New York, Dec. 15, 2022 (GLOBE NEWSWIRE) -- The global direct energy weapon market is currently valued at US$ 1,810.2 Million and is anticipated to expand at a CAGR of 22.3%. Owing to the growing support from various governmental organizations, the market is likely to propel to US$ 13,551.6 Million by 2032.
An increase in the military spending by prominent countries has been observed in the last five years. The defence against terrorist attacks, CBRN [chemical, biological, radiological and nuclear] threats, and nuclear aggressions to protect civilian lives and national security are the key factor expected to drive the market during the forecast period.
The growing instances of extremist attacks and several territorial disputes in different parts of the world are among the main reasons for an increase in demand for direct energy weapons. The increasing demand for precise and non-lethal weapons is boosting the directed energy weapons market across the world. North America and Asia Pacific are expected to be leading markets for direct energy weapons and are expected to continue their dominance through the assessment period
“Increasing protests, turmoil, political disputes, and conflicts and increased demand for precise weapon systems globally and technological advancement in weapon systems are expected to radically transform the direct energy weapon market in the coming years,” comments an analyst at PMR.
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Key Takeaways from the Market Study
- As of 2022, the direct energy weapon market was valued at US$ 1,810.2 Million
- From 2022 to 2032, the wastewater treatment chemicals industry is poised to grow at a 22.3% CAGR
- By 2032, direct energy weapons market worth is slated to reach a valuation of US$ 13,551.6 Million
- By platform, the ground platform segment accounted for the largest share of 18.6% and is expected to continue this trend over the forecast period.
- China is poised to yield a CAGR of 19.9% with respect to direct energy weapons in 2032
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Competitive Landscape
Lockheed Martin Corporation, Thales Group, L3Harris Technologies, Inc., Elbit Systems Ltd., Raytheon Technologies Corporation, BAE Systems, Honeywell International Inc., Rheinmetall AG, and Moog, Inc. are some of the key companies in the direct energy weapon market.
These players are continuously adopting various strategies such as new product launches, facility expansions, mergers, collaborations, partnerships, and acquisitions to increase their revenue share and gain a competitive edge in the market. for instance,
- In November 2022 –Royal Norwegian Air Force selected the Lockheed Martin TPY-4 next-generation ground-based air surveillance radar to enhance the country’s long-range surveillance capability.
- In October 2022 – Rafael Advanced Defense Systems Ltd. and sensor solutions provider HENSOLDT are joining forces to offer a readily-available, state-of-the-art and mature solution to the Luftwaffe’s requirement of airborne electronic warfare capabilities with Initial Operating Capability (IOC) in 2028. The exclusive teaming agreement was signed in Tel Aviv on the 18th of October, by Thomas Müller, CEO HENSOLDT, and Maj. Gen (ret.) Yoav Har-Even, President and CEO of RAFAEL.
- In August 2022, Lockheed Martin delivered its 60-plus-kW high scalable energy laser with integrated optical dazzler and surveillance (HELIOS) to the US Navy. The high-energy laser will be tested on the destroyer Preble in 2023.
- In September 2022: Rafael Advanced Defense Systems Ltd. has completed the acquisition of Pearson Engineering Ltd. (PER). The acquisition was executed under a stock purchase agreement (SPA), transferring 100% of the ownership. The acquisition includes PER’s subsidiary company Responsive Engineering Ltd.
- In November 2022 - BAE Systems has signed a follow-on contract with the Swedish Defence Materiel Administration (FMV) for two new CV90 variants, which are being added to the Swedish CV90 RENO upgrade program.
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