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The global night vision devices market size is projected to reach USD 9.02 billion by the end of 2027. The increasing military and defense expenditure across several countries will emerge in favor of market growth. According to a report published by Fortune Business Insights, titled “Night Vision Devices Market Size, Share & COVID-19 Impact Analysis, By Device Type (Binoculars and Monocular, Cameras, Glasses, Goggles, and Scopes), By Application (Border surveillance, Engineering, Fire and Rescue, Law Enforcement, Maritime & Coastal surveillance, Medical, Security, and Others (Natural Resource Agency Applications, etc.), and Regional Forecast, 2020-2027,” the market was worth USD 4.66 billion in 2019 and will exhibit a CAGR of 8.8% during the forecast period, 2020-2027.
Night vision devices are widely used in military and defense applications for the purpose of enhancing the vision in low light. The increase product demand is consequential to applications across diverse industry verticals. The massive investments in technological integration and the use of advanced sensors will improve the operational capabilities of the product. The presence of several large scale companies in this sector that are engaged in manufacturing as well as reselling and distribution will have a massive impact on the growth of the overall night vision devices market in the foreseeable future. Additionally, the increasing product applications in the defense sector, including combat, rescues, and other military operations, will aid the growth of the market in the coming years.
SecurEye’s ‘Alexa-controlled’ NVD will Encourage SMEs in this Sector
The report highlights a few of the major industry developments of recent times and discusses their impact on the growth of the overall NVD market. Due to the massive potential held by NVDs across the world, several large scale companies are looking to invest in technological integration. As a result, there have been several product innovations in recent years. In June 2020, SecurEye announced the launch of a new NVD that is integrated with the voice assistant Alexa. The Falcom iCam 500 is a color night vision camera that is integrated with advanced concepts, subsequently opening up the potential for applications across diverse industry verticals. SecurEye’s latest device is a major highlight of recent times. The company will significantly benefit from the latest product, especially during the Covid-19 pandemic.
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Increasing Military and Defense Expenditure will Aid Growth
The increasing applications of night vision devices are attributable to the rising technological integration. The use of advanced concepts such as artificial intelligence (AI) and the internet of things (IoT) have proven beneficial for applications in the military and defense sector. The availability of precise and low cost NVDs will contribute to the growing product adoption in the coming years.
Major Companies are Focused on Product Innovations
Accounting to the increasing applications of night vision devices across diverse industry verticals, several large scale companies are looking to invest more in the research and development of innovative products. Due to rising applications in the military and defense applications, defense organizations are looking to collaborate with tech companies and engaged in long-term contracts for the development of innovative NVDs.
List of companies profiled in the report:
The market is segmented on the basis of:
Value (USD Billion)
Device Type; Application; and Geography
By Device Type