Global Night Vision Cameras Market - Segmented by Type (Wired Night Vision Cameras, Wireless Night Vision Cameras), End-user (Military and Defense, Industrial, Public and Residential Infrastructure), and Region - Growth, Trends, and Forecast (2018 - 2023)
The global night vision cameras market is expected to register a CAGR of 18.23% during the forecast period. The scope of the market covers brand asset management systems, library asset management systems and production asset management systems.
Globally, the drive to enhance the safety and security across different industries is facilitating the market, to grow significantly. Night vision cameras are majorly adopted in manufacturing, services, transportation, and military & defense sectors. This incorporation is higher in countries, such as the United States, the United Kingdom, India, China, and Brazil, owing to the large size of the concerned industries and higher awareness among consumers. The military and defense sector is expected to hold the major share of the market owing to the increasing military budget focused on security and surveillance coupled with technological developments of unmanned airborne surveillance system and drones.
Transportation Industry to Register the Fastest Growth during the Forecast Period
The Transportation industry is major end-user that makes use of night vision cameras extensively. Wired night vision cameras are used in the manufacturing plants. Further, night vision car cameras are being increasingly used in automobiles, especially in autonomous self-driving cars particularly for navigation applications. The automotive industry is undergoing a wave of innovation and—with the advent of groundbreaking technologies, such as the Internet of Things (IoT), making vehicles safer than ever before - is witnessing a paradigm shift from the traditional models. With enhanced GPS, location and maintenance live recording, reminders, driving assistance and Wi-Fi services the demand for connected cars has been soaring and it is estimated that connected cars will account for 75% of the 92 million cars shipped globally in 2020. Major automobile manufacturers, like BMW, Mercedes, and Audi have incorporated night vision cameras with animal detection and pedestrian marking lights features to avoid potential accidents. This is expected to drive the adoption of night vision cameras during the forecast period.
Regional Analysis of The Market
North America is expected to be the dominant market, with U.S. accounting for maximum consumption, owing to its large army and military requirements. Asia-Pacific, excluding Japan and Western Europe, is expected to grow significantly during the forecast period due to high demand in the region, which is driven by security and surveillance needs. In the near future, with the development of smart cities, and technological advancements, the demand for night vision cameras with better picture resolution and quality is set to grow at a significant pace.
Key Developments in the Market