The Europe laser weapon systems market is expected to grow from US$ 365.49 million in 2021 to US$ 1,144.10 million by 2028; it is estimated to grow at a CAGR of 17.7 % from 2021 to 2028. Rising investments in weapon systems across Europe bolsters the market growth. Increasing threats of an aerial attack, border security safety, and others are creating the immense need for advanced weaponry. Various European countries such as Russia and the UK are strengthening their weapon systems against UAVs, artillery, rockets, and mortar projectiles. Laser weapon systems are becoming a preferred solution due to their high precision and enhanced protection techniques. In July 2019, The UK defense ministry (MOD) invested in strengthening its military weapons such as laser weapons to revolutionize the defense system. The ministry invested ~US$ 162.00 million for the construction of demonstrators and the creation of a new joint program office to manage the program and personnel. The country expects to introduce new laser and radiofrequency technology-based weapon systems in the armed forces by 2023. Also, in November 2020, France defense minister announced a record-breaking funds of US$ 55 million to develop high-powered laser weapon system by 2025, which can destroy the enemy drones. Such increasing investments by various countries are driving the growth of the Europe laser weapon systems market.
Countries in Europe, especially the UK, are highly affected due to the COVID-19 outbreak. The emergence of the outbreak across the region has led to lockdown scenarios. Therefore, the industry experts analyzed that the defense equipment manufacturing industry would face 4 weeks to 12 weeks of lag in military electronic part supply chain. This disruption in supply chain damaged the defense equipment manufacturing in 2020. The recovery period of COVID-19 outbreak impact on the defense industry is foreseen to be quicker than various other industries. The Europe laser weapon systems market also witnessed minimal impact of the crisis throughout 2020 as the manufacturers of LaWS continued their operations during Q3 and Q4 of 2020. Several other countries such as Russia, Germany, and others also recorded a major count of COVID-19 confirmed cases daily, owing to which countries initiated a lockdown and social distancing measures. The defense systems in the developed countries in the region are actively involved in the military developments and strengthening it, which is expected to support the market in the outbreak situation but with inadequate strength of workforce. Several countries also are focused on supporting the healthcare system in their countries, which lowered the military spending in 2020. Therefore, the businesses of laser weapon systems market in Europe are witnessing decline in the growth.
Based on application, the ground-based segment led the Europe laser weapon systems market in 2020. The ground-based laser weapon system has a significant adoption rate in almost all leading military nations across Europe. Market players also offer advance ground-based laser weapon systems to various countries to destroy enemy UAVs, vehicles, small boats, and rockets. Lockheed Martin Corporation offers the advanced test high-energy asset system (ATHENA), a ground-based system designed for military operations. In September 2020, Boeing demonstrated its Compact Laser Weapon System (CLWS)?mounted on a ground vehicle?by successfully protecting the convoy against enemy UAVs. Thus, a strong offering of the ground-based laser system weapons by leading companies is augmenting the market growth for this segment.
The overall Europe 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 Europe laser weapon systems market. The process also serves the purpose of obtaining an overview and forecast for the Europe laser weapon systems market with respect to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to 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 Europe laser weapon systems market. Boeing; Elbit Systems Ltd.; L3Harris Technologies, Inc.; Lockheed Martin Corporation; MBDA; Northrop Grumman Corporation; Raytheon Technologies Corporation; and Rheinmetall AG are among the players operating in the market.