WASHINGTON, Nov. 19, 2021 (GLOBE NEWSWIRE) -- According to a new report by Vantage Market Research, the military thermal weapon sights market is expected to reach USD 21.32 Billion by 2028, growing at a CAGR of 11.2% from 2021 to 2028. The increasing cross border disputes along with rising territorial and nation conflicts globally is anticipated to fuel the growth of the military thermal weapon sights market within the forecast period. Furthermore, the advancements in thermal weapon sights are also anticipated to support the growth of the military thermal weapon sights market in the estimated timeframe.
Key Findings:
- The gun-based thermal weapon sights segment is projected to grow at a CAGR of over 5.65% during the forecast period. This is owing to the increasing demand from the defense industry.
- The army segment held a market share of around 39.41% in 2020. This share is due to the increasing adoption of the device by the military forces in order to use it as a standalone observation device during day and night.
- North America is expected to expand at a CAGR over 8.56% from 2021 to 2028. This surge is attributed to the early adoption of new technologies and increasing war conflicts worldwide.
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Some of key players in military thermal weapon sights market include Raytheon Company, Excelitas Technologies, SGCI, Qioptiq, Thermoteknix, Thales Group, Leonardo DRS, FLIR Systems, Safran, Elbit Systems, ASELSAN, BAE Systems, and Aselsan, among others.
The increasing cross border disputes along with national conflicts across the world is expected to support the growth of the military thermal weapon sights market during the forecast period. The growing differences between religion, ethnic groups, distinct cultures, and political systems of the countries are leading to the adoption of these devices. These devices are used on small arms and can also be used as a device for standalone observation. For instance, the AN/PAS-13B is one of the heavy thermal weapon sight that uses thermal imaging so that it can be used at either day or night. It also helps to see through smoke and fog. The thermal weapon sight offers proficiency to see deep into the combat zones or battle areas, penetrate obscurants, and increase surveillance and target acquisition range to the militaries. Furthermore, the advanced thermal weapon sight system also offers a video output that can be used for training, remote viewing or image transfer. Due to its lightweight and the effectiveness of thermal weapon sights for militaries in battlefields is likely to boost the growth of the military thermal weapon sights market in near future. Additionally, the integration of advance devices like sensors with thermal weapon sight has also offered various benefits like high shock resistance, long range, precision calibres and edge night performance with infrared night-vision cameras. The increasing application of high-definition thermal imaging systems is also expected to support the growth of the market in the years to come. Moreover, most of the major players are also focusing on doing more research & development in order to improve and enhance the quality of their military thermal weapon sights devices.
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Asia Pacific region is expected to grow at a highest CAGR during the forecast period. This growth is accredited to the increasing cross border disputes and demand of advanced weapons from emerging economies, like India, and China.
The military thermal weapon sights market is segmented as follows:
By Type (Revenue: USD Million, 2016 - 2028)
- Gun-based Thermal Weapon Sights
- Vehicle-mounted Thermal Weapon Sights
By Application (Revenue: USD Million, 2016 - 2028)
- Navy
- Air force
- Army
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By Region (Revenue: USD Million, 2016 - 2028)
- North America
- U.S.
- Canada
- Mexico
- Europe
- U.K.
- France
- Germany
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- South East Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Argentina
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
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