In existence for generation, the night vision technology industry shows no signs of slowing down. The sector of technology that is responsible for the creation of all forms of night vision devices, technologies, and applications will see a fair amount of growth in the coming years, as illustrated in a recently released report by MarketsandMarkets.
According to the research company, the night vision device market (which includes everything from militaristic to photographic applications of night vision technologies) will reach an estimated value of $7.7 billion by 2020.
To put things into context, the night vision device industry was valued at $5.07 billion. So, with the projected increase of the sector’s value of $7.7 billion in the next four years, the night vision market will see a growth of 8.8%.
Militaristic applications of night vision technologies are slated to be one of the more prominent factors for the industry’s growth, which largely boils down to a supply and demand scenario. As modern warfare becomes increasingly more reliant on technological advancement, with new highly sophisticated devices developed and applied almost daily, there will then be a direct need for militaristic night vision devices to follow suit. Simply put, newly developed night vision technologies with militaristic applications will be more in-demand as other military technology advance.
Surveillance was another noted night vision application that will contribute to the sector’s growth. Used for a wide variety of reasons (such as simply tracking cars on the highway), surveillance technologies are intrinsically linked to the night vision sector, as being able to locate and track people and objects at night is all but essential. With an increase in demand for surveillance technologies, a growth will also occur in the night vision industry.
On a consumer level, a specific night vision device was pointed out by MarketsandMarkets to have the highest compound annual growth rate come 2020: the night vision camera. The claim doesn’t come as a huge surprise, as more and more individuals seek camera options outside of their simple smartphones. And, as the technology has become more advanced in recent years, consumers have the ability to take higher quality images with night vision cameras, which has (and apparently will continue to) increase their general appeal.
Geographically speaking, North America will contribute to the growth of the night vision device sector more than anywhere else. Largely this is due to the U.S. market, as both the nation’s military and consumer market are more inclined to participate in the night vision market. Of course, Mexico and Canada will actively contribute to North America’s role in the growth of the night vision industry, but it is still the United States that experiences the highest number of night vision device purchases.
With all this in mind, one can recognize the role the night vision industry plays in the world economy, and how its value will only increase in years to come. As such, an investment in the sector seems to be a pretty safe bet.
