Global Night Vision Devices Market generated revenue of $13.2 Billion in 2014 & is projected to grow at 7% CAGR through 2020. The market is exhibiting high growth due to increased adoption in security, surveillance and navigation markets as well as a significant price drop resulting in increased usage in automotive industry.
Browse 41 Market Tables, 79 Figures spread through 232 Pages and an in-depth TOC on “Night Vision Devices Market”:
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Night Vision devices (NVD) are products which enable a person to have the ability to see in dark or low intensity light. There have been significant developments in the field of electronics and optics that have allowed production of NVDs which help in intensifying the images which are not likely to be seen through naked eyes.
Some Of The Key Companies in the Market include:
- FLIR Systems Inc. (U.S)
- Raytheon Group (U.S)
- ATN Corporation (U.S)
- Exelis Inc. (U.S)
- L-3 Warrior Systems (U.S)
These companies held a low combined market share of around 70% in the night vision device market in 2014. The night vision device companies have looked to agreements and product launches as key strategies for growth. Companies are focusing on agreements and partnerships to utilize a wide distribution network to improve sales of products as well as drive the revenue growth.
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A recent report created by IndustryARC examines this market and as well as the various night vision devices and their applications.
The market can be segmented based on the device utilized into cameras, goggles and scopes. In 2014, the goggles segment accounted for the largest share followed by the fast growing night vision camera segment. The improving technology of image intensifier tubes and FPAs, the demand from security and surveillance markets is the major driver for the night vision device camera market. However the scopes segment is projected to grow primarily due to increased adoption in the APAC market as well as strict decline in price.
The Market can be Analyzed Based on Key Application Segments Such as:
- Hidden Object Detection
Military was the largest market in 2014. The early adoption of night vision devices by this market as well as the various ways of utilization of these devices has led to the leading market share. However the declining military budgets in western countries will lead to slow growth in this market, even with the Asian market’s increased military spending. This slow growth will result in hidden object detection becoming the leading market for night vision devices by 2017 and reach $7.88 Billion by 2020. The increasing innovations and utilization of these devices by governmental agencies will propel the segment through 2020.
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The growing surveillance market is a major cause of the growth overall across regions. The demand for night vision devices for monitoring at high risk areas to improve on-site or on-location safety has led to improved growth in the government and commercial markets. The growing applications in navigation to improve vehicle safety are exhibiting growing adoption. However the declining military budgets in western countries is set to hinder growth of the market.
Americas market was the biggest market in 2014 followed by APAC. The APAC region is poised to grow at a very high CAGR due to growing economy leading to high adoption of night vision devices, particularly in military and governmental segments. The significant growth of the Chinese and Indian markets will drive this segment.
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