ID: MRFR/A&D/0879-CR | September 2016 | Region: Global | 141 pages
Global Military Laser Systems Market is estimated to expand at a CAGR of 10% while acquiring a significant market value during the forecast period from 2018 to 2023, estimated Market Research Future (MRFR).
COVID-19 has brought a significant impact on the military laser systems market share owing to the imposition of lockdown. The pandemic has affected the market dynamics, competition, and the supply chain. However, key players are optimizing their operations and strategies to mitigate losses incurred during the COVID-19 period.
Growing Demand for High-Speed Laser in Communication Networks to Boost the Market
The growing demand for high-speed laser in communication networks is expected to be a significant factor that can boost the military laser systems market growth during the review tenure. The growing expenditure on the military in developing countries is anticipated to be another cause that can propel the industry growth during the assessment timeframe. Also, the rising application of laser insights, rangefinders, and laser designators are other salient causes that are predicted to drive the demand for the product, thereby augmenting the military laser systems market growth. In addition, the laser directed energy weapon systems are a very cost-effective and accurate method as compared to other expensive missiles.
Development in Commercial Technologies to Offer Significant Opportunities
The on-going development in commercial technologies is expected to offer expansion opportunities for the market players established in the global military laser systems market.
High Development Cost to Hinder the Market Growth
The high development cost associated with the product is estimated to be a notable factor that can obstruct the market growth during the forecast period.
Stringent Rules Imposed by Regulatory Bodies to Pose a Significant Challenge
The stringent rules and regulations imposed by regulatory bodies are recognized to be a significant factor that can obstruct the industry's rise in the coming time.
Cumulative Market Growth Analysis
MRFR asserts that the global military laser systems market is expected to witness significant growth during the forecast period while thriving at a CAGR of 10%. The expansion of the market can be attributed to the rise in military expenses across the globe.
In the product segment of the global military laser systems market, the laser weapon segment is anticipated to account for the largest market share during the forecast period. On the other hand, the helmet segment is expected to witness the fastest market growth.
In the technology segment of the global military laser systems market, the solid-state laser segment is expected to acquire the largest market share during the review period. On the other hand, the chemical laser segment is projected to experience the fastest growth during the evaluation timeframe.
In the application segment of the global military laser systems market, the guiding munitions segment is expected to record the fastest market rise during the projection tenure. On the other hand, the marking targets segment is likely to acquire the largest market share.
North America to Lead the Market
North America is anticipated to lead the global market during the review period. The development of the regional market can be accredited to the growing technical development and the rising military expenditure. The US and Canada are predicted to make the most significant participation in developing the global market. In addition, the presence of established key players is anticipated to be a significant cause that can drive the market in the region
APAC to Offer Significant Opportunities
APAC is anticipated to offer significant market opportunities during the forecast period. The presence of developing nations such as; China and India are predicted to make a crucial contribution in augmenting the regional market size. The developing countries are aiming to install various laser-based weapon technologies and defense systems. Besides, the growing expenses in the defense sector are expected to drive the market in the coming time.
MEA to Emerge as a Significant Market
MEA is expected to emerge as a developing market in the coming time. Saudi Arabia is anticipated to make the most significant contribution in developing the regional market. The growing defense expenditure of the region is likely to be a significant cause that aids in developing the market in the region. The expansion of the regional market can be attributed to the growing deployment of the regional armed troops in the war against terrorism.
The increasing adoption of military laser systems across the world can be attributed to the expanding collaboration and partnerships among the established key players. The application of laser technologies is proliferating with a broad scope of innovation. The players are incorporating novel factors and innovation to expand their consumer base across the world. The market is highly fragmented, which is likely to result in an increased number of players entering the market, thereby fueling the competition in the industry.
January 2021- Lockheed Martin, the American aerospace company, announced that it had delivered its High Energy Laser with Integrated Optical-Dazzler and Surveillance weapon system, also known as HELIOS, to the US Navy for installation on an Arleigh Burke-class guided-missile destroyer.
January 2021- South Korea has announced an investment of 45 billion in the next five years to develop next-generation technologies to track and monitor space objects. The new laser-based technologies are aimed at better monitoring objects that fly over the Korean Peninsula amid an increase in the usage of satellites for military purposes.
The report comprises an in-depth assessment of the global market during the projection timeframe. The report includes an extensive study of the market consisting of Porter’s Five-Factor analysis and supply chain analysis. A segmentation of the market has been carried out for a better understanding of the industry. Further, the report highlights the manufacturing technology and the applications that describe the market growth. Based on this information, the market is assessed into various segments, which casts light on the procurement of market share during the forecast period. The other market dynamics have also been analyzed across an array of developments, which provides a solid hold of the market in the assessment period. In addition, the report also consists of the impact of COVID-19 on the market.
Global Military Laser Systems Market, By Product Type
Global Military Laser Systems Market, By Technology
Global Military Laser Systems Market, By Applications
Frequently Asked Questions (FAQ) :
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.