Global Night Vision Goggles Market: Overview
The market for night vision goggles will see increase in growth figures over the period 2018 to 2028 owing to a plethora of factors. Some of the prominent factors include demand from military, wildlife researchers, and nature enthusiasts.
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As per TMR Research, the global night vision goggles market will demonstrate significant growth over the forecast period owing to an impressive CAGR (Compound Annual Growth Rate).
Other factors that add to the growth curve’s trajectory include low costs and easy availability. A decent range and technical feasibility makes these suitable for military purposes.
Global Night Vision Goggles Market: Notable Development
The market is rife with activities that are shaping its future. Certain developments that are leading the global night vision goggles market towards significant growth, and are shaping the vendor landscape are outlined below. Advanced technology holds prominence in the growth story of the global night vision goggles market.
2018: The United States Army awarded contract for building Enhanced Night Vision Goggle Binocular (ENVG-B) to L-3 aid soldiers operate with ease when light is not optimum. It is a USD 391.8 million contract for three years and is set to bring in innovation to the table over the forecast period, helping the market grow substantially.
Other companies that are focused on creating Family of Weapon Sight-Individual, and ENVGs for the U.S. army include BAE Systems, Harris Corporation, and DRS.
The global night vision goggles market is fragmented owing to a decent number of players operating the playfield. Some of the prominent players who have made a name for themselves in the market landscape include
- American Technologies Network Corporation
- Harris Corporation
- FLIR Systems, Inc.
- Raytheon Company
- Yukon Advanced Optics Worldwide
- Apresys, Inc.
- Luna Optics
- L3 Technologies, Inc.
It is worth noting here that besides a keen focus on technology, players would also forge strategic alliances such as mergers, acquisitions, and synergistic collaborations. Business expansion would also be a strategy to hold on to a larger market share over the forecast period.
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Global Night Vision Goggles Market: Key Trends and Drivers
A multitude of factors are driving the global night vision goggles market. Some of the prominent trends and drivers that are underlying growth of global night vision goggles over the forecast period are benefits that accrue to military in night operations and easy availability.
- The cost of night vision goggles is low and the factors such as lightweight, and small size help drive demand up. Besides, low power requirement is also contributing positively to demand generation.
- A viewing range of 100ft. to 400 ft. is useful for use in military operations, aiding soldiers significantly in carrying out operations at night or where light is not optimum and needs enhancement for proper vision.
- Technological advancement marking the market landscape will help in the development of global night vision goggles market; as products improve, use in navigation, combat, and surveillance will increase
Global Night Vision Goggles Market: Regional Analysis
Significant requirements from United States Army will lead to North America holding a dominant position in the global night vision goggles market over the forecast period. However, the region that will generate a slew of untapped opportunities in the global market is Asia Pacific excluding Japan owing to growing needs for improving security and taking strict surveillance measures.
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