Night vision technology is used for a number of purposes, from hunting and navigation to military activity to even the search for paranormal activity. Buoyed by this usefulness, the market for night vision devices is expected to consistently grow in the coming years.
The night vision device market closed 2015 with a value of $5.07 billion, and should reach $7.7 billion by 2020, according to a report by research company MarketsandMarkets. Should those figures hold true, the compound annual growth rate for the market between 2015 and 2020 would be 8.8 percent.
One of the more prominent applications for night vision devices is the military, a segment which is highly impacted by the technology. MarketsandMarkets expects that an increased number of armed conflict and modernization progra throughout the world will lead to the military segment taking control of an even greater share of the night vision market. The attacks that military groups are hit with are becoming increasingly more sophisticated, which also necessitates the use of a quality night vision system.
Somewhat similar to the military segment for night vision device market is the surveillance segment. Devices from the surveillance segment are most commonly used to track objects, such as humans and vehicles, at night. The surveillance segment is expected to grow at a higher compound annual growth rate than the surveillance segment.
There are several different types of night vision devices. One of those varieties, the night vision camera, is expected to have the highest compound annual growth rate between 2015 and 2020. The second most popular type will be the night vision goggle, which will continue to grow in popularity due to increased demand in the military and defense sector.
A large number of night vision technology sellers operate in North America, which will help the region to grab a large stake in the night vision device market through 2020, according to projections. The largest vendors within the night vision market are FLIR Systems, L-3 Communications, Rockwell Collins, BAE Systems, Thales Group, Elbit Systems, Exelis, and American Technologies Network.
Filed Under: Aerospace + defense