Trending News: Military Laser System Market Size, Share, Trends, Growth, Analysis, Research
Global Military Laser System Market: Key Highlights
- According to the new market research report “Military Laser System Market by Type (CO2 Laser, Semiconductor Laser, Fiber Laser, Solid-State Laser, Chemical Laser), by Component (Laser Rangefinders, Laser Warning Systems, Fire Control Systems, LiDAR, Laser Weapons, Pointers, Others), by Application (Defense, Homeland Security) by Region (North America, Asia-Pacific, Europe, Middle East & Africa, South America) — Global Forecast (2019 to 2027)”, the global military laser system market is estimated to reach USD 7.8 Billion by 2027 at a CAGR of around 9.1% during the review period
- Increasing need for flexible, accurate, and highly impacted weapon systems and increasing use of high-speed laser in communication network is expected to boost the market during upcoming years
- Moreover, increasing terrorist attacks is also expected to expand the growth of the market during forecast period
Global Military Laser System Market: Key Market Dynamics
- Increasing investment in research & development in laser weapon systems is anticipated the growth of the market during upcoming years
- However, low government budgets assigned to defense sector is expected to hinder the development of military laser systems market
- Advancement in commercial technologies and increasing demand for directed-energy weapons will become opportunities for the military laser system market during the forecast period
Global Military Laser System Market: Regional Overview
- North America
North America is expected to dominate the military laser system market during the forecast period. US is projected to grow at faster rate during projected years due to increasing investment in defense sector, development of latest weapon systems, and import &export of various defense equipment & accessories. In Jan 2019, US announced new missile defense policy aimed at addressing the challenges posed by China and Russia. Moreover, in Jan 2019, Trump announces huge expansion of US missile defense system to destroy enemy missiles anytime, anywhere, and any place. Hence, these advancements in military defense and missiles system will boost the military laser system market in North America during projected period.
- Middle East & Africa
Middle East & Africa is expected to grow at highest growth rate during the forecast period due to high investments in military defense technologies done by Iran, Saudi Arabia, United Arab Emirates (UAE), and Israel. Tense relations between Iran, Qatar, Saudi Arabia and the United Arab Emirates (UAE) are the main reason for the growth of the military laser systems market in MEA. According to Sipri, in 2018, Saudi Arabia’s military spending amounted to an estimated USD 67.6 billion which is third largest military spender globally. Moreover, in January 2020, Israel is developing various laser system equipment to defeat drones, artillery, rockets, drones, and anti-tank guided missiles. The country is also developing electric source laser systems to replace chemical laser systems technology. Hence MEA region is expected to grow at faster rate during forecast period.
Global Military Laser System Market: Key Players Overview
- BAE Systems:
BAE Systems Plc engages in the provision of a full range of products and services for air, land, and naval forces, advanced electronics, security, information technology solutions, and support services. The company operates through the five business segments: electronic systems, cyber and intelligence, platforms and services (us), air, and maritime. The company developed Advanced precision kill weapon system (APKWS) to operate 2.75-inch laser-guided rockets and bridge the gap between unguided rockets and anti-armor munitions. In September 2017, BAE Systems launched a USD 40 million program to determine the military utility of laser directed energy weapons (LDEWs) and to study integration on to UK military aircraft, ships and land vehicles.
- L3Harris Technologies, Inc.:
L3Harris Technologies, Inc. engages in the provision of commercial and defense technologies across land, air, sea, space and cyber domains. The company operates through four business segments: aviation systems, integrated mission systems, space and airborne systems, communication systems. the company is a one of leaders in the design, manufacturing, and developments of military-grade eye-safe laser rangefinders, precision laser target designators, and multi-function laser systems. In September 2018, the company partnered with United States Special Operations Command (USSOCOM) to provide squad aiming laser systems.
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