Military Laser Systems Market-Overview
The ever-growing integration of technology in military warfare is predicted to bolster the Military Laser Systems Market was valued at USD 4.85 billion in 2022 and is projected to grow from USD 5.70 billion in 2023 to USD 10.20 billion by 2030. This growth represents a compound annual growth rate (CAGR) of 8.67% during the forecast period from 2023 to 2030. Key factors driving the market include an increase in terrorism activities, geopolitical conflicts, and the rising adoption of advanced laser-based military solutions and systems.
The investment inflow into military capability development has spiked in recent times due to conflicts between several nations and is estimated to enhance the military laser system market share. Moreover, the development of counterintelligence strategies and equipment is predicted to influence the long-term expansion of the military laser systems market.
Segmental Analysis
The segmental study of the military laser system market is carried out based on product type, technology, application and region. The technology segment of the military laser system market consists of a semiconductor laser, chemical laser, fiber laser, CO2 laser, diode lasers, and solid-state laser. The regional segment of the military laser system market consists of Europe, Middle East, Asia Pacific, North America, Africa, and Latin America. The product type segment of the military laser system market consists of laser designator/rangefinder, laser weapon, pointers and LIDAR. The application segment of the military laser system market consists of marking targets, missile defense, blinding troops, guiding munitions, and electro-optical countermeasures (EOCM).
Detailed Regional Analysis
The regional overview of the military laser system market consists of Europe, Middle East, Asia Pacific, North America, Africa, and Latin America. The North American military laser system market is projected to advance the global market throughout the review period. The expansion of the North American regional market can be attributed to the mounting technical expansion and the intensifying military expenses. The Asia Pacific military laser system market is projected to offer sizable market chances for growth in the forecast period. The existence of progressing nations such as; China and India are prophesied to have a vital input in supplementing the Asia Pacific regional market size. The Middle East and Africa military laser system market are projected to develop as an evolving market in the imminent period. Saudi Arabia is estimated to make the most momentous input in progressing the Middle East and Africa military laser system market. The mounting defense outflow of the region is anticipated to be a significant reason that aids in advancing the military laser system market in the region.
Competitive Analysis
The deployment of virtual resources is estimated to bolster the overall market. The government bodies are predicted to pitch in constructively to keep the markets going on the path of development. The market is estimated to reverberate with the developments being initiated in the market. The contenders in the market are estimated to take on a proactive role in the progress of the global market. The focus on accelerating the returns from the capital devoted to innovation is observed to be amplified. The creation of market niches or specialization is predicted to support the companies' progress who are operating in the global market. Additionally, the optimization of trade strategies and policies between different countries is estimated to affect the overall market expansion further. The revamp in market operations and the effect of lockdowns are anticipated to fuel the market's progress in the upcoming period. The balance between demand and supply forces should be stabilized to reap the benefits of the market's progress in the upcoming years.
The renowned players in the military laser system market are L3 Technologies (US), Northrop Grumman Corporation (US), Lockheed Martin Corporation (US), Elbit Systems Ltd (Israel), FLIR Systems Inc. (US), Safran Electronics & Defense (France), Saab AB (Sweden), BAE Systems (UK), Raytheon Company (US), and Thales Group (France)
Industry Updates:
Apr 2021 The Marine Corps' ground-based laser structures, which can be attached to the covers of vehicles to take down drones, nowadays have sturdier beams to battle airborne threats. The Corps has reached a novel USD 2.5 million agreement with Boeing to overhaul its Compact Laser Weapon System for the subsequent five years. The structure, which can be connected to combat vehicles, can be exploited on land or sea. The updates also made the laser weapon more reliable and faster, and they allow Marines to aim more aircraft from greater spaces.
Mar 2021 Intevac Photonics has declared that it has been bestowed a USD 1.8 million development agreement award from the US Administration's Joint Directed Energy Transition Office, indicating the backing for year one of a likely three-year, USD 7 million development effort. As per this plan, Intevac will advance a Gated SWIR Sensor for High Energy Laser (HEL) 2D Fine Tracing and Adaptive Optics system uses, developing on the company's knowledge in its fielded LIVAR camera technology and legacy Fine Tracking / Adaptive Optics sensor expertise first expended on the Airborne Laser (ABL) program.
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