Competition Scenario in Global Night Vision Device market
The Global Night Vision Device market is highly competitive with ~200 players which include globally diversified players, regional players as well as a large number of country-niche players each with their niche product ranges. The Night Vision Device market's growth is heavily reliant on the adoption of new technologies and advancements in the types of devices being made available to the end users.
Country-Niche players constitute majority of the competitors, while regional players hold a share of ~35% in terms of the number of competitors. Some of the major players in the market include L3 Technologies Inc., American Technologies Network Corp., BAE Systems PLC, Thales Group SA, SATIR, Elbit Systems Ltd., Teledyne FLIR LLC, Collins Aerospace, Meopta, Excelitas Technologies Corp., and Safran among others.
What is the Expected Future Outlook for the Overall Night Vision Device Market Across the globe?
The Global Night Vision Device market was valued at USD ~billion in 2021 and is anticipated to reach USD ~billion by the end of 2028F, witnessing a CAGR of ~% during the forecast period 2022-2028F. The realistic growth scenario represents the most likely scenario as per current market conditions. This scenario assumes that there will be no overall impact on the market due to any potential COVID-19 waves in the future.
The Global Night Vision Device market is driven by factors such as the rising spending by the governments on their military modernization, emerging technologies in the night vision devices, and the growing range of applications of these products in civil and defense-related security among other. However, the market is also constantly being influenced by rapid development in technology, product innovation, and diversification in some countries.
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The high costs associated with night vision devices are one of the biggest challenges to the growth of the market. For example, the night vision multipurpose monocular device offered by one of the major players in the market, American technologies Network corp., can cost thousands of dollars.
In January 2022, the Defense Advanced Research Projects Agency (DARPA) as part of its Enhanced Night Vision in Eyeglass Form (ENVision) program tied up with 10 research teams representing industry players and universities. All these organizations will work in collaboration with the DARPA to develop night vision goggles that will be of comparable size and weight to regular eyeglasses.
The global night vision device market is forecasted to continue its stable growth since 2017. One of the major trends driving market expansion is the spiraling demand for lightweight products as well as the consumers having a wide range of products to choose from. Though the market is highly competitive with ~200 participants, few global players control the dominant share and regional players also hold a significant share.
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