Undoubtedly, with the extensive development in the technology of security devices the industry of defense and security is growing more effectively as these devices are generally used by military and law enforcement agencies for surveillance, targeting, navigation and several others purposes. Moreover, the military night vision devices are optoelectronic equipment which enable the consumers to see in the dark. The military and law enforcement agencies utilizes such type of various technologies which majorly include thermal imaging, image intensifier and infrared illumination, to manufacture typically monochrome images in intensities of light approaching total darkness. Moreover, with the extensive development in such type of technologies the demand is growing more significantly in the recent trend in the various aspects of the economy which lead to the market growth of military night vision devices.
According to the report analysis, ‘Global Military Night Vision Device Market Research Report – Forecast to 2024’ states that some of the major companies which are currently functioning in this sector more actively for attaining the significant share and enjoying the competitive nature of this market which includes American Technologies Network Corp. (U.S.), BAE Systems plc (U.K), Bharat Electronics Limited (India), Elbit Systems Ltd. (Israel), FLIR Systems, Inc. (U.S.), Harris Corporation (U.S.), L3 Technologies Inc. (U.S.), Meopta Optica S.R.O (Czech Republic), Rockwell Collins, Inc. (U.S.), and Thales Group (France). Whereas, Thales Group, BAE Systems, L3 Technologies, Rockwell Collins, and Harris Corporation are the leading players and together accounted for nearly 70.0% of the market share in 2017. Moreover, the key players are adopting effective strategies and policies for making their product more effective and for defeating the rising demand of the potential buyers which further lead the market growth more effectively and making it more competitive and profitable for both the consumer and the buyers.
Geographically, with the extensive usage of such type of products in the military and law enforcement authorities the market of this is spread across the globe more significantly which majorly includes the main regions which are having high reputed profile such as North America, Europe, Asia Pacific region, UAE, Latin America and several others. However, the global military night vision devices market is anticipated to observe a CAGR of 10.6% in the forecasted period, 2018-2024 and in 2018 the market of this, led by North America with 28.1% share, followed by Europe and Asia Pacific region with the share of 24.9% and 21.4% respectively. Whereas, the North America controls the global market and is likely to increase extraordinarily in the night vision device front. Not only has this, Asia Pacific is the reckless rising region for the night vision device market. The region has observed an extensive military outflow and advancement in the technology and thus results a very huge demand for military night vision devices.
By the time such devices are becoming extensively cheaper and are being acquired by the common people for a huge variety of applications and features, ranging from hunting to paranormal research. Therefore, in the coming years it is expected that the market of military night vision devices will grow more significantly across the globe with the significant surge in demand.
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Ankur Gupta, Head Marketing & Communications