Night Vision Goggles Market - Global Industry Analysis, Size, Trends, Growth, Trends, and Forecast 2019 - 2029
The market for night vision goggles will see increase in growth figures over the period 2018 to 2028 owing to a plethora of factors. Some of the prominent factors include demand from military, wildlife researchers, and nature enthusiasts.
As per TMR Research, the global night vision goggles market will demonstrate significant growth over the forecast period owing to an impressive CAGR (Compound Annual Growth Rate).
Other factors that add to the growth curve’s trajectory include low costs and easy availability. A decent range and technical feasibility makes these suitable for military purposes.
The market is rife with activities that are shaping its future. Certain developments that are leading the global night vision goggles market towards significant growth, and are shaping the vendor landscape are outlined below. Advanced technology holds prominence in the growth story of the global night vision goggles market.
2018: The United States Army awarded contract for building Enhanced Night Vision Goggle Binocular (ENVG-B) to L-3 aid soldiers operate with ease when light is not optimum. It is a USD 391.8 million contract for three years and is set to bring in innovation to the table over the forecast period, helping the market grow substantially.
Other companies that are focused on creating Family of Weapon Sight-Individual, and ENVGs for the U.S. army include BAE Systems, Harris Corporation, and DRS.
The global night vision goggles market is fragmented owing to a decent number of players operating the playfield. Some of the prominent players who have made a name for themselves in the market landscape include
It is worth noting here that besides a keen focus on technology, players would also forge strategic alliances such as mergers, acquisitions, and synergistic collaborations. Business expansion would also be a strategy to hold on to a larger market share over the forecast period.
A multitude of factors are driving the global night vision goggles market. Some of the prominent trends and drivers that are underlying growth of global night vision goggles over the forecast period are benefits that accrue to military in night operations and easy availability.
Significant requirements from United States Army will lead to North America holding a dominant position in the global night vision goggles market over the forecast period. However, the region that will generate a slew of untapped opportunities in the global market is Asia Pacific excluding Japan owing to growing needs for improving security and taking strict surveillance measures.
The study presents a granular assessment and quantitative evaluation of:
The region-wise assessment includes market dynamics in:
The study is prepared with the help of an extensive primary and secondary research. Primary research includes but not limited to interactions, interviews, surveys, and events. Opinions of policy makers and industry experts are carefully integrated into the insights to complement primary research. Volumes of secondary data gleaned through renowned paid sources, annual statements, reputed journals, and government documents offer insights into current dynamics and key evolution trajectories the market is likely to assume. The research employs various industry-wide analytics methods and well-established methodologies to ascertain the attractiveness of key segments. Further, it evaluates the lucrativeness of key regions and factors underlying their maturity. The insights notably include a detailed analysis of forces behind vendor differentiation and offers insight into investment-decision making by prominent players.
The report strives to enlighten businesses and industry stakeholders on multiple facets of the growth dynamic of the market, the key of which include answers to:
Note: Utmost care has invariably been taken to present data and arrive at statistics at all the TMR Research reports. Meanwhile, some recent developments and new industry trends may take time to be included in the reports.
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