18.8% CAGR, Laser Weapon Systems Market New Growth Opportunities with $5,123.18 Million by 2028

18.8% CAGR, Laser Weapon Systems Market New Growth Opportunities with $5,123.18 Million by 2028

“The Insight Partners”
According to the latest research report titled “Laser Weapon Systems Market Forecast to 2028 – COVID-19 Impact and Global Analysis,” published by The Insight Partners, the market is expected to reach US$ 5,123.18 million by 2028, registering a CAGR of 18.8% during 2021–2028.

The advancement of the laser weapons such as high-power and more accuracy is opening new opportunities for the players in the laser weapon systems market to manufacture advanced high-energy laser weapon systems. Fiber laser systems are witnessing strong demand as their smaller size is suitable for helicopters, ships, and ground vehicles. 

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.

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Impact of COVID-19 Pandemic on Laser Weapon Systems Market

The COVID-19 pandemic has hampered the economic growth of almost every country. The military industry has witnessed low impact of this economic downturn. Moreover, the damaged economic growth of countries has led to several months delay in the laser weapon development. However, post second half of 2020, the market has regained its position. The military and defense industry continued their operations with certain social distancing measure but at slower speed than normal targets. The disrupted supply chain of military electronics and components for a certain period hampered the production targets owing to lower staff availability on floor and restrictions such as physical distancing. Whereas the rising importance of laser weapons supported the market growth even in the COVID-19 pandemic period.

Improvements in laser techniques have resulted in high-energy laser weapons with longer range. Laser weapon-developing companies such as Raytheon Technologies, Lockheed Martin Corporation, and Dynetics Inc. are introducing new developments in laser technologies. Countries are upgrading their military arsenal to strengthen the military and defense weapons for mission critical operations and to counter the air attacks. The laser weapon system developed by using fiber technology has almost become necessary part for military and defense weapon systems. The need to improve ground armory such as integrating anti-drone weapon systems, counter-missile weapons, and others weapon-mounted ground vehicles is increasing the importance of laser weapon systems in military. Countries such as India, China, the UAE, Taiwan, and a few others are strongly increasing their focus on laser technologies, which is creating strong growth opportunities for the laser weapon systems market.

Strategic Insights

The players operating in the laser weapon systems market adopt strategies such as mergers, acquisitions, and market initiatives to maintain their positions in the market. A few developments by key players are listed below:

•             In September 2020, Lockheed Martin displayed next-gen laser weapon systems for airborne platforms, and the company anticipates operationalizing the systems in next five years.

•             In July 2019, the US Navy demonstrated a solid-state laser weapon mounted on the amphibious transport dock ship USS Portland. The Laser Weapon System Demonstrator (LWSD) was developed by Northrop Grumman and integrated with full system and ship integration and testing led by Naval Surface Warfare Center Dahlgren and Port Hueneme.

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