Laser Weapon Systems Market Profits From The Growing Defense Budgets

According to The Insight Partners study on "Laser Weapon Systems Market Forecast to 2028 - Covid-19 Impact and Global Analysis - by Service Type (E-hailing, Car Rental); Vehicle Type (Two and Three Wheeler, Four Wheeler, Others); End-user (Commercial, Personal) and Geography" the market is projected to reach US$ 98,745.11 million by 2028 from US$ 48,922.78 million in 2021; it is expected to register a CAGR of 10.6% during 2021-2028.

The global laser weapon systems market has been analyzed based on historical, current, and future trends in the countries across the world. Laser weapon systems provide highest strength to defense against aerial attacks. Thus, it has major adoption in military weapon systems. Increasing investments in the military and defense sector in developed as well as developing nations are propelling the growth of the laser weapon systems market. Also, there is an immense growth in the laser weapon technology. Hence, in coming years, each country is expected to witness the launch of more enhanced laser weapon systems offering high quality precision and power for high-energy.

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Companies Profiled in this report includes: Applied Technology Associates, Boeing, Elbit Systems Ltd., General Atomics., L3Harris Technologies, Inc., LOCKHEED MARTIN CORPORATION, MBDA, Northrop Grumman Corporation, Raytheon Technologies Corporation, Rheinmetall AG
The military and defense sectors are heavily investing in advanced technologies to strengthen their capabilities with advanced war weapons.

Companies in countries such as Russia, the US, and France are developing advanced laser weapons for the global market. Technological advancement in the laser weapons enhanced its range such as high-energy fiber and liquid lasers are driving the growth of the laser weapon systems market. Rising partnerships and agreements between major countries such as the US-Israel, the UK-the US, and France-the UAE regarding advanced military weapons are supporting the market growth. Moreover, developing nations such as India, China, and Indonesia are strengthening their military arsenal due to rising border clash with neighboring countries. The laser weapon systems play crucial role in defending the aerial attacks.

Growing development in military drones increased the threats of aerial attacks, which highlighted the importance of using the laser weapons system to destroy these drones within seconds. Further, increasing investment in military and defense by leading countries such as China, India, the US, Russia, and the UK is augmenting the market growth. 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 system. Under the agreement, Dynetics Inc. has developed a 100-kW-class laser weapon system named as High Energy Laser Tactical Vehicle Demonstrator (HEL TVD).

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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.

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The global Laser Weapon Systems Market has been segmented as follows:

By Type
• Chemical Laser
• Solid-State Laser
• Free Electron Laser
• Fiber Laser
By Application
• Air-based
• Ground-based
• Sea-based

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