The global laser technology market for aerospace, defense, and homeland security is estimated to be $2.14 billion in 2014. The market is expected to register a CAGR of 4.23% and rise to approximately $2.73 billion by 2020.
The change in nature of warfare has resulted in the increased production of laser guided weapons. To knock down an enemy tank, it is necessary to range it very accurately. Due to its high intensity and very low divergence even after travelling quite a few kilometers, laser is ideally suited for this purpose. The laser range finder works on the principle of radar. It makes use of the characteristic properties of the laser beam, high intensity, coherency, and directionality. The missile itself carries a laser scanner and seeker for active homing on to the target. There is a need for more efficient systems in the battlefield for improved performance.
The laser systems market will also impact the manufacturing of flight panel, which would in turn increase the usage of lasers in the aerospace industry. Lasers are widely used in communications and manufacturing, and component technology is being driven by the commercial market.
The report gives insight into the regional trends for spending and analyzing market share. It talks about the leading competitors in the laser technology market and apart from the general overview of the companies; it also provides financial analysis, products & services, and key developments.
New growth region of this market is Asia-Pacific, as a lot of developments have taken place in this region. Japan and china is the major player in the laser technology market.