Night Vision Devices Market Opportunities and Strategies to 2033

This report describes and explains the night vision devices market and covers 2018-2023, termed the historic period and 2023-2028, 2033F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.

The global night vision devices market reached a value of nearly $7.66 billion in 2023, having grown at a compound annual growth rate (CAGR) of 5.21% since 2018. The market is expected to grow from $7.66 billion in 2023 to $11.66 billion in 2028 at a rate of 8.77%. The market is then expected to grow at a CAGR of 9.55% from 2028 and reach $18.41 billion in 2033.

Growth in the historic period resulted from the military modernization programs, high focus on counter-terrorism efforts and rising popularity of hunting and wildlife observation. Factors that negatively affected growth in the historic period include limited availability of advanced night vision technology.

Going forward, the increasing military expenditure, increasing geopolitical conflicts and border disputes, increasing need for monitoring and securing national borders, expansion of outdoor recreational activities, government initiatives for improved border security, increasing focus on night vision systems by military organizations and growth in automotive production will drive the market. Factors that could hinder the growth of the night vision devices market in the future include high cost of night vision devices.

The night vision devices market is segmented by device into goggles, monocular and binoculars, camera, glasses, scopes and other devices. The goggles market was the largest segment of the night vision devices market segmented by device, accounting for 33.41% or $2.56 billion of the total in 2023. Going forward, the camera segment is expected to be the fastest growing segment in the night vision devices market segmented by device, at a CAGR of 9.96% during 2023-2028.

The night vision goggles market is segmented by product into PVS-14 (old type) and ENVG (new type). The PVS-14 (old type) market was the largest segment of the night vision goggles market segmented by product, accounting for 45.41% or $1.16 billion of the total in 2023. Going forward, the ENVG (new type) segment is expected to be the fastest growing segment in the night vision goggles market segmented by product, at a CAGR of 12.20% during 2023-2028.

The night vision devices market is segmented by technology into thermal imaging, image intensifier, infrared illumination and other technologies. The thermal imaging market was the largest segment of the night vision devices market segmented by technology, accounting for 43.03% or $3.29 billion of the total in 2023. Going forward, the image intensifier segment is expected to be the fastest growing segment in the night vision devices market segmented by technology, at a CAGR of 9.62% during 2023-2028.

The night vision devices market is segmented by application into military and defense, wildlife spotting and conservation, surveillance, targeting, navigation and other applications. The military and defense market was the largest segment of the night vision devices market segmented by application, accounting for 44.25% or $3.39 billion of the total in 2023. Going forward, the surveillance segment is expected to be the fastest growing segment in the night vision devices market segmented by application, at a CAGR of 10.03% during 2023-2028.

North America was the largest region in the night vision devices market, accounting for 39.17% or $3.0 billion of the total in 2023. It was followed by Asia-Pacific, Western Europe and then the other regions. Going forward, the fastest-growing regions in the night vision devices market will be Asia-Pacific and Africa, where growth will be at CAGRs of 11.42% and 10.40% respectively. These will be followed by the Middle East and South America, where the markets are expected to grow at CAGRs of 9.81% and 9.00% respectively.

The global night vision devices market is fairly concentrated, with large players in the market. The top ten competitors in the market make up 31.18% of the total market in 2023. L3harris Technologies Inc. was the largest competitor with a 7.28% share of the market, followed Elbit Systems Deutschland with 5.68%, BAE Systems plc with 4.26%, Thales Group with 4.17%, Bharat Electronics Ltd. with 2.41%, Vista Outdoor Inc. with 1.84%, Leonardo S.p.A. with 1.60%, Raytheon Technologies Corporation with 1.43%, Teledyne Technologies Incorporated with 1.42% and Sharp Corporation with 1.10%.

The top opportunities in the night vision devices market segmented by device will arise in the goggles segment, which will gain $1.34 billion of global annual sales by 2028. The top opportunities in the night vision devices market segmented by technology will arise in the thermal imaging segment, which will gain $1.74 billion of global annual sales by 2028. The top opportunities in the night vision devices market segmented by application will arise in the military and defense segment, which will gain $1.96 billion of global annual sales by 2028. The top opportunities in the night vision goggles market segmented by product will arise in the ENVG (new type) segment, which will gain $709.09 million of global annual sales by 2028. The night vision devices market size will gain the most in the USA at $1.03 billion.

Market-trend-based strategies for the night vision devices market include focusing on developing advanced night vision gear, advancing metasurface technology to integrate an ultra-thin infrared filter into everyday eyewear, introducing fused night vision goggles that integrate augmented reality and thermal imaging and launching high-performance night vision systems with full-color detail and extensive zoom range.

Player-adopted strategies in the night vision devices market include focus on enhancing business operations through securing new contracts, expanding operational capabilities through new product developments, expanding business capabilities through strategic acquisitions and strengthening market position through strategic partnerships and collaborations.

To take advantage of the opportunities, the analyst recommends the night vision devices companies to focus on advanced night vision gears, focus on metasurface technology for everyday eyewear, focus on fused night vision goggles with augmented reality, focus on high-performance night vision systems, focus on night vision camera segment, focus on image intensifiers segment, focus on ENVG (enhanced night vision goggle) segment, expand in emerging markets, focus on expanding distribution networks, provide competitively priced offerings, continue to use B2B promotions, participate in trade shows and events and focus on surveillance segment.