LONDON, Oct. 27, 2023 (GLOBE NEWSWIRE) — According to The Business Research Company’s research report on the laser weapon systems market, increasing research and development activities in laser weapons is shaping the laser weapon market. With growing defense budgets and research grants, militaries around the world are using high-energy laser equipment and investing heavily in research and development.
For instance, in May 2023, the US military began research on a prototype laser weapon for short-range air defense, which is a 50-kilowatt high-energy laser mounted on an identifiable position of a Stryker A1 vehicle to lock, track and destroy air threats.
According to the Stockholm International Peace Research Institute, global military spending rose to $1981 billion in 2020, a 2.6% increase from 2019. Furthermore, in April 2023, the US Air Force granted a $15.5 million deal for Raytheon Technologies, a US-based aerospace and defense company to develop an enhanced version of a dune buggy-mounted laser weapon system and in 2019, Raytheon Technologies was also granted a $23.8 million deal for two prototypes of the high-energy laser weapon system (HELWS). Therefore, the increase in investments in military and defense propels the market for laser weapon systems.
North America was the largest region in the laser weapon systems market in 2020. The regions covered in the laser weapon systems market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The Business Research Company’s report titled Laser Weapon Systems Global Market Report 2023 – By Product (Laser Designator, LIDAR, 3D Laser Scanning, Laser Range Finder, Ring Laser Gyro, Laser Altimeter), By Technology (Solid State Laser, Chemical Laser, Free Electron Laser, Chemical Oxygen Iodine Laser, Tactical High Energy Laser), By Application (Air Based, Ground Based, Sea Based), COVID-19 Growth And Change covers major laser weapon systems companies, laser weapon systems market share by company, laser weapon systems manufacturers, laser weapon systems market size, and laser weapon systems market forecasts. The report also covers the global laser weapon systems market and its segments.
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The main types of products in laser weapons systems are laser designator, LIDAR, 3D laser scanning, laser range finder, ring laser gyro, and laser altimeter. Laser designator is a type of laser weapons system that allows laser designation or surveillance squad to target the designation of laser-guided munitions. The different technologies include solid-state laser, chemical laser, free-electron laser, chemical oxygen-iodine laser, tactical high energy laser, others and is used in air-based, ground-based, and sea-based operations.
The global laser weapon systems market is expected to grow from $3.86 billion in 2020 to $4.37 billion in 2023 at a compound annual growth rate (CAGR) of 13.2%. The growth in the laser weapon systems market is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The laser weapon systems market is expected to reach $10.03 billion in 2025 at a CAGR of 23.1%.
In November 2019, nLight, a US-based developer of high-power semiconductor and fiber lasers, acquired Nutronics for $17.5 million. Nutronics specializes in coherent lasers and beams control systems for high-energy laser (HEL) systems for the defense sector. This acquisition provided nLight customers with a wide range of directed energy products from semiconductor lasers to beam control.
Major players in the laser weapon systems market are Applied Technology Associates, Boeing, Elbit Systems Ltd., General Atomics, BAE Systems, Lockheed Martin Corporation, MBDA, Northrop Grumman Corporation, Raytheon Technologies Corporation, Rheinmetall AG, Thales Group, Kratos, Leidos, Leonardo SpA, and Rafael Advanced Defense Systems.
Laser Weapon Systems Global Market Report 2023 – COVID-19 Growth And Change is one of a series of new reports from The Business Research Company that provide laser weapon systems market overviews, laser weapon systems market analyze and forecast market size and growth for the whole market, laser weapon systems market segments and geographies, laser weapon systems market trends, laser weapon systems market drivers, laser weapon systems market restraints, laser weapon systems market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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