The laser weapon systems market was valued at US$ 1,342.17 million in 2020 and is projected to reach 5,123.18 million by 2028; it is expected to grow at a CAGR of 18.8% from 2021 to 2028.
Laser weapon manufacturers offer innovative and technologically advanced weapons for military & defense to strengthen the land, air, and sea weapon arsenal and protect nations against enemy threats such as UAVs, mortar rounds, artillery shells, and rockets. Laser weapon systems play a major role in the instant attack and protecting warfighters on the battlefield owing to which each country is focusing on its development. Significant growth in the economy of developing nations is supporting the development of defense weapon systems. Market players are continuously enhancing their capacities to meet emerging needs, and they are also offering advanced technologies with improved range and power. For instance, Lockheed Martin is advancing its efforts to deliver High-Energy Laser and Integrated Optical-Dazzler with Surveillance (HELIOS) for the US Navy by combining long-range ISR, laser weapon, and counter-UAS capabilities to enhance situational awareness and layered defense. Similarly, Raytheon Technologies has awarded US$ 15.5 million contracts to develop an upgraded buggy-mounted laser weapon system. The weapon can destroy drones or small unmanned aerial systems within 3 km with a game-style controller and a laptop. Such increasing developments in laser weapon system are boosting the growth of the market.
The COVID-19 outbreak pandemic hampered the economic growth of every country, which caused several months delay in components delivery. The military aerospace industry continued their operation by taking certain preventions but at slower speed than normal targets. The capacity lowered for the certain period that hampered the production targets owing to lower staff and restriction of physical distance. The disruption in supply chain hindered the defense equipment manufacturing in 2020. The recovery period of the COVID-19 impact on defense industry is foreseen to be quicker as compared to various other industries as various defense forces are awarding contracts for various weapons (both in operation and in prototyping phase) to the manufacturers.
The laser weapon systems market is bifurcated on the basis of type and application. Based on type, the market is segmented into chemical laser, solid-state laser, free electron laser, and fiber laser. The fiber laser segment held the largest market share in 2020. By application, the laser weapon systems market is segmented into air-based, ground-based, and sea-based. The ground-based segment held the largest market share in 2020.
The overall laser weapon systems market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast for the laser weapon systems market with respect to all the segments.It also provides the overview and forecast for the global market based on all the segmentation provided with respect to four major regions?North America, Europe, Asia Pacific, and rest of the world. Also, primary interviews were conducted with industry participants and commentators to validate data and gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the laser weapon systems market. A few major players operating in the market are Applied Technology Associates; Boeing; Elbit Systems Ltd.; General Atomics.; L3Harris Technologies, Inc.; Lockheed Martin Corporation; MBDA; Northrop Grumman Corporation; Raytheon Technologies Corporation; and Rheinmetall AG.