Military Laser Systems Market is Forecasted to Reach USD 7.5 Billion by 2028
Chicago, July 01, 2024 (GLOBE NEWSWIRE) — The Military Laser Systems Market is estimated to be USD 5.0 billion in 2023 and is projected to reach USD 7.5 billion by 2028, at a CAGR of 8.7% during the forecast period.
The driving factor for the military Laser systems market is the significant investments in modern weapon systems by governments. Laser technology is widely used in military communication systems, directed energy weapon systems, and target designation and ranging system among other to enhance the military mission success rate by providing target whereabout, protecting army personnel, and countering and destroying the target.
To know about the assumptions considered for the study
Top Key Players included in the Military Laser Systems Market:
- Northrop Grumman Corporation (US),
- Raytheon Technologies Corporation (US),
- Lockheed Martin Corporation (US),
- Thales Group (France), and
- BAE System plc (UK).
Military Laser Systems Market Segmentation:
Based on platform, the naval segment is expected to grow at the highest CAGR during the forecast period.
The platform segment has been segmented into land, airborne, naval, and space. The growth of naval segment can be attributed to the increasing development of shipboard weapon system to strengthen maritime border security. For instance, in August 2020, Lockheed Martin Corporation (US) delivered Helios, an advanced 60+ kW-class high-energy laser weapon solution, to the US Navy to enhance their naval capabilities.
Based on application, the weapons segment is projected to grow at the highest CAGR during the forecast period.
Weapons segment is projected to grow at the highest CAGR in the military laser systems market. The growth of this segment is attributed to the growing disagreement with neighbouring nations. This factor led to an increase in demand for modern weaponry.
The weapons segment has been further classified into lethal and nonlethal weapons. The lethal weapon has ability to kill or destroy land, naval and aerial threats.
Based on technology, the fiber laser technology is expected to grow at the highest CAGR during the forecast period.
The technology segment has been segmented into solid-state laser, fiber laser, semiconductor laser, gas laser, liquid laser, and free-electron laser. Among these, fiber laser witnesses strong growth during the forecast period. Fiber lasers are highly compact, robust, efficient, low maintenance, reliable, and long-lasting high-energy lasers. It is widely used in directed energy weapons. The applications of fiber lasers typically include tactical directed energy and power beaming. Electrical fiber lasers can be spectrally combined to produce a high-power, weapon-grade beam, as demonstrated by Lockheed Martin Corporation (US).
Based on region, the North America accounted for largest share in the base year.
The North America region dominated the military laser systems market in 2020. The large share of North America military laser systems market is due to the increased concern over aerial threats and increased defense spending on research and development activities related to laser weapons. The North American military laser systems market includes the US and Canada. The US contributed the largest share to the North America military laser systems market in 2022 due to the increased production, testing, and demonstration of 300+ kW high-energy laser integrated military systems in the country.
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