Image Intensifier Market

Image Intensifier Market - Key Revenue Pockets

The global image intensifier market is expected to reach USD 1,320 million by 2024 from USD 912 million in 2019—at a CAGR of 7.66% during 2019–2024. Image intensifiers are extensively used for increasing illumination of weak light in various applications. The increasing military expenditure worldwide and the growing demand for medical diagnostic systems with better visibility play a significant role in the growth of the image intensifier market. Multiple soldier modernization programs being carried out across the globe are leading to the growth of the image intensifier market for the defense and surveillance sector.

Defense and surveillance is the most dominating segment, and it held the largest market share in 2018. In the past, army forces all over the world were incapable of fighting at night due to various reasons, including the lack of quality on-time intelligence and difficulty in establishing communications. As a result, they witnessed a low rate of success with night-time combat operations. Image intensifier-integrated devices were introduced primarily to overcome these challenges.

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Among all the end-use applications, googles are expected to register the highest CAGR during the forecast period as image intensifier-based night vision googles play a key role in the defense segment. There is a growing demand for advance enhanced night vision googles owing to the defense equipment modernization programs around the world. In 2018, L-3 Technologies was awarded a contract worth USD 17 million for providing the AN/PSQ-20B enhanced night vision google systems with image intensifier tubes; it also received another contract worth USD 150 million to provide night vision equipment including its binocular night vision googles.

The image intensifier market in APAC is expected to grow at the highest CAGR during the forecast period. The growth of the market in APAC can be attributed to the increased investments in the development of new and advanced equipment integrated with image intensifiers by countries such as China and India to strengthen their defense capabilities and ensure better homeland security. China, Japan, South Korea, and India are some of the APAC countries concentrating on defense and medical equipment spending; therefore, there is a continuous demand for image intensifiers in APAC. Several key players in the image intensifier market have already started focusing on tapping the opportunities in this region. Further, companies are also focusing on forming partnerships and gaining contracts from the players operating in these APAC countries.

Related Reports:

Image Intensifier Market by Diameter, (<18 mm, 18 mm, 25 mm, 6 inch, 9 inch, 12 inch, 16 inch), Application (cameras, scopes, googles, x-ray detectors), Vertical (Defense and Surveillance, Medical, Industrial), Geography - Global Forecast to 2024

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Report Code
SE 6982
Published ON
Mar, 2019
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