Laser Weapon Systems Market Growth's Key Contributor Is The Increasing Investment In Military And Defense

Date

9/15/2021 8:14:10 AM

(MENAFN- EIN Presswire)

Laser Weapon Systems Global Market Report 2021 - COVID-19 Growth And Change

The Business Research Company's Laser Weapon Systems Global Market Report 2021 - COVID-19 Growth And Change

LONDON, GREATER LONDON, UK, September 15, 2021 /EINPresswire.com / -- The increasing investment in military and defense is expected to contribute to the growth of the laser weapon systems market in the coming years. Air-based laser weapon systems provide flexibility and accuracy for self-protection against aircraft, missiles, and ground-based weapons in the military and defense sectors. For instance, 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 2021, 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.

The global laser weapon systems market size is expected to grow from $3.86 billion in 2020 to $4.37 billion in 2021 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%.

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.

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Major players covered in the global laser weapon systems industry 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.

TBRC's global laser weapon systems market report is segmented by product into laser designator, lidar, 3D laser scanning, laser range finder, ring laser gyro, laser altimeter, by technology into solid state laser, chemical laser, free electron laser, chemical oxygen iodine laser, tactical high energy laser, others, by application into air based, ground based, sea based.

Laser Weapon Systems Global Market Report 2021 - 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 is one of a series of new reports from The Business Research Company that provides laser weapon systems global market overview, forecast laser weapon systems global market size and growth for the whole market, laser weapon systems global market segments, and geographies, laser weapon systems market trends, laser weapon systems market drivers, restraints, leading competitors' revenues, profiles, and market shares.

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