With the changing nature of warfare, there has been a rise in demand for efficient and lethal weapons with high precision and accuracy and ability to annihilate distant enemy tanks. Military laser systems, which are fast gaining prominence in this sector, have been under development for decades now. These laser systems have high intensity and low divergence, which has made it a popular choice of weapons in times for warfare. Moreover, increasing support and initiatives from the government for strengthening their defense is another factor boosting the growth of military laser systems market.
Driving Factors and Challenges
The major factors responsible for the growth of the global market for military laser systems are:
- Rising need for highly explicit weapons
- Growth in usage of high-speed laser in communication networks
- Lower costs per shot
- Rising support and initiatives from government
Moreover, growth in commercial technologies is said to offer an array of opportunities for the key players operating in this market. However, higher costs of development and strict regulations are factors that may hinder the growth of this market.
Estimated to grow at a CAGR of 8.86% during the forecasted period, the global military laser systems market that was valued at USD 3.03 Billion in 2015 is projected to reach USD 4.63 Billion by the end of 2020. Among regions, North America is the dominant region, followed by Europe and Asia-Pacific. However, the Middle Eastern market is expected to grow at the highest CAGR over the forecast period.
Among products, the laser weapon segment holds the largest market share as of now. Also, the 3D scanning segment is expected to show good profit during the projected period. Whereas among application, defense is the major sector using military laser systems, and currently holds the highest market share, mainly due to the requirements in lethal weapons for military forces across the globe. Moreover among technology, the solid-state laser market accounted for the largest share of the market in 2015. However, the chemical laser market is poised to grow at the highest CAGR between 2015 and 2020, owing to the increasing R&D activities of military laser systems in the U.S. as well as in the developing nations.
The major companies operating in the global market for military laser systems include Raytheon Company (U.S.), Coherent Inc. (U.S.), Newport Corporation (U.S.), Lockheed Martin Corporation (U.S.), and Thales SA (France). Northrop Grumman Corporation (U.S.), American Laser Enterprises, LLC (U.S.), BAE Systems PLC (U.K.), Frankfurt Laser Company (Germany), and Quantel (France) are other players competing in this market.
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Scope of the Research
The forecasts the global military laser systems market has been done on the basis of the following segmentation:
- Product: Laser Designator, LIDAR, 3D Scanning, Laser Weapon, Laser Range Finder, Ring Laser Gyro, Laser Altimeter
- Application: Aerospace, Homeland Security
- Technology: Fiber Laser, Solid-State Laser, Chemical Laser, CO2 Laser, Semiconductor Laser
- Geography: North America, Europe, Asia-Pacific, Middle East, RoW