LONDON--(BUSINESS WIRE)--The global night vision scope market size is projected to reach USD 1,045.33 million by 2021, growing at a CAGR of close to 11% over the forecast period, according to Technavio’s latest report.
In this report, Technavio covers the market outlook and growth prospects of the global night vision scope market for 2017-2021. To calculate the market size, the report considers the revenue generated from the approximate number of shipments of night vision scopes to the military and civil end-user segments.
The military end-user segment is the leading revenue generator for the market, contributing over 86% of the overall shares (2016 figures). Night vision scopes are in high demand from special forces such as covert ops, counter terrorism, hostage rescues, high-value targets, and person hunting teams.
Technavio’s research study segments the global night vision scope market into the following regions:
Americas: largest night vision scope market segment
“The Americas is the largest night vision scope market segment, generating almost 55% of the overall revenue. The high amount of investments made by the US into the defense and military sector is mainly responsible for the dominance of the market segment,” says Gaurav Mohindru, one of the lead analysts at Technavio for tools and components research.
Additionally, initiatives such as the Future Soldier 2030 initiative is increasing the adoption of night vision goggles in the military. Also, wildlife hunting is a prominent hobby in many countries of the region, which also significantly impacts the adoption of these devices.
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EMEA: fastest growing night vision scope market segment
EMEA is the fastest growing night vision scope market segment, showcasing a CAGR of almost 12% over the forecast period. This high growth rate is due to increased investments made into the defense sector to provide state-of-the-art facilities to soldiers from countries such as Saudi Arabia, the UK, Russia, Germany, France, and Italy. The demand for night vision goggles is further expected to increase, as governments tighten security to maintain law and order. Additionally, the increasing popularity of wildlife photography in Africa is creating demand for night vision scopes from the region.
APAC increased defense budgets to drive growth of market segment
“APAC is almost on par with EMEA in terms of the growth rate, with countries such as China, Japan, and India investing continually in the defense sector. China has announced to further increase its defense budget in order to ensure security, especially over the South China Sea,” says Gaurav.
The defense budgets of India and Australia have also increased significantly to combat tensions around the South China Sea and ensure maritime security. The increasing budgets will drive the demand for night vision scopes, thereby driving market growth.
The top vendors in the global night vision scope market highlighted in the report are:
- Newcon Optik
- Night Optics
- Bering Optics
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, resellers, and end-users.
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