Global Night Vision Goggle Market Report 2023: A $3.2 Billion Industry by 2028 - Market Opportunities Amidst Rising Global Security Concerns
Dublin, Feb. 27, 2024 (GLOBE NEWSWIRE) -- The "Global Night Vision Goggle Market Size, Share, Trends, Forecast, Competitive Analysis, and Growth Opportunity: 2023-2028" report has been added to * ResearchAndMarkets.com's* offering.
The Night Vision Goggles Market is estimated to grow at a robust CAGR of 4.6% during the forecast period to reach a value of US$ 3.2 Billion in 2028.
The global market for night vision goggles is characterized by the presence of many players at the global, regional, and country levels. In recent years, there have been several mergers and acquisitions (such as the purchase of the night vision business unit of Harris Corporation by Elbit Systems of America, LLC, the merger of United Technologies and Raytheon, and the all-stock merger of L3 Technologies and Harris Corporation) related to defense tier levels, which have made significant changes in the competitive landscape including in the night vision goggle business.
As several military operations, such as counterterrorism and anti-militant missions, occur during the night hours or under poor visibility conditions, the importance of night vision goggles becomes paramount. Factors, such as the rising military expenditure in developing economies, growing deployment of armed troops, and surging military operations in recent years, are likely to escalate market demand in the near future.
Moreover, with the ongoing Russia-Ukraine war and Israel-Palestine conflict, increasing political stalemates and border conflicts, along with the growing threat of terrorism, the market will have a strong growth potential in the upcoming years.
*Segment Analysis*
*By Product type*
The market is segmented into helmet-mounted display and handheld goggle. Between these product types, helmet-mounted display is expected to remain the biggest market category in the coming years. These night vision goggles efficiently track the area where soldiers see and can extrapolate the visual information. These goggles help in the provision of a close-up simulation of the soldier's natural vision. They also act as a force multiplier during critical missions. As a result, the development of helmet-mounted displays is growing rapidly.
*By Device type*
The market is segmented into binocular, monocular, and others. Among these device types, binocular is expected to maintain its dominance in the market during the forecast period. These are most suitable for ground-based missions, due to the twin-viewing tubes providing a bigger field of view, considered ideal for surveillance, imaging, and scouting. Binocular devices provide better depth perception and a more natural viewing experience, making them particularly valuable for tasks like navigation, target identification, and overall situational awareness.
*By Platform type*
The market is segmented into ground-based platform, air-based platform, and naval-based platform. Among these platform types, the ground-based platform is likely to continue as the major demand generator for night vision goggles in the foreseeable future. These devices are frequently used by dismounted soldiers for every ground-based operation and mission. Moreover, several counter-terrorism missions occur in low-light environments or during nighttime, which simultaneously increases the usage of night vision goggles.
*By Technology type*
The market is segmented into image intensification technology, thermal technology, and fusion technology. In recent years, goggles embedded with fusion technology have proved to be excellent tools for night vision and have generated a large demand. These goggles detect thermal radiation as well as enhance (or magnify) the light of the environment and translate it into a picture. Therefore, with the increasing focus on curbing terrorism and with the growing border disputes, the demand for night vision devices equipped with fusion advanced technology is expected to increase in the years to come.
*Regional Analysis*
North America, the largest military spender, is expected to remain the major market for night vision goggles and it held a revenue share of more than 45% in 2022. This is attributed to the extensive investments made by the US DoD. Concurrently, Asia-Pacific is expected to witness the fastest growth in the night vision goggles market in the coming years. The key factor responsible for the rapid regional growth, apart from the swift rise in the overall military expenditure, is the increasing penetration of the regional market players, such as Thermeye Tech (Hangzhou Kexin Import and Export Co., Ltd.), JPNV, Bharat Electronics Limited (BEL), and MKU LIMITED.
*Key Players*
· L3Harris Technologies, Inc.
· BAE Systems plc
· Thales Group
· Elbit Systems Ltd.
· Raytheon Technologies Corporation
· Leonardo DRS
· Rheinmetall AG
· Excelitas Technologies Corp.
· ASELSAN A.S.
· Hensoldt AG
For more information about this report visit https://www.researchandmarkets.com/r/bsjdbb
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