Global Night Vision Devices Market 2019-2023
About this market
Night vision devices are increasingly being integrated with sensor fusion technology to get better estimations with accuracy. This technology combines thermal imaging and image intensification technologies in night vision devices to provide visibility of a wide range of light spectrum ranging from near IR to long wave IR. Sensor fusion technology also produces a completely electronic format which will enable users to easily transmit images to the command center for intelligence collection or information verification. Military, security, and law enforcement personnel will benefit the most from the use of sensor fusion technology in night vision devices. The demand for sensor fusion technology for military applications is expected to increase with the military upgrading their equipment with multiple technologies. This will drive the growth of the night vision devices market during the forecast period. Technavio’s analysts have predicted that the night vision devices market will register a CAGR of over 6% by 2023.
Increased applications in military operations
Terrorist activities severely affects the economic conditions of a region with organizations refusing to conduct business in these areas to safeguard their investments. To control these terrorist activities, governments of several countries are investing heavily to upgrade the weapons and devices used by the military. These upgraded weapons and devices enhance the surveillance, navigation, and targeting capabilities of the military. For example, BAE Systems offers ENVG III/FWS-I night vision and targeting system which is small, light and easy to operate. The advanced features in this product help in producing sharp thermal images during both day and night. With increasing terrorist activities, military operations will also be enhanced which will drive the demand for night vision devices.
Low adoption rate due to high cost
Night vision devices such as good quality night vision goggles using generation III technology are highly expensive. Limited budget allocations for vision devices in the defense sector is restricting the adoption of night vision devices. The reduced government spending on vision equipment and high cost of night vision devices will significantly hamper the growth of the market during the forecast period.
For the detailed list of factors that will drive and challenge the growth of the night vision devices market during 2019-2023, view our report.
The market appears to be concentrated and with the presence of few established companies including American Technologies Network, and FLIR Systems the competitive environment is less intense. Factors such as the growing applications in military operations, will provide considerable growth opportunities to night vision device manufacturers. American Technologies Network, FLIR Systems, Harris, L3 Technologies, and Raytheon are some of the major companies covered in this report.
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