LONDON–(BUSINESS WIRE)–The new military thermal weapon sights market research report from Technavio indicates negative growth in the short term as the business impact of COVID-19 spreads.
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“One of the primary growth drivers for this market is the introduction of high-definition thermal imaging systems”, says a senior analyst for the Industrials industry at Technavio. As the markets recover, Technavio expects the military thermal weapon sights market size to grow by USD 144.75 million during the period 2020-2024.
Military Thermal Weapon Sights Market Segment Highlights for 2020
- The military thermal weapon sights market is expected to post a year-over-year growth rate of 1.43%.
- The gun-based thermal weapon sights segment led the global military thermal weapon sights market in 2019.
- The market growth in the gun-based thermal weapon sights segment will be faster and more significant than the growth of the market in the vehicle-mounted thermal weapon sights segment.
- 38% of the growth will originate from the APAC region.
- The growing focus on equipping anti-tank weapons with night vision sights by defense agencies in the region will drive the growth of the market.
- China is the key market for military thermal weapon sights in APAC.
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- The military thermal weapon sights market size is expected to accelerate at a CAGR of over 3% during the forecast period.
- The military thermal weapon sights market is segmented Type (Gun-based thermal weapon sights and Vehicle-mounted thermal weapon sights) and Geography (North America, APAC, Europe, MEA, and South America).
- The market is fragmented due to the presence of many/few established vendors holding significant market share.
- The research report offers information on several market vendors, including ASELSAN AS, BAE Systems Plc, Elbit Systems Ltd., Excelitas Technologies Corp., FLIR Systems Inc., Leonardo Spa, Raytheon Technologies Corp., Safran SA, Thales Group, and Thermoteknix Systems Ltd.
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