types, the night vision camera segment accounted for the largest share in the global night vision device market in 2015.However, the use of night vision goggles in the military and law enforcement segments is a key factor that will result in the steady growth of this market segment during the next four years. By end user, the global night vision device market can be segmented into military, security, hunting, surveillance, navigation, hidden objects detection, paranormal research and others. Among all of these, the military segment has dominated this market during 2015 and is expected to continue its market dominance until 2020 due to the increasing arm conflicts and modernization programs worldwide. By technology, the global night vision device market can be segmented into thermal imaging, image intensifier and infrared illumination.
Geographically, the global night vision device market is segmented into North America, Europe, Asia-Pacific, South America and Rest of World. Among all of these, North America is anticipated to hold the largest market share due to the presence of large number of vendors. APAC offers potential growth opportunities, as there is a continuous change in technology as well as an increase in the use of night vision devices for civil and commercial applications.
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