Global Night Vision Goggle Market Size, Share, Trends, Forecast, Competitive Analysis, and Growth Opportunity: 2023-2028

The Night Vision Goggles Market is estimated to grow at a robust CAGR of 4.6% during the forecast period to reach a value of US$ 3.2 Billion in 2028.

What is a night vision goggle?

A night vision goggle is a highly advanced optical instrument that enables images to be produced at low light levels. These electro-optical devices form images by measuring the temperature difference or by enhancing the light source of the environment instead of relying on its sources. These goggles give soldiers an edge, allowing them to see in dark environments and execute their military operations in the dead of night. Hence, they have become crucial for a soldier during military operations.

As several military operations, such as counterterrorism and anti-militant missions, occur during the night hours or under poor visibility conditions, the importance of night vision goggles becomes paramount. Factors, such as the rising military expenditure in developing economies, growing deployment of armed troops, and surging military operations in recent years, are likely to escalate market demand in the near future. Moreover, with the ongoing Russia-Ukraine war and Israel-Palestine conflict, increasing political stalemates and border conflicts, along with the growing threat of terrorism, the market will have a strong growth potential in the upcoming years.

Recent Product Developments: In recent years, a fair number of new night vision goggles have been launched by manufacturers. Some of them have been mentioned below:

• BAE Systems plc. developed an integrated optronic system, comprised of two devices: ENVG III-night vision goggle and FWS-I thermal weapon sight, which provide both situational awareness and thermal targeting solutions for soldiers.
• Raytheon Technologies Corporation developed the F-35 Gen III helmet-mounted display system (HMDS), a night vision system, specifically designed for airborne operations.

Recent Contracts and Agreements: There have been several investments in the defense industry directed at night vision goggles in the recent years, which would boost the overall market. Some of them have been mentioned below:

• In October 2022, Elbit Systems of America, LLC, received a production order worth US$ 107 million to supply the ENVG-B systems, along with its spare parts, logistics support, and test equipment, to the US Army. The deliveries are expected to be completed in 2024.
• In July 2022, Hensoldt AG and Theon Sensors were awarded a contract by the Organization for Joint Armament Cooperation (OCCAR) for the supply of 20,000 MIKRON binocular night vision goggles to the German Armed Forces.
• In September 2021, L3Harris Technologies, Inc., was awarded a contract worth US$ 100 Million by the US Army, for developing the ENVG-B system.

Recent Market JVs and Acquisitions: Over the past few years, there have been a fair number of strategic alliances, including M&As, JVs, etc., across the globe. Some of them have been mentioned below:

• In July 2020, Raytheon Corporation merged with United Technologies Corporation, to form Raytheon Technologies Corporation. This merger of equals is the defense sector's largest-ever merger, in terms of value.
• In June 2019, L3 Technologies had an all-stock merger with Harris Corporation, which led to the formation of L3Harris Technologies, Inc.
• In September 2019, Elbit Systems of America, LLC, a subsidiary of Elbit Systems Ltd., successfully acquired Harris Corporation's night vision business for $350 million.

Segment Analysis

By Product type

The market is segmented into helmet-mounted display and handheld goggle. Between these product types, helmet-mounted display is expected to remain the biggest market category in the coming years. These night vision goggles efficiently track the area where soldiers see and can extrapolate the visual information. These goggles help in the provision of a close-up simulation of the soldier’s natural vision. They also act as a force multiplier during critical missions. As a result, the development of helmet-mounted displays is growing rapidly.

By Device type

The market is segmented into binocular, monocular, and others. Among these device types, binocular is expected to maintain its dominance in the market during the forecast period. These are most suitable for ground-based missions, due to the twin-viewing tubes providing a bigger field of view, considered ideal for surveillance, imaging, and scouting. Binocular devices provide better depth perception and a more natural viewing experience, making them particularly valuable for tasks like navigation, target identification, and overall situational awareness.

By Platform type

The market is segmented into ground-based platform, air-based platform, and naval-based platform. Among these platform types, the ground-based platform is likely to continue as the major demand generator for night vision goggles in the foreseeable future. These devices are frequently used by dismounted soldiers for every ground-based operation and mission. Moreover, several counter-terrorism missions occur in low-light environments or during nighttime, which simultaneously increases the usage of night vision goggles.

By Technology type

The market is segmented into image intensification technology, thermal technology, and fusion technology. In recent years, goggles embedded with fusion technology have proved to be excellent tools for night vision and have generated a large demand. These goggles detect thermal radiation as well as enhance (or magnify) the light of the environment and translate it into a picture. Therefore, with the increasing focus on curbing terrorism and with the growing border disputes, the demand for night vision devices equipped with fusion advanced technology is expected to increase in the years to come.

Regional Analysis

North America, the largest military spender, is expected to remain the major market for night vision goggles and it held a revenue share of more than 45% in 2022. This is attributed to the extensive investments made by the US DoD. Concurrently, Asia-Pacific is expected to witness the fastest growth in the night vision goggles market in the coming years. The key factor responsible for the rapid regional growth, apart from the swift rise in the overall military expenditure, is the increasing penetration of the regional market players, such as Thermeye Tech (Hangzhou Kexin Import and Export Co., Ltd.), JPNV, Bharat Electronics Limited (BEL), and MKU LIMITED.

Key Players

The global market for night vision goggles is characterized by the presence of many players at the global, regional, and country levels. In recent years, there have been several mergers and acquisitions (such as the purchase of the night vision business unit of Harris Corporation by Elbit Systems of America, LLC, the merger of United Technologies and Raytheon, and the all-stock merger of L3 Technologies and Harris Corporation) related to defense tier levels, which have made significant changes in the competitive landscape including in the night vision goggle business. The following are the key players in the night vision goggles market:

• L3Harris Technologies, Inc.
• BAE Systems plc
• Thales Group
• Elbit Systems Ltd.
• Raytheon Technologies Corporation
• Leonardo DRS
• Rheinmetall AG
• Excelitas Technologies Corp.
• ASELSAN A.S.
• Hensoldt AG

Research Methodology

This strategic assessment report provides a comprehensive analysis that reflects today’s night vision goggles market realities and future market possibilities for the forecast period. The report segments and analyzes the market in the most detailed manner to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with an internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. The analyst conducted more than 10 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.