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 territorial conflicts globally coupled with the rising cross-border disputes and the technological innovations in thermal weapon sights is anticipated to fuel the growth of the military thermal weapon sights market within the forecast period.
- The vehicle-mounted thermal weapon sights segment is projected to grow at a CAGR of over 6.43% over the forecast period owing to the increasing adoption in the end-use industries.
- The army segment held a market share of around 39.41% in 2020. This share is due to the increasing oil drilling activities across the globe to meet the rising demand for energy & fuel.
- North America is expected to expand at a CAGR of over 8.56% from 2021 to 2028. This surge is attributed to the early adoption and emergence of new technologies in the region.
Some of the key players in the 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 territorial conflicts and cross-border disputes across the world are expected to support the growth of the military thermal weapon sights market in the years to come. This is owing to the increasing differences between distinct cultures, religions, ethnic groups, and political systems of the countries. The thermal weapon sight offer militaries the proficiency to see deep into the battlefield, penetrate obscurants, day or night, and increase surveillance and target acquisition range. Furthermore, the thermal weapon sight system also provides a standard video output for training, remote viewing or image transfer. Due to the lightweight of thermal weapon sight systems, they can be easily mountable onto a weapon rail and operate to the maximum effective range of the weapon. Thus, the effectiveness of thermal weapon sights in the military for battlefields is likely to boost the growth of the military thermal weapon sights market in near future.
The increasing advancement in technologies that are used on the battlefield is expected to support the growth of the military thermal weapon sights market over the forecast period. The integration of advanced technology like wireless communication along with sensors with thermal weapon sight has offered various benefits compared to conventional thermal weapon sight systems. The new-age thermal weapon offers high shock resistance, long-range, precision calibers, and edge night performance with infrared night-vision cameras. Furthermore, the implementation of high-definition thermal imaging systems is also expected to support the growth of the market in the years to come. However, the lack of technological developments in emerging economies may hinder the growth of the market. Moreover, most of the major players are focusing on developing more innovative technologies in order to improve and enhance the quality of vision in the military thermal weapon sights. Thus, increasing technological innovations is likely to fuel the growth of the military thermal weapon sights market in the years to come.
Asia Pacific region is poised to record the highest CAGR. This is attributable to the increasing demand for advanced weapons from emerging economies, such as India, and China, coupled with the rising cross-border disputes in the region.