Pune, India., June 08, 2021 (GLOBE NEWSWIRE) -- Laser Weapon Systems Market: Key Insights
According to our new research study on “Laser Weapon Systems Market to 2028 – Global Analysis and Forecast – by type and application,” the global Laser Weapon Systems Market Size was valued at US$ 1,342.17 million in 2020 and is projected to reach US$ 5,123.18 million by 2028; it is expected to grow at a CAGR of 18.8% during 2021–2028. The low adoption of laser weapons in Asian countries hamper the market growth.
Increasing threats of an aerial attack, border security safety, and others are creating the immense need for advanced weaponry. Various countries such as China, Asia, the US, 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. For instance, in 2019, the US Army awarded a contract of US$ 130 million to Dynetics Inc. along with its partners Lockheed Martin and Rolls-Royce to develop an advanced weapon Systems. Under the agreement, Dynetics Inc. has developed a 100-kW-class laser weapon Systems named as High Energy Laser Tactical Vehicle Demonstrator (HEL TVD). The US military almost doubled its spending between fiscal years 2017 and 2019 for directed energy weapons such as lasers and high-powered microwaves.
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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. The advent of new technologies such as high-energy laser weapons and directed energy weapons are among the key factors driving the laser weapons Systems market. The importance of laser weapon Systems is highlighted with a proliferation of low-cost threats such as drones. Drones in large numbers can create greater damage to the defense Systems and exhaust the conventional Systems' bullet magazine. The increasing investment on the development of long-range laser weapon Systems in developed countries is supporting the growth of the laser weapon Systems market. The laser weapon Systems market comprises many well-established and financially balanced manufacturers, which acquire most of the contracts from defense contractors worldwide. These manufacturers compete on various parameters, including technology, lead-time, reliability, safety, and pricing, among others.
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Also, in November 2020, France defense minister announced a record-breaking funds of US$ 55 million develop high-powered laser weapon Systems by 2025, which can destroy the enemy drones. The country is focused on developing laser weapons o counter terrorist drone activities and compete with Russia, China, and the US. Such increasing investment by various countries is driving the growth of the laser weapon Systems market.
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