May 28, 2021   SOURCE: BusinessWire

Worldwide Laser Weapon Systems Industry to 2028 - COVID-19 Impact and Global Analysis by Type and Application - ResearchAndMarkets.com

The "Laser Weapon Systems Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type and Application" report has been added to ResearchAndMarkets.com's offering.

The laser weapon systems market 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 18.2% from 2020 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 which 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.

Companies Mentioned

  • Elbit Systems Ltd.
  • L3Harris Technologies, Inc.
  • LOCKHEED MARTIN CORPORATION
  • MBDA
  • Northrop Grumman Corporation
  • Raytheon Technologies Corporation
  • Rheinmetall AG
  • Boeing
  • Applied Technology Associates
  • General Atomics

Key Topics Covered:

1. Introduction

2. Key Takeaways

3. Research Methodology

4. Laser Weapon Systems Market Landscape

5. Laser Weapon Systems Market - Key Market Dynamics

5.1 Market Drivers

5.1.1 Increasing Investment in Weapon Systems

5.1.2 Technological Development in Laser Weapon System

5.2 Market Restraints

5.2.1 Low Adoption of Laser Weapon Systems in Asian Countries

5.3 Market Opportunities

5.3.1 Development of Laser Weapon System for Fighter Aircraft

5.4 Future Trends

5.4.1 Increase in Demand of High-Energy Laser Weapon System

5.5 Impact Analysis of Drivers and Restraints

6. Laser Weapon Systems - Global Market Analysis

7. Laser Weapon Systems Market Revenue and Forecast To 2028 - Type

8. Laser Weapon Systems Market Analysis and Forecast To 2028 - Application

9. Laser Weapon Systems Market - Geographic Analysis

10. Laser Weapon Systems Market - COVID-19 Impact Analysis

10.1 Overview

10.1.1 North America: Impact Assessment of COVID-19 Pandemic

10.1.2 Europe: Impact Assessment of COVID-19 Pandemic

10.1.3 Asia-Pacific: Impact Assessment of COVID-19 Pandemic

10.1.4 Rest of World (RoW): Impact Assessment of COVID-19 Pandemic

11. Industry Landscape

11.1 Overview

11.1.1 Market Initiative

11.1.2 Mergers and Acquisitions

11.1.3 Product Launch

12. Company Profiles

13. Appendix

For more information about this report visit https://www.researchandmarkets.com/r/baoiia