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Night Vision Goggle Market Analysis | 2023-2028
Night Vision Goggle Market Size, Share, Trends, Dynamics, Forecast, & Growth Analysis: 2023-2028
The night vision goggle market is likely to grow at a CAGR of 4.6% during 2023-2028 to reach USD 3.2 billion in 2028.
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A night vision goggle is a highly advanced optical instrument that enables images to be produced at low light levels. These electro-optical devices form images by measuring the temperature difference or by enhancing the light source of the environment instead of relying on its sources. These goggles give soldiers an edge, allowing them to see in dark environments and execute their military operations in the dead of night. Hence, they have become crucial for a soldier during military operations.
As several military operations, such as counterterrorism and anti-militant missions, occur during the night hours or under poor visibility conditions, the importance of night vision goggles becomes paramount. Factors, such as the rising military expenditure in developing economies, growing deployment of armed troops, and surging military operations in recent years, are likely to escalate market demand in the near future. Moreover, with the ongoing Russia-Ukraine war and Israel-Palestine conflict, increasing political stalemates and border conflicts, along with the growing threat of terrorism, the market will have a strong growth potential in the upcoming years.
Recent Product Developments: In recent years, a fair number of new night vision goggles have been launched by manufacturers. Some of them have been mentioned below:
Recent Contracts and Agreements: There have been several investments in the defense industry directed at night vision goggles in the recent years, which would boost the overall market. Some of them have been mentioned below:
Recent Market JVs and Acquisitions: Over the past few years, there have been a fair number of strategic alliances, including M&As, JVs, etc., across the globe. Some of them have been mentioned below:
|
Segmentations |
List of Sub-Segments |
Dominant and Fastest-Growing Segments |
|
Product-Type Analysis |
Helmet-Mounted Display and Handheld Goggle |
Helmet-mounted display is estimated to be the dominant and fastest-growing segment during the forecast period. |
|
Device-Type Analysis |
Binocular, Monocular, and Others |
Binocular is likely to maintain its market dominance in the coming years. |
|
Platform-Type Analysis |
Ground-based Platform, Air-based Platform, and Naval-based Platform |
Ground-based platform is expected to remain the largest segment of the market during the forecast period, whereas the air-based platform is likely to witness the fastest growth. |
|
Technology-Type Analysis |
Image Intensification Technology, Thermal Technology, and Fusion Technology |
Fusion technology is predicted to remain the largest and fastest-growing segment in the coming years. |
|
Regional Analysis |
North America, Europe, Asia-Pacific, and The Rest of the World |
North America is expected to remain the largest market over the next five years, whereas Asia-Pacific is likely to grow at the fastest rate. |
"Helmet-mounted display is expected to remain the biggest market category in the coming years"
The market is segmented into helmet-mounted display and handheld goggle. Between these product types, helmet-mounted display is expected to remain the biggest market category in the coming years. These night vision goggles efficiently track the area where soldiers see and can extrapolate the visual information. These goggles help in the provision of a close-up simulation of the soldier’s natural vision. They also act as a force multiplier during critical missions. As a result, the development of helmet-mounted displays is growing rapidly.
"Binocular is expected to maintain its dominance in the market during the forecast period"
The market is segmented into binocular, monocular, and others. Among these device types, binocular is expected to maintain its dominance in the market during the forecast period. These are most suitable for ground-based missions, due to the twin-viewing tubes providing a bigger field of view, considered ideal for surveillance, imaging, and scouting. Binocular devices provide better depth perception and a more natural viewing experience, making them particularly valuable for tasks like navigation, target identification, and overall situational awareness.
"Ground-based platform is likely to continue as the major demand generator for night vision goggles in the foreseeable future"
The market is segmented into ground-based platform, air-based platform, and naval-based platform. Among these platform types, the ground-based platform is likely to continue as the major demand generator for night vision goggles in the foreseeable future. These devices are frequently used by dismounted soldiers for every ground-based operation and mission. Moreover, several counter-terrorism missions occur in low-light environments or during nighttime, which simultaneously increases the usage of night vision goggles.
"Goggles embedded with fusion technology have proved to be excellent tools for night vision and have generated a large demand"
The market is segmented into image intensification technology, thermal technology, and fusion technology. In recent years, goggles embedded with fusion technology have proved to be excellent tools for night vision and have generated a large demand. These goggles detect thermal radiation as well as enhance (or magnify) the light of the environment and translate it into a picture. Therefore, with the increasing focus on curbing terrorism and with the growing border disputes, the demand for night vision devices equipped with fusion advanced technology is expected to increase in the years to come.
"North America, the largest military spender, is expected to remain the major market for night vision goggles and it held a revenue share of more than 45% in 2022"
North America, the largest military spender, is expected to remain the major market for night vision goggles and it held a revenue share of more than 45% in 2022. This is attributed to the extensive investments made by the US DoD. Concurrently, Asia-Pacific is expected to witness the fastest growth in the night vision goggles market in the coming years. The key factor responsible for the rapid regional growth, apart from the swift rise in the overall military expenditure, is the increasing penetration of the regional market players, such as Thermeye Tech (Hangzhou Kexin Import and Export Co., Ltd.), JPNV, Bharat Electronics Limited (BEL), and MKU LIMITED.
The global market for night vision goggles is characterized by the presence of many players at the global, regional, and country levels. In recent years, there have been several mergers and acquisitions (such as the purchase of the night vision business unit of Harris Corporation by Elbit Systems of America, LLC, the merger of United Technologies and Raytheon, and the all-stock merger of L3 Technologies and Harris Corporation) related to defense tier levels, which have made significant changes in the competitive landscape including in the night vision goggle business. The following are the key players in the night vision goggles market:
Note: The above list does not necessarily include all the top players in the market.
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This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:
This report studies the market covering 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.
The night vision goggle market is segmented into the following categories:
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The night vision goggles market is estimated to grow at a CAGR of 4.6% in the coming five years, driven by the rising military expenditure in developing economies, growing deployment of armed troops, and surging military operations in the recent years.
North America is likely to be dominant in the market in the coming years. This is majorly due to the active presence of the major companies in the market, such as L3Harris Technologies, Inc., BAE Systems, Elbit Systems of America, LLC, and Raytheon Technologies Corporation, which are among the major contractors for the US DoD for night vision goggles.
Asia-Pacific is estimated to be the fastest-growing market in the coming years. The rising year-on-year military expenditure is expected to drive regional market dynamics. Moreover, in recent years, China and India, the two regional superpowers, have actively been engaged in the development of night vision goggles for soldiers, which is expected to assist them in anti-terrorist missions and border conflicts.
Helmet-mounted display is expected to remain the dominant product type in the market in the coming years, as these goggles help in the provision of a close-up simulation of the soldier’s natural vision and act as force multipliers during critical missions.
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