Night Vision Goggle Market is Forecast to Reach US$ 3.2 Billion in 2028, Says Stratview Research

The Night Vision Goggle Market is likely to grow at a significant CAGR of 4.6% during 2023-2028, to reach US$ 3.2 Billion in 2028, states Stratview Research.

DETROIT, Nov. 27, 2023 /PRNewswire/ -- Stratview Research, a global market research firm has launched a report on the night vision goggles market which provides a comprehensive analysis of the global and regional industry forecast, current & emerging trends, segment analysis, and competitive landscape.

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Report Highlights

Segment Insights on Night Vision Goggle Market

The night vision goggle market is segmented based on product type, device type, platform type, technology type, and region.

Based on product type- The market is segmented into helmet-mounted display and handheld goggle. Between these product types, the 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.

Based on device type- The market is segmented into binoculars, monoculars, 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.

Based on platform type- The market is segmented into ground-based platforms, air-based platforms, and naval-based platforms. 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.

Based on technology type- 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.

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Which Region Offers the Best Opportunity and Growth?

The report suggests that 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 growth is majorly attributed to the following –

• The extensive investments made by the US DoD.
• 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.

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.

Night Vision Goggle Market Drivers

Some of the key drivers listed in the report are given below.

• The rising military expenditure in developing economies.
• Growing deployment of armed troops.
• Surging military operations in recent years.
• 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.

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Top 10 Companies in Aircraft Interior Lighting Market?

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:

• L3Harris Technologies, Inc.
• BAE Systems plc
• Thales Group
• Elbit Systems Ltd.
• Raytheon Technologies Corporation
• Leonardo DRS
• Rheinmetall AG
• Excelitas Technologies Corp.
• ASELSAN A.S.
• Hensoldt AG

What Deliverables Will You Get in this Report?

Related reports which might be useful:

• Night Vision Device (NVD) Market
• Weapon Night Sight Market

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SOURCE Stratview Research