Report : Laser Weapon Systems Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Chemical Laser, Solid-State Laser, Free Electron Laser, and Fiber Laser) and Application (Air-based, Ground-based, and Sea-based)
According to the latest research report titled “Laser Weapon Systems Market Forecast to 2028 – COVID-19 Impact and Global Analysis,” published by The Insight Partners, the market is expected to reach US$ 5,123.18 million by 2028, registering a CAGR of 18.8% during 2021–2028.
Increasing Demand for High-Energy Laser Weapon System to Drive Market Growth during Forecast Period
Improvements in laser techniques have resulted in high-energy laser weapons with longer range. Laser weapon-developing companies such as Raytheon Technologies, Lockheed Martin Corporation, and Dynetics Inc. are introducing new developments in laser technologies. Countries are upgrading their military arsenal to strengthen the military and defense weapons for mission critical operations and to counter the air attacks. The laser weapon system developed by using fiber technology has almost become necessary part for military and defense weapon systems. The need to improve ground armory such as integrating anti-drone weapon systems, counter-missile weapons, and others weapon-mounted ground vehicles is increasing the importance of laser weapon systems in military. Countries such as India, China, the UAE, Taiwan, and a few others are strongly increasing their focus on laser technologies, which is creating strong growth opportunities for the laser weapon systems market.
The advancement of the laser weapons such as high-power and more accuracy is opening new opportunities for the players in the laser weapon systems market to manufacture advanced high-energy laser weapon systems. Fiber laser systems are witnessing strong demand as their smaller size is suitable for helicopters, ships, and ground vehicles.
A laser weapon system for fighter jets is being developed by Lockheed Martin, bringing a new level of advancement for warfighters. The laser weapons in fighter jets are enlacing the ability to shoot down missiles in flight and get an advantage over adversaries. The airborne laser weapon system creates a massive opportunities, such as destroying enemy aircraft, defending a friendly aircraft from attack, and improving ground targets, for the market growth. A large number of drones and advanced weapons can create severe damage owing to which the demand for airborne or aircraft mounted high-precise laser weapon systems is rising.
Key Findings of Study:
• Countries from the different regions are forming partnership to develop advanced technology for the military weapons. These partnerships are increasing the investment and development in the laser weapon system which helps to innovate new laser weapons. For instance, the Defence Science & Technology Laboratory (DSTL) of the UK formed a partnership with the US Navy and British industry to develop future energy storage options for British warships. This development is expected to boost market growth by providing next-generation power to naval laser weapons.
• Growing tensions over borders among Asian countries are creating demand for high-energy laser weapon systems, which is expected to boost the growth of the laser weapon system market during the forecast period. For instance, in September 2020, the Indian Defence Research and Development Organisation (DRDO) announced the plan to develop new directed energy weapons (DEWs) such as high-powered microwaves and high-energy lasers for contactless conflicts of the future.
• The laser weapon systems technology plays a prominent role to strengthen the military weapons and offers optimized protection against aerial attacks. New government projects for upgrading the military and defense sector is propelling the growth of the laser weapon system market by providing solutions having enhanced strength. Laser weapon systems offer enhanced precision, and strength for military weapon system to withstand against aerial attack and uncertain events. The increasing demand for directed energy weapon systems is expected to boost the market growth during the forecast period.