The military laser systems market size is expected to grow at a CAGR rate of 10% in the forecast period (2018-2023). The military laser system is defense equipment that is widely used in various military-based applications. It is used to detect a wide range of objects and in some lethal activities. Some of the most common variants are dye laser, semiconductor, chemical lasers, etc. The military laser system is integrated with the missile guidance equipment, directed energy weapons, rangefinders, and designators. Many factors influence the market, and the market is expected to rise in the military laser systems market forecast.
The military needs a wide range of tools to deal with numerous threats. In some cases, the traditional weapons are not effective enough, and their dominance is slowly fading away with the rapid growth of Technological developments. Due to this, countries around the world are trying to make the best weapons for their military. The countries are allocating resources and time and making the best use of laser technology in weapons and other military applications on air, space, land, battlefield, and maritime. That is the military laser systems market, all set to grow by registering a healthy CAGR in the forecast period.
Previously, most laser weapons were not advanced enough, and they were only used in the permanent base. However, with the advancements in laser technology, the laser system has become powerful and small. The advanced laser systems are very powerful, and they serve military applications efficiently. Also, they come with unlimited firing ability, and they don't need any expensive system to operate. That is why these systems don't require ammunition; they are used in small-sized drones, lightweight vehicles, rockets, and small boats. Due to this, so many growth opportunities can be seen for the military laser systems market.
COVID-19 is now of the biggest threats to all countries in the world and people. The COVID-19 pandemic affected so many businesses and industries across the world. Due to increasing COVID-19 cases, the governments worldwide imposed lockdown, which further had a negative impact on the businesses. The shortage of laborers is also one of the major factors in the world economic decline.
The production of products is at a halt, and the supply chain has been disrupted. Due to lack of supply, the demand has also declined. All these factors have hampered the market, and the market demand is down. However, the key players are trying to maintain the market's demand and boost the market trends. It is expected that the drives will boost the market growth in the forecast period when the situation comes back to normal.
One of the major drivers in the market is the rise in terrorism activities and geopolitical conflicts. Additionally, the growing adoption of advanced laser-based military solutions, including perimeter breach detection systems, offensive laser systems, etc., in military applications is set to propel the growth of the military laser systems market. Furthermore, the government is ready to invest a lot in the defense sector, which will be a major driver in the market. For instance, the Indian Air Force (IAF) is ready to invest $15 BN to strengthen the military. The presence of various modernization military programs will also play a big role in influencing the global market. Besides, the introduction of AI has enabled the manufacturing of innovative laser equipment with advanced targeting, monitoring, and information gathering systems. Also, installing laser systems in the underwater, drones, and aerial vehicles will propel the market size.
The increasing awareness about the laser systems and their benefits in the military sectors will bring opportunities for the military laser systems market. Also the introduction of small size, lightweight laser are expected to generate opportunities for the market. In addition, laser systems are more cost-effective and accurate weapons than expensive missiles. The rising demand for directed-energy weapons in the military and the integration of innovative technologies such as beam control and auxiliary technologies will bring opportunities for the market.
The major restraint in the market is the need to generate high power systems while considering the cost. There is high research and budget involved, which can hamper the military laser systems market revenue.
The stringent rules from the government are expected to be a challenge for the market. Apart from that, the underdeveloped regions are now aware of the laser systems, which can be a concern for the market in the coming years. The key players are trying to boost the military laser systems market trends by overcoming these challenges.
Cumulative growth analysis
There are many growth opportunities for the market, and it has shown rapid growth in demand over the years. The market is all set to register a healthy CAGR of 10% in the coming years. According to the military laser systems market analysis, a wide range of applications of laser systems will further increase the demand, and the market will show promising results in the forecast period.
The military laser systems market is segmented based on product, technology, and application.
Based on product, the market is segmented into lidar, laser designator, laser weapon, 3D scanning, ring laser gyro, laser range finder, and laser altimeter. The 3D scanning segment is expected to have the highest military laser systems market share in the forecast period.
The market is segmented into Fibre, solid-state, semiconductor, CO2, chemical-based technology. The solid-state laser segment is expected to have the highest military laser systems market share in the forecast period and register the highest CAGR growth rate.
The market is segmented into aerospace, defense, and homeland security based on application. Among them, the defense segment is expected to have the highest market share. And this segment is also expected to grow at a faster rate.
The major regions in the market are North America, Asia Pacific, Europe, and the Middle East, and Africa. Among them, North America is expected to hold the highest share and lead the market. The development in this region is owing to the technical development and rising investment in the military. Canada and the US are expected to have the highest portion of share in the market.
The Asia Pacific is expected to generate many opportunities for the market. The presence of major key players and the developing nations will contribute to boosting the demand. Countries like China and India are expected to install much laser-based technology. The Middle East and Africa are also emerging as great regions for the market. The government is investing money in advanced weapons in this region that will propel the military laser systems market demand.
The major key players in the military laser systems market are
The market reports show both qualitative and quantitative analysis of the market. Furthermore, this report includes covid-19 analysis, market Dynamics, and military laser systems market outlook. Additionally, it highlights the market segmentation, regional analysis, competitive landscape, and recent developments.
By Product Type:
The global military laser systems systems market is projected to register a moderate 10% in the forecast period.
The LIDAR segment is expected to observe substantial demand over the review period.
The massive demand for the market due to increased global conflicts has led to a development in investments primarily for military growth is the market's primary growth inducer.
North America is expected to observe substantial demand over the review period.
The solid state laser segment is expected to secure the highest CAGR.
The marketing targets segment is slated to expand as the fastest-growing segment.
A few eminent market players operating in the global military laser systems market are Lockheed Martin Corporation (US), Saab AB (Sweden), BAE Systems plc (UK), and others.