Night vision devices refer to optoelectronic devices which source, detect and amplify light such as infrared, ultraviolet, gamma and X-rays to provide a clear image in dark surroundings. The image is usually produced in shades of green as it presents an accurate and user-friendly picture to the wearer. These devices are used for navigation, surveillance and targeting. In addition, law enforcement and security agencies use both thermal-imaging and image-enhancement technology for surveillance. Hunters and nature enthusiasts use night vision devices to manoeuvre through the woods at night. For civilian purpose, night vision devices are used in security cameras around residential spaces, camping site, and in search and rescue missions. According to the latest report by IMARC Group, titled “Night Vision Devices Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global Night Vision Devices market reached a value of US$ 7.4 Billion in 2018.
The major factors driving the growth of the market are the numerous advantages offered by night vision devices along with the availability of a large range of products. Moreover, recent technological advancements offering enhanced performance, improved design, convenience and lower costs have further improved the growth prospects of the night vision devices market globally. Apart from this, an upsurge in defence spending and increasing security concerns are some of the other factors facilitating market growth.
Despite the presence of a number of driving forces, the global night vision devices market faces some challenges as well. The high cost of these devices coupled with their limitations are the major hindrances for the adoption of these devices among the consumers. Strict government regulations regarding the usage and exports of these devices further impede the market growth. Intense competition represents another major challenge faced by the market.
Overall, we expect the growth of the global night vision devices market to remain stable during 2019-2024, exhibiting a CAGR of 7.4% and reaching a value of US$ 11.6 Billion by 2024.
This report provides a deep insight into the global night vision devices market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the night vision devices market in any manner.
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