New Study: Night Vision Device Market - Global Forecast to 2020

Night Vision Device Market by Device Type (Camera, Scope, Goggle), Technology, By Application (Military, Surveillance, Security, Hunting, Navigation, Hidden Object Detection, Paranormal Research, and Others) and by Geography - Global Forecast to 2020

The night vision device market is expected to grow from USD 5.07 billion in 2015 to USD 7.73 billion by 2020, at a CAGR of 8.8% during the forecast period. The factors driving the night vision device market are technological innovation, increase in armed conflicts, and civil & commercial applications of NVD.

"Increase in armed conflicts drives the night vision device market"

The Global Peacekeeping Index, by the Institute of Economics and Peace, presents the list of armed conflicts that take place around the globe. In recent years, there has been a significant decline in the peacekeeping index of the Middle East and African countries. The increased incidences of armed conflicts in these regions are expected to drive the demand for night vision devices in the coming years.

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"The night vision camera has the maximum traction during the forecast period"

Night vision camera segment has a large share in the global night vision device market in the year 2015, and is also expected to grow at a high CAGR between 2015 and 2020. Whereas, night vision goggles segment is expected to grow at the second highest CAGR, owing to the increasing demands from military and defense sector.

"The North American region accounted for the largest share in the night vision device market in 2015"

North American market is currently witnessing significant increase in the consumption of night vision devices. Applications such as surveillance, military, and navigation are expected to exhibit high growth in this region. Asia-Pacific is estimated to account for the second-largest market share by the end of the forecast period. Countries such as Japan, India, South Korea, and China are driving the market of night vision device in this region. However, China's economic downturn could act as a hindrance to the growth of this regional market. In the process of determining and verifying the market size for several segments and sub-segments gathered through secondary research, extensive primary interviews were conducted with key people. Break-up of profile of primary participants is given below:

* By Company Type: Tier 1 - 55 %, Tier 2 - 20%, and Tier 3 - 25%
* By Designation: C level - 60%, Director level - 25%, Others - 15%
* By Region: North America - 10%, Europe - 20%, APAC - 40%, RoW - 30%

Almost every country in the world is investing significantly to modernize their armed forces. With modernization every county wants to enhance its range and increase its surveillance capacity, mobility, lethality and further ignite the demand of night vision devices.

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