According to IndustryARC’s report on Night vision devices, the market is estimated to grow to $20.5 billion in 2020 at a CAGR of 7%. The growing demand for night vision devices 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. Request for Sample Data / Brochure:
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The Americas region is the largest geographic segment for Night vision devices 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 night vision device market has also been segmented based on device category such as cameras, goggles and scopes. The night vision goggles market 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 security and surveillance markets meanwhile has propelled adoption of night vision cameras.
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The top 5 companies in terms of revenue operating in the night vision device market 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.
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