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Global Night Vision Device Market to Hit $7.36B by 2019
June 16, 2015 | PRNewswireEstimated reading time: 1 minute
The global night vision device market is estimated to grow to $7.36 billion by 2019, at a CAGR of 10.2% during the forecast period of 2014 to 2019.
The night vision device industry is one of the most robust and competitive industries, globally. Night vision devices provide users with the ability to see in low-light environments, as well as in total darkness. Night vision devices are used by the defense, homeland security, search & rescue, entertainment, and surveillance and safety sectors, among others. Initially, the night vision devices were used by security forces; however, the demand for night vision devices has been increasing significantly across the globe, in recent years, mainly owing to the rising demand from the civil & commercial sector.
Defense budget cuts are one of the major challenges faced by the industry. The budget cuts have forced night vision device manufacturers to innovate and develop more advanced night vision solutions and focus towards the civil & commercial sector. Extensive research & development in the areas of night vision technology has been witnessed worldwide, in recent years.
The report comprehensively covers the global night vision device market, which has been segmented on the basis of device type, technology, application, and geography. In terms of technology, the market has been classified into thermal imaging, image intensifiers, and infrared illumination. The major applications covered in the report are defense, commercial, and homeland security. On the basis of geography, the market has been segmented into North America, Europe, Asia-Pacific, Latin America, the Middle East, and Africa.
The major companies operating in the global night vision device market are L-3 Communication (U.S.), Exelis Inc. (U.S.), FLIR Systems (U.S.), Elbit Systems (Israel), BAE Systems (U.K.), and Thales Group (France), among others. Capacity expansions, innovation, and corporate agreements are among the key approaches adopted by the major companies to strengthen and sustain their positions in the global market.
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