Night Vision Devices are the optoelectronic devices that enable the ability to see in dark or in low-intensity lights. The technology used is to detect the low-intensity lights like ultraviolet, infrared, X-rays and gamma rays, and amplifying them to provide a clear image in the dark. The devices are used prominently in the military and defense sector. Different components such as image intensifier tubes, photocathode, lens, and many more are used in the Night Vision Devices.
Night Vision Devices Market is expected to grow with a CAGR of 7.0 % owing to its increased demand majorly in increasing security concerns and defense spending.
The Night vision devices market is a fast-growing market which is majorly driven by the number of advantages that’s are being offered by the night vision devices. The Night vision devices market is anticipated to grow at a CAGR of about 7.0%.
Market Value and Growth:
The Night Vision Devices Market size was valued at around USD 17 Billion, at the end of 2017. It is anticipated to grow at a CAGR of 7.0 % to reach close to USD 25.7 Billion by the end of 2023.
Drivers and Restraints:
The major factors driving the growth of the Night Vision Devices market are the advantages offered by the devices, along with the availability of a large number of products. Moreover, new technological developments and advancements offer improved performance, improvised designs, and lower costs, which have further enhanced the growth prospects of the global night vision devices market. Apart from this, increased defence spending and security concerns are the other factors that are facilitating the market growth.
Although there is the number of advantages of the products, the global night vision devices market also faces some challenges. The expensive devices, coupled with their limitations, are the major hindrances for these devices among the consumers. Strict government rules and regulations for the usage and exports of these devices further hinder market growth. Intense competition is one of the major challenge faced by the market.
Night Vision Devices Market Segmentation Analysis:
Night vision devices are segmented into different categories based on the type in which goggles are valued high, followed by the cameras. They have a market share of $7,940 and $7,547 in the year 2017 and is expected to grow with a CAGR of 6.3% and 7.4% respectively from the year 2018 to 2023.
Based on its application, the global market for Night Vision Devices is segmented into Military, Surveillance, Security, Hunting, Navigation, Hidden Object Detection, and Paranormal Research. Among the mentioned applications, the Military Operations is calculated to be the application with the fastest growth rate in the forecast period. Technological advancements and increased Terrorist activities across the globe are considered to be the reason for its rapid growth in the Night Vision Devices market as governments are currently trying to strengthen military operations. This segment is currently leading the Night Vision Devices market and is anticipated to lead the market during the forecast period.
Based on technology, the market is segmented into image intensifiers, infrared illumination, and thermal imaging. Currently, image intensifiers are the largest segment, followed by thermal imaging and infrared illumination.
Night Vision Devices Market Geographical Analysis:
By geography, the Night Vision Devices Market is segmented as Latin America, Europe, Asia Pacific, North America, and Middle-East & Africa. North America is the leading the global Night Vision Devices market both in terms of value and volume. The situation of manufacturing centers of significant market leaders is the leading cause of North America’s dominance over the night vision devices market. The high potential in the Asia Pacific region for future opportunities caused due to the fast industrialization, growing security concerns, and increased demand for military equipment mainly in countries like India, Japan, and China.
Night Vision Devices Market Key Market Players:
The major players like ABB Ltd, Siemens AG, Schneider Electric SE, Siemens AG, Harris Corporation, L3 Technologies, Flir Systems, Kuka AG, Emerson Electronic Co, Fanuc Corporation, and American Technologies Network Corp. are the leading shareholders of the Night Vision Devices Market. There is a constant competition between these companies regarding the pricing and quality of the product. They are currently focused on providing expansion strategies to improve their market value and position.
Night Vision Devices Market Research Report Key Highlights:
1.1 Market Definition
1.2 Study Deliverables
1.3 Base Currency, Base Year and Forecast Periods
1.4 General Study Assumptions
2. Research Methodology
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Econometric Modelling
2.2.4 Expert Validation
2.3 Analysis Design
2.4 Study Timeline
3.1 Executive Summary
3.2 Key Inferences
4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
4.1 Market Drivers
4.2 Market Restraints
4.3 Key Challenges
4.4 Current Opportunities in the Market
5. Market Segmentation
5.1.5 Y-o-Y Growth Analysis, By Product
5.1.6 Market Attractiveness Analysis, By Product
5.1.7 Market Share Analysis, By Product
5.2.2 Thermal Imaging
5.2.3 Image Intensifiers
5.2.4 Infrared Illumination
5.2.5 Y-o-Y Growth Analysis, By Type
5.2.6 Market Attractiveness Analysis, By Type
5.2.7 Market Share Analysis, By Type
5.3.6 Other Applications
5.3.7 Y-o-Y Growth Analysis, By Application
5.3.8 Market Attractiveness Analysis, By Application
5.3.9 Market Share Analysis, By Application
6. Geographical Analysis
6.1.1 Regional Trends
6.1.2 Impact Analysis
6.1.3 Y-o-Y Growth Analysis
126.96.36.199 By Geographical Area
188.8.131.52 By Type
184.108.40.206 By Technology
220.127.116.11 By Application
6.1.4 Market Attractiveness Analysis
18.104.22.168 By Geographical Area
22.214.171.124 By Type
126.96.36.199 By Technology
188.8.131.52 By Application
6.1.5 Market Share Analysis
184.108.40.206 By Geographical Area
220.127.116.11 By Type
18.104.22.168 By Technology
22.214.171.124 By Application
6.2 North America
6.1.2 United States
6.3.6 South Korea
6.5 Latin America
6.4.5 Rest of Latin America
6.6 Middle East & Africa
7. Strategic Analysis
7.1 PESTLE analysis
7.2 Porter’s Five analysis
7.2.1 Bargaining Power of Suppliers
7.2.2 Bargaining Power of Consumers
7.2.3 Threat of New Entrants
7.2.4 Threat of Substitute Products and Services
7.2.5 Competitive Rivalry within the Industry
8. Market Leaders' Analysis
8.1 ABB Ltd.
8.1.2 Product Analysis
8.1.3 Financial analysis
8.1.4 Recent Developments
8.1.5 SWOT analysis
8.1.6 Analyst View
8.2 Siemens AG
8.3 Harris Corporation
8.5 Flir Sysytems
8.6 Kuka AG
8.7 Emerson Electronic Co
8.8 Fanuc Corporation
8.9 Schneider Electric SE
8.10 American Technologies Network Corp.
9. Competitive Landscape
9.1 Market share analysis
9.2 Merger and Acquisition Analysis
9.3 Agreements, collaborations and Joint Ventures
9.4 New Product Launches
10. Market Outlook and Investment Opportunities
a) List of Tables
b) List of Figures