LONDON--(BUSINESS WIRE)--The night vision devices market is expected to grow by USD 3.02 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. The impact can be expected to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth, according to the latest market research report by Technavio.
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Governments across terror-prone countries are continuously upgrading weapons and devices used in the military. This is increasing the demand for navigation, surveillance, and targeting devices to improve the capabilities of armed forces. Night vision devices such as scopes, goggles, and cameras are widely used in military applications to effectively target enemies. The growing applications of night vision devices in the military are encouraging vendors to introduce products with superior navigation and surveillance capabilities. Therefore, the increasing application of night vision devices in the military is expected to fuel the growth of the market during the forecast period.
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As per Technavio, the increase in military expenditure will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Night Vision Devices Market: Increase in Military Expenditure
Many governments across the world are increasing their expenditure on the military. For instance, in December 2019, the US government signed a defense bill of over USD 700 billion for the fiscal year 2020. Similarly, African countries such as Kenya, Tanzania, and Uganda are increasing their spending on defense services. Such investments are increasing the adoption of devices such as airborne, marine, space guidance control, and electronic warfare in the defense sector. This will have a positive impact on the growth of the global night vision devices market.
“Application of sensor fusion technology and the use of night vision devices in paranormal applications will further boost market growth during the forecast period”, says a senior analyst at Technavio.
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Night Vision Devices Market: Segmentation Analysis
This market research report segments the night vision devices market by type (goggles, cameras, scopes, and others), application (military and civil), and geography (APAC, Europe, MEA, North America, and South America).
The North America region led the night vision devices market in 2019, followed by APAC, Europe, South America, and MEA respectively. During the forecast period, North America is expected to register the highest incremental growth due to the increased adoption of advanced devices and equipment in the defense sector in the region.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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