According to IndustryARC’s report on [b]Night vision devices[/b], the market is estimated to grow to $20.5 billion in 2020 at a CAGR of 7%. The growing demand for [b]night vision devices[/b] in the commercial sector is set to drive the market primarily. The increased technological advancements in areas such as focal plane arrays, image intensifier tubes are also set to propel the usage of night vision devices. The night vision device market is led by companies such as FLIR Systems, Inc. (U.S), American Technologies Network Corp. (U.S), L-3 Warriors System, Inc. (U.S), Exelis Inc. (U.S) and Raytheon Corporation (U.S). Other companies including SAT Infrared Technology (China), Finmeccanica (Italy), Airbus Group (France) and Northrop Grumman (U.S) are challenging these leading companies for market position.

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The Americas region is the largest geographic segment for [b]Night vision devices[/b] globally followed by the APAC region. However APAC region is poised to grow at the highest CAGR through 2020 due to increased military spending in this region, particularly by China. The market for night vision devices in Europe is forecast to grow at a slow rate due to a sluggish return to economic stability and currency fluctuations due to depreciation of the Euro.

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The [b]night vision device market[/b] has also been segmented based on device category such as cameras, goggles and scopes. The [b]night vision goggles market[/b] accounts for a large share closely followed by the night vision camera market. The growing applications for night vision goggles for hidden object detection as well as by law enforcement agencies, particularly in the U.S, has resulted in a higher market standing and penetration. The growth of the [b]security and surveillance markets[/b] meanwhile has propelled adoption of [b]night vision cameras[/b]. The surveillance system has become a necessary technology to keep up the safety and security of the organizations and individuals assets in both governmental and commercial markets. The [b]night vision scope market[/b] is primarily used in military and hunting applications and is forecast to grow at a significant rate buoyed by the considerable price decline for night vision scopes. These scopes are set to decline by 38% over the next five years and thus have comparable prices with holographic scopes, thereby resulting in an increased usage of these devices. The price of night vision devices is set to considerably drop across all applications through 2020.

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The top 5 companies in terms of revenue operating in the [b]night vision device market[/b] are FLIR Systems, Inc. (U.S), American Technologies Network Corp. (U.S), L-3 Warriors System, Inc. (U.S), Exelis Inc. (U.S) and Raytheon Corporation (U.S). They account for around 70% of the total market. The companies operating in the market are evolving their product offerings with the changing technology. The technological innovations at the forefront of the market combined with growing demand for various applications have resulted in the development of new products to cater to specific applications. For instance ATN Corp introduced a Gen 3 PVS14-3 Night Vision camera for law enforcement and security professionals. Companies have looked to capture market position in this dynamic and growing market.

The declining prices and growing applications of [b]night vision devices[/b] are set to propel the growth of the market. The growth of this market can also be attributed to the improved technology as well as increased usage of [b]night vision cameras in the commercial markets[/b]. The increased customer demand for night vision devices in the APAC military segment is set to drive the [b]night vision device market[/b].

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