Nauticomp Inc. Weighs in on Reports that Night Vision Technology Market to Reach $7 Billion by 2020
Lindsay, Ontario, March 14, 2016 – Nauticomp Inc. (Nauticomp.com), an established display manufacturer with worldwide brand recognition, is commenting on a new report that predicts that the market for night vision technology will grow significantly in the next four years.
According to a report from MarketsandMarkets, an India-based research company, the market for night vision technology will grow by over 50% in the next four years. Currently, the night vision device market is worth about $5 billion each year, but that number is expected to grow to $7.7 billion by 2020. (Source: Meister, J., “Night Vision Device Market to Exceed $7B Value by 2020,” Product Design and Development, January 26, 2016; http://www.pddnet.com/news/2016/01/night-vision-device-market-exceed-7b-value-2020.)
“Night vision technology isn’t just something you see in the movies anymore,” notes Ryan Moore, president of Nauticomp Inc. “Night vision technology used to only really be used by the military, but now other industries are beginning to make use of this gear too.”
The market growth is expected partially because of the increasing applications that night vision technology is being put towards. Night vision technology is now used for many more common activities, including hunting and marine navigation.
“It’s more available to the public than ever before,” says Moore. “That’s a good thing, because night vision technology really has a lot of uses. It’s great when other industries can use this very advanced level of technology for their own benefit.”
However, military use is still expected to drive most of the growth in the market. With many armed conflicts around the world escalating, it is expected that there will be an increasing demand for night vision devices.
“Night vision equipment can save lives,” says Moore. “It’s becoming increasingly important in the military, with the advances in warfare. Our military forces have to be using the most advanced technology they can, so that’s the biggest reason why the market is growing.”
Night vision cameras and goggles are the devices that are expected to have the highest growth rate due to their frequent use in the military. However, Moore notes that there are a wide variety of other night vision devices available.
“When people think of night vision, they think of goggles,” says Moore. “There’s actually a wide range of night vision technology that is available. For instance, night vision-compatible displays are very common for both military and marine uses.”
Moore says that the growth in the market is a good thing for many businesses and companies, as well as consumers, who should reap benefits.
“When the market grows, the public gains more access to this technology,” says Moore. “There’s more opportunity to get this technology at competitive rates and put towards different uses.”
Nauticomp Inc. is an established display manufacturer with worldwide brand recognition as an innovative industry leader. It is dedicated to providing high-performance displays that are at the forefront of leading edge display technology. More information can be found at www.Nauticomp.com.