The Global Military Thermal Weapon Sights Market To Recover At Steady Rate
The military thermal weapon sights are the light weight systems provided with handheld vehicles or vehicles mounted. These weapons are mounted on weapon rail to maximize the operational efficiency of the weapon. These thermal weapon sights are used to for their ability to see deep into the battlefield. These weapons have applications in conducting surveillance and assisting soldiers to target the acquisition range. The thermal weapons sights are made by using forward looking infrared technology, it aids to provide video output for image transfer, remote viewing. The military is having extensive demand for the thermal weapon sights to maximize their effective operation range.
The thermal weapon sights have extensive applications in the defense sectors. The navy, air force and arm are having steady demand for the military thermal weapons. The military thermal weapon sights have extensive applications in the military operations. The rise in global military activities like reconnaissance and surveillance are contributing to the demand for the military thermal weapon sights. The rising need for military surveillance in border regions is fulling the market growth. The rising government initiatives for the procurement plans, platform development and soldier modernization programs are majorly driving the military thermal weapons sights market. The governments of leading economies are heavily investing in defense, the rise in expenditure in defense sector is propelling the regional military thermal weapons sights market.
Military Thermal Weapon Sights Market Dynamics
The Global Military Thermal Weapon Sights Market was valued at USD 114.75 Million in 2020 and is expected to grow at a Compound Annual Growth Rate (CAGR) of 3.0% between 2021 to 2028. The market usually shows the steady growth. The COVID-19 outbreak in 2019 have hampered the market growth. The defense manufacturing sector had witnessed a slowdown due to decline manual labor. The military thermal weapon sights market is estimated to recover slowing in the coming years.
Regionally, North America is the dominant player in the military thermal weapons sights market owing to the presence of the leading market players and increasing adoption of technologically advanced weapons. The APAC region is estimated to provide significant market growth opportunities in the forecast period. The prominent market players in the military thermal weapon sights market are BAE Systems, Leonardo DRS, Raytheon Company, Thales Group, Elbit Systems, FLIR Systems, Safran, Excelitas Technologies and Armasight.