Surging Defense Spending, Need to Tighten Border Security and Introduction of 100% FDI in Defense Sector would Spur India's Night Vision Device Market- 6Wresearch
Rising terrorist activities, border intrusion from northern, western, and eastern borders, civil unrest, increasing defense spending, and growing localization of defense equipment have led to the growth of Night Vision Devices (NVDs) in India. After the introduction of the Government of India's "Make in India" campaign in 2014, the defense sector witnessed the entry of various international players.
According to 6Wresearch, India Night Vision Device market is forecast to reach $215 million by 2022. In 2016, the Indian government eased the FDI limit in the defense sector from 49% to 100%, which is expected to significantly boost domestic manufacturing of various equipment including night vision devices in the coming years. Additionally, domestic companies are collaborating with foreign counterparts for manufacturing state of the art NVDs for Indian armed forces.
Army application accounted for the highest deployment of NVDs followed by the air force and navy application. NVDs are primarily used by infantry units, armored division, mechanized infantry vehicle, and army aviation corps.
According to Prijo Samuel, Assistant Manager, Research and Consulting, 6Wresearch, "in India, NVDs are widely deployed in border security & surveillance segments, especially in regions such as northern, western and north-eastern. Government has earmarked nearly $12.9 billion for tri-services in defense budget 2016-17, which in turn is expected to drive the purchase of next-generation NVDs", Samuel further added.
According to Akash Shukla, Research Analyst, Research and Consulting, 6Wresearch, "Indian government is set to invest about $80-100 billion in the next 5-7 years for modernizing armed forces with new defense equipment and to replace obsolete ones.
Also, the Indian army is gradually raising 17th Mountain Strike Corps for guarding North-Eastern frontiers, where 90 units have been raised out of 250 sanctioned. The rest of the units are anticipated to be raised by 2021, which would drive the demand for NVDs through the forecast period.
Presently, fixed-mounted NVDs accounted for the highest revenue share owing to several defense upgrade projects including modernization of combat aircraft with next-generation avionics and night vision systems," Akash concluded.
The key players in India's night vision device market are namely- Bharat Electronics, Elbit Systems, and Thales. India NVD market is highly consolidated, where the above-mentioned players have captured major share.
"India Night Vision Devices Market (2016-2022)" provides in-depth analysis with 33 figures and 8 tables covered in 80+ pages. The report estimates and forecasts overall India Night Vision Devices/ Systems market by revenue, by type such as fixed-mounted, handheld, scope, and head-mounted. The report also gives insights on price trends, market trends, competitive landscape, company profiles, market drivers, and restraints.
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Media Courtesy : Open PR