The global night vision scopes market size is projected to expand in a promising manner owing to the development of high-end and advanced night vision goggles by players in the aerospace & defense industry, observes Fortune Business Insights™ in its report, titled “Night Vision Scopes Market, 2022-2029”. With the demand for sophisticated military equipment and gear rising among armed forces around the world, defense manufacturers have been engaged in the development of efficient, effective, and futuristic night vision scopes for soldiers.
BAE Systems, for instance, bagged two orders from the US Army in March 2018 for new thermal night vision goggles and weapon sights. Both will be connected wirelessly and the thermal capabilities of the goggles will allow soldiers to quickly and accurately identify and target enemies. Similarly, L3Harris developed the ENVG-binocular for the US Army, using the white phosphor 12 technology in a dual-tube scope to facilitate improved target location and threat engagement. The collaborations between defense equipment manufacturers and the armed forces will play a vital role in augmenting the growth prospects of this market.
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Russia-Ukraine War Implication
The Russia-Ukraine war could change the market dynamics of Europe forever. The standoff has revived the predicament situation of the Cold War and pushed Europe to the brink of a major military conflict. The Russian aggression in Ukraine has redefined the global landscape in terms of business. As the global market was recuperating from the havoc wreaked by the COVID-19 pandemic, the Russia-Ukraine war has made several industry stakeholders skeptical.
There is hardly any sector that the war has left untouched, especially aggravating the business landscape of sectors ranging from aerospace to oil & gas. Amidst prevailing challenges, stakeholders are gearing to turn adversities into opportunities. However, soaring military aid for Ukraine could provide impetus to stakeholders. Meanwhile, it is to be noted that the relevant sanction could augment operating costs and disrupt industries.
List of Key Players Profiled in the Night Vision Scopes Market Report:
- Tonbo Imaging (India)
- Summit Night Vision Group LLC (The U.S.)
- Newcon Optik (Canada)
- L3Harris Technologies, Inc. (The U.S.)
- Carl Zeiss AG (Germany)
- ATN Corporation (The U.S.)
- Thales Group (France)
- Sightmark (The U.S.)
- Leica Camera AG (Germany)
- FLIR Systems (The U.S.)
- Bering Optics (The U.S.)
The COVID-19 pandemic outbreak may hamper the night vision scopes market growth as countries have redirected expenditures towards bolstering their healthcare systems to combat the coronavirus. In Europe, for example, the European Union (EU) has decided to slash its budget of the European Defense Fund from €11.5 billion to €7 billion, citing the economic fallout of the COVID-19 pandemic. Furthermore, with travel and trade bans still in place, the supply chains in the defense industry have been hit severely, affecting manufacturing and distribution activities, as well as investments.
Based on product, the market has been clubbed into glimmer night vision scope, infrared night vision scope, and others. On the basis of type, the market has been segmented into day-night systems, night vision monoculars, digital night vision goggles, telescopic slights, prism slights, and laser boresights. By application, the market has been categorized into government, military & defense, commercial, and others. In terms of region, the market has been divided into North America, Europe, Asia Pacific, and the Rest of the World.
Highlights of the Report
The report attempts to put forth a comprehensive understanding of the overall industry trends and outlook. It also provides a microscopic assessment of the market drivers, segments, and restraints, along with a holistic analysis of the regional developments in the market. Topping these factors is an exhaustive examination of the competitive landscape of the market, powered by industry-leading market research.
Rising Expenses on Defense Worldwide to Boost the Market
Military warfare today has become highly technology-driven and countries are in a cutthroat competition to outpace and outdo each other in terms of defense capabilities. With border conflicts intensifying in several parts of the world, major economies have been feeling the need to increase their spending on the armed forces. According to a recent analysis released by the Stockholm International Peace Research Institute (SIPRI), the year 2019 saw the largest increase in military expenditure since 2010, rising by 3.6% from 2018 levels. The total spending, as per SIPRI data, stood at USD 1,917 billion, with the US, China, India, Russia, and Saudi Arabia (in that order) emerging as the biggest spenders. This expansion of budgetary outlays is aimed at upgrading the defense arsenal and equipping the armed forces with advanced technologies, such as night vision scopes. Thus, rising military expenditures will be a key growth driver for this market.
North America to Hold Commanding Position; Asia Pacific to Exhibit Speedy Growth
North America is expected to dominate the night vision scopes market share in the foreseeable future as the region is home to some of the largest companies in the aerospace & defense industry, such as L3Harris and FLIR Systems. Moreover, the US is the highest defense spender in the world and the US Armed Forces are known to rapidly adopt advanced military technologies.
Asia Pacific is slated to emerge as the fastest-growing region in the global market on account of increasing defense expenditures by China and India. Furthermore, countries in this region have been aggressively incorporating new-age military equipment, such as thermal night vision scopes, to stem the tide of the growing terrorist activities.
Key Players to Concentrate on Securing Profitable Contracts from Defense Establishments
The leading entities in this market have built a strong reputation for themselves in the defense industry, backed by robust product portfolios, heavy R&D investments, and extensive collaborations. At present, the focus of key players is to secure long-term and lucrative contracts from government defense agencies, which will accelerate the diversification of their operations.
- February 2022: The French armed forces ordered 3,000 O-NYX night vision scopes from Thales Group, extending their long-standing partnership in night vision solutions. These goggles deliver a much superior performance, are lightweight, and comfortable to wear compared to other similar products.
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