Global Night Vision Devices Market Report, Industry Overview, Growth Rate and Forecast 2024
by Rahul Rastogi Market Research AnalystOver the recent years, the global night vision devices
market has been witnessing a healthy growth on account of ascending terrorist
threats as well as unlawful activities worldwide. This can also be accredited
to escalating defence spending by military forces of several regions.
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 reached a value of nearly US$ 7.4
Billion in 2018. Night vision devices are optoelectronic tools which assist in
providing a clear image in dark surroundings by sourcing, detecting and
amplifying the light. The image produced by night vision devices is usually
green in colour and presents an accurate as well as user-friendly picture to
the wearer. These devices are primarily used for navigation, surveillance,
detecting intruders and criminals as well as targeting by law enforcement and
security agencies.
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Night Vision Devices Market Trends:
On account of growing terrorist threats and unlawful activities across the
globe, there is a need for constant vigilance, as a result of which security
screening has become mandatory at public places like airports, railways,
stadiums and border checkpoints. In addition to this, an escalation in the
cases of covert operations acts as another major factors driving the night
vision devices. Apart from this, technological advancements in night vision
devices have led to low-cost solutions, reduced weight, enhanced product
performance, unique product design and ease of handling. Moreover, the confluence
of efficient consumption of power and expanding applications in wildlife
photography has contributed towards the market growth. Looking forward, the global
night vision devices market size is projected to reach around US$ 11.4 Billion
by 2024, registering a CAGR of more than 7.4% during 2019-2024.
Night Vision Devices Market Summary:
·
Based on device, the market has been segregated
as, cameras, scopes and others. goggles Amongst these, goggles represent the
most popular night vision device.
·
On the basis of technology, image intensifier
accounts for the largest market share. Other major technologies include thermal
imaging and infrared illumination.
·
The market has also been bifurcated on the basis
of end-user into the military and civil segments. Currently, the military
segment holds the majority of the total share. This is due to the fact that the
major military forces of the United States, Russia, China, India, North Korea,
etc. are increasing their expenditure on defence.
· Region-wise, North America is the leading market accounting for the majority of the global share. Other major markets include Europe, Asia Pacific, Middle East and Africa, and Latin America. The involvement of the United States in armed conflicts has been one of the major growth-inducing factors for the market. Moreover, rising cross-border smuggling activities and drug trafficking are expected to propel the market demand for night vision devices in the region.
·
The competitive landscape of the market has also
been examined with some of the key players being Flir Systems, Harris
Corporation, L3 Technologies, Elbit Systems and American Technologies Network
Corp.
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with TOC & List of Figure: https://www.imarcgroup.com/night-vision-devices-market
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Created on Jun 4th 2019 04:43. Viewed 425 times.