Market Overview
Global Military Night Vision Device Market is showing substantial prospect in maintaining a growth during the forecast period of 2020 to 2025. This market can achieve a 10.8% CAGR over the forecast period. The global market, as per the study of Market Research Future (MRFR), is depending on the increasing defense-related expenditures, rising inclusion of diverse technologies, better state of the competitive market, and others are expected to boost the market growth.
However, the COVID-19 analysis reveals that there can be certain factors that may prevent the market from achieving better growth.
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Industry News
In May 2020, the U.S. Navy anti-submarine warfare (ASW) experts contacted Lockheed Martin Corp. to ask them to build 24 MH-60R ASW helicopters. The deal would include three for the Navy and 21 for India. The deal with India was inked for a whopping $904.8 million. The MH-60R cockpit is known for its secure VHF/UHF communication, satellite communications, data link, inertial navigation system, and accommodation for advanced infrared sensors and night-vision goggles.
In June 2020, China displayed its latest weapon of war. This new device is an armed mini- robot called Sharp Claw 1, which has been designed to be carried by its big brother, the six-wheeled Sharp Claw 2. Sharp Claw 2 is just a 2ft tall device that is effective in areas where human involvement is too risky. This new device comes with a gun nd night-vision camera to assist it in its various operations.
Competitive Landscape
Meopta Optica S.R.O (Czech Republic), American Technologies Network Corp. (US), Collins Aerospace (US), Thales Group (France), Harris Corporation (US), FLIR Systems, Inc. (US), L3 Technologies Inc. (US), Bharat Electronics Limited (India), BAE Systems plc (UK), and Elbit Systems Ltd. (Israel) are some of the prominent names involved in the Military Night Vision Device Market. These companies are expected to ensure growth through their strategic participation. Their efforts include mergers, acquisitions, collaborations, innovations, branding, launching plans, boosting investment for their research and development sector, and others. However, the COVID-19 impact on these companies is immense, as several countries are grappling with their manufacturing sector. However, this crisis is temporary, and many countries have started lifting lockdowns, which is a good sign for the market.
Segmentation
For easy comprehension, the global military night vision device market report has been segmented by device type, application, and technology. These segments have several factor-based studies, empowered with charts and graphs that can boost the planning process for the coming years.
By device type, the study on the global market includes camera, goggle, and scope. The camera segment has the largest market share and is expected to retain its dominance during the forecast period.
By technology, the study on the global market includes thermal imaging, image intensifiers, and infrared illumination. The image intensifier segment is supposed to grow with the highest CAGR during the forecast period. It is getting backed by the rising demand from the defense sector.
By application, the study on the global military night vision device market includes navigation, targeting, surveillance, and others. The surveillance segment has the chance to grow with the highest CAGR during the forecast period.
Regional Analysis
The Americas would dominate the global market as most of the companies are from this region. The US in North America is a huge spender for the defense sector, which will trigger the expansion of the market. In Asia Pacific, the rising political turbulence among countries is influencing countries to invest in the defense sector, which will bolster the market.
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NOTE: Our Team of Researchers are Studying Covid19 and its Impact on Various Industry Verticals and wherever required we will be considering Covid19 Footprints for Better Analysis of Market and Industries. Cordially get in Touch for More Details.
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