Amongst all the applications of the laser systems invented since the time of their discovery, military application is a very special field. Different types of lasers are used in military operations for different purposes. These applications range from defensive countermeasures, ranging, directed energy weapons and communication. Growth in demand from defense, homeland security, and aerospace applications have created strong rise in demand in the global military laser systems market. The industry is aiming at steady growth during the next few years to come. Advancing technology is expected to drive potential client as well as investors towards this industry, which is a positive sign for the existing players in the market.
Drivers & Restraints in Military Laser Market
The global military laser systems market is driven by steady rise in demand for these systems. The growth in demand for fabricated metal products and anti-missile defense systems is also expected to create strong rise in demand for this industry on global scale. New material cutting composites, demand from aerospace segment and high speed laser communication networks are also expected to contribute to the continuous rise in demand for these systems across various industrial verticals. Adaptation of military systems, long focal length and safety mats costs are some of the crucial challenges for the market. However, laser boost energy applications and demand for safety and protection are expected create numerous business opportunities for the market in the years to come.
Segmentation – What to Consider?
In order to understand the future growth trends and opportunities for business and investment in the market, researchers segment and analyze each and every component of the global market. The military laser systems market is segmented on the basis of the types of applications and demand across different industrial verticals and geographic regions. the types of applications of these products include laser designator, range finder, directed energy weapons, dazzler, LIDAR, sights, 3D scanning, proximity fuze, altimeters, Doppler vibrometer, and so on. The basic products in the market include laser pistol, solid state laser, laser cutter, fiber laser, laser diode, CO2 and so on. The basic applications of these products are found across the industries like military and defense, aerospace, and homeland security.
Forecasts – What to expect?
According to the experts, the global military laser systems market is expected to grow at an estimated CAGR of over 4% from 2014 to 2020. At the projected growth rate, the market is anticipated to become worth more than $2.73 billion by the end of the year 2020. Changing nature of warfare and technological advancements in the existing technologies are expected to create growth opportunities in this industry on global scale. Growth in the possibilities of terrorist attacks and global military spending on laser technology are also creating massive business prospects for this industry on global market.