Night vision device market to grow to $7.73Bn by 2020

Night vision devices are used for various purposes in military, surveillance, security, hunting, navigation, hidden object detection, and paranormal research. As the frequency of sophisticated attacks is gaining importance, the market is expected to gain traction between 2015 and 2020, and is forecast to hit $7.73B by 2020 with a compound annual growth rate of 8.8% during the forecast period.

This is according to a new report entitled, “Night Vision Device Market by Device Type (Camera, Scope, Goggle), Technology, By Application (Military, Surveillance, Security, Hunting, Navigation, Hidden Object Detection, Paranormal Research, and Others) and by Geography – Global Forecast to 2020”, from Marketsandmarkets.

Night vision device play a key role in the military segment and this area is is expected to have a large market share according to researchers due to the increasing arms conflicts and modernisation programmes worldwide. The surveillance segment is expected to grow at a high CAGR, followed by the military segment, as the devices are used on a large-scale to facilitate tracing of unwanted or suspicious movements of humans or vehicles at night. The Global night camera segment was found to account for a large share in the market in 2015. The night vision goggle sector is expected to grow at the second highest CAGR, owing once again to the increasing demand from the military and defense sector.

North America is expected to have a large market share from 2015 to 2020, due to the presence of a large number of vendors. APAC offers potential growth opportunities, as there is a need for a constant upgrade in technology as well as an increase in the use of night vision devices for civil and commercial applications.

The major vendors in the night vision market according to the report were found to be Flir systems, Exelis Inc., L-3 communications, American technologies network corp., Elbit systems, Rockwell Collins Inc., BAE systems and Thales group S.A.
The scope of the report covers detailed information regarding the major factors influencing the growth of the night vision device market such as drivers, restraints, challenges and opportunities.