Night Vision Device Market - Forecasts from 2022 to 2027

The night vision device market is projected to grow at a CAGR of 7.43% to reach US$10.670 billion by 2027, from US$6.460 billion in 2020. The growing adoption of night vision devices for various applications due to their cost-effectiveness is bolstering the demand for these devices. The rising number of terrorist attacks worldwide is further fueling the need for night vision devices by the military and defense sectors. This along with the increasing military budget of various countries overall is expected to drive growth in the market as more and more countries are investing in night vision devices, like India, China, Russia, and the US to name a few. According to the SIPRI (Stockholm International Peace Research Institute) Military Expenditure Database, in 2021, the military expenditure globally was estimated at a figure of about USD 2.006 trillion, which was an increase from the previous year's figure of USD 1.992 trillion. The US alone had a military expenditure of about USD 778 billion as reported by SIPRI Military Expenditure Database. Their military also spent about USD 97 million on the BAE Systems. This was done to provide its thermal weapons sights and the enhanced night vision goggles 3 in 2018.

The other additional factor contributing to the market's growth is a burgeoning need for tracking animal activities in wildlife sanctuaries.

By product, night vision goggles hold a significant share

By product, the night vision goggles segment is anticipated to hold a substantial share in the global night vision device market throughout the forecast period owing to increasing demand from the military and defense sector. Night vision goggles are small and lightweight, which makes them a better choice for a range of applications. Moreover, factors such as low cost and fewer power requirements are also augmenting the demand for night vision goggles over the forecast period.

North America is expected to be the global leader

Geographically, North America held a significant share of the global night vision device market in 2020 and will remain to be a key regional market during the forecast period owing to the presence of a large number of key players, along with the early adoption of technology in the region. The Asia Pacific region will also witness significant regional market growth owing to the rising adoption of night vision devices for navigation and security applications.

Competitive Insights

Major players in the night vision device market have been covered along with their relative competitive positions and strategies. The report also mentions recent deals and investments by different market players over the last year. The company profiles section details the business overview, financial performance for the past three years, key products and services being offered, along with the recent developments of these important players in the night vision device market.

Prominent key market players in the night vision device market include Thales Group, L3 Communications, BAE Systems, FLIR Systems, and ATN Corporation, among others. Market players are adopting growth strategies like new product launches, M&A, and partnerships to expand their product portfolio and gain a larger market share.

Industry Insights

Major market players have been focusing on developing and launching advanced products in order to cater to the improvement of the customer experience. For example, OmniVision Technologies in March 2020, launched the second generation of Nyxel, its near-infrared technology, named Nyxel 2 to aid in night-vision and machine-vision applications. The improved technology was said to provide higher quality with greater sight and the ability to operate in low to even no ambient light conditions. Due to the competitive market, key players have engaged in mergers, investments, and collaborations in order to grow which has driven the market significantly. For instance, in February 2019, the Thales group collaborated with MKU, the Indian armed force manufacturer for the co-development of ELFIE night vision glasses.

COVID-19 Insights

The outbreak of the coronavirus posed many lucrative opportunities for the night vision device market due to the governments worldwide adopting and developing stringent mechanisms for surveillance with the surge of the pandemic. The technology helped the police to identify the locations of mass gatherings that followed no social distancing and also helped offices in restricting the continuity of their business. For instance, the Italian government along with the Italian Civil Aviation Authority in May 2020 approved the usage of advanced drones that are enabled with night vision cameras to monitor the movement of the public amid the pandemic situation. The pandemic also caused an upsurge in the usage of thermal imaging night vision devices that help in the detection of the body temperature of people, especially in offices, malls, and airports. The usage of thermal imaging has still stayed in effect even after the ease of restrictions. All these factors have thus contributed to the growth of the market amid the coronavirus pandemic.

Segmentation:

• By Technology

Thermal Imaging

Infrared Illumination

Image Intensification

• By Product

Camera

Goggle

Scope

• By Application

Navigation

Security and Surveillance

Others

• By Geography

North America

• USA
• Canada
• Mexico

South America

• Brazil
• Argentina
• Others

Europe

• United Kingdom
• Germany
• France
• Spain
• Others

Middle East and Africa

• Saudi Arabia
• UAE
• Others

Asia Pacific

• China
• Japan
• India
• South Korea
• Thailand
• Indonesia
• Taiwan
• Others