The report, now available on ASDReports, "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", The night vision device market was valued at USD 5.07 Billion in 2015, and is projected to reach USD 7.73 Billion by 2020, at a CAGR of 8.8% from 2015 to 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.
Night vision device plays a key role in the military segment
Military segment is expected to have a large market share due to the increasing arm conflicts and modernization programs worldwide. Surveillance segment is expected to grow at a high CAGR, followed by 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.
Global night camera segment accounts for a large share in the market
Night vision camera segment accounted for a large share in the global night vision device market in 2015. The night vision goggle segment is expected to grow at the second highest CAGR, owing to the increasing demand from the military and defense sector.
North America expected to contribute a large market share, APAC to grow at a rapid rate
North America is expected to have a large market share from 2015 to 2020, due to the presence of large number of vendors. APAC offers potential growth opportunities, as there is a constant upgradation 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 are 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. A detailed analysis of the key industry players is undertaken to provide insights into business overview, products and services, key strategies, new product launches, mergers & acquisitions, partnerships, agreements, collaborations, and recent developments associated with the night vision devices market.
Source: ASDReports - Market Research
Date: Jan 29, 2016