The global night vision devices market size is projected to reach USD 9.02 billion by the end of 2027. The massive investments in the research and development of efficient products will contribute to the growth of the overall market in the coming years. According to a report published by Fortune Business Insights, titled “Night Vision Device Market Size, Share & Industry Analysis, By Device Type (Binoculars and Monocular, Cameras, Glasses, Goggles, and Scopes), and 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.
The night vision device market refers to the global market for devices that can enhance the visibility of objects in low light or complete darkness. Night vision devices are used in a variety of industries, including military and defense, surveillance, law enforcement, wildlife observation, and hunting. These devices can range from simple handheld devices to complex, high-tech equipment that incorporates thermal imaging and other advanced features.
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Constant Product Innovations will Provide Impetus to Market Growth
The report encompasses several factors that have contributed to the growth of the overall market in recent years. Among all factors, the increasing investments in technological intervention and the introduction of advanced products have made the highest impact on market growth. Due to the massive potential held by technological integration in NVDs, several large scale companies are engaged in investing in advanced concepts. In June 2020, EZVIZ announced the launch of a new night vision devices. The company introduced ‘C3X,’ a dual lens night vision color camera. The company claims that the product perfectly caters to applications in outdoor security and surveillance activities. The product is a fully HD Wi-Fi AI based camera. EZVIZ’s latest product will not just benefit the company but will have a direct impact on the growth of the overall market in the coming years.
North America to Emerge Dominant; Increasing Security Breaches to Aid Growth
The report analyses the ongoing market trends across five major regions, including North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among all regions, the market in North America is projected to emerge dominant in the coming years. The increasing security breaches in several countries across this region will lead to a wider product adoption. The increasing product use in surveillance and enhanced security measures in the United States and Canada will emerge in favor of the growth of the regional market. Moreover, the increasing military and defense expenditure will bode well for the growth of the regional market. As of 2019, the market in North America was worth USD 1.55 billion and this value is projected to increase further in the coming years.
List of companies profiled in the report:
- BAE System Plc (Farnborough, United Kingdom)
- Leonardo S.p.A. (Rome, Italy)
- Thales Group (La Défense, France)
- Elbit Systems of America, LLC (ELBIT SYSTEMS LTD) (Fort Worth, Texas, United States)
- FLIR Systems, Inc. (Wilsonville, Oregon, United States)
- Night Vision Devices, Inc. (Pennsylvania, United States)
- N-Vision Optics, LLC (Massachusetts, United States)
- Safran Vectronix AG (Heerbrugg, Switzerland)
- Adams Industries, Inc. (Los Angeles, California, United States)
- Excelitas Technologies Corp. (Waltham, Massachusetts, United States)
- Opgal Optronic Industries Ltd. (Israel)
- Dali Technology Co., Ltd. (Zhejiang, China)
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- June 2020 – Secureye announced the launch of a new Alexa-controlled Falcon iCam 500 Color Night Vision Camera.
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