Electromagnetic Weapons Market : Land-Based, Air-Based, and Sea-Based 2021-2030

The global electromagnetic weapons market was valued at $350.0 million in 2020, and is projected to reach $2,060.1 million by 2030, registering a CAGR of 19.7% from 2021 to 2030.

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On the basis of platform, the electromagnetic weapons market is segregated into land-based, air-based, and sea-based. In 2020, the sea-based segment dominated the market. Developed nations such as the U.S. have started several research and development programs for evolution of technologies to develop advanced naval electromagnetic weapons. Sea-based electromagnetic weapons are integrated into combat ships, submarines, and unmanned surface vehicles. Use of sea-based electromagnetic weapons in navy surface ships offer defense against surface craft, UAVs, and anti-ship missiles.

COVID-19 Impact Analysis

The COVID-19 crisis has created uncertainty in the electromagnetic weapons market, massive slowing of supply chain, falling business confidence, and increasing panic among the customer segments. Governments of different regions have already announced total lockdown and temporary shutdown of industries, thereby adversely affecting the overall production and sales.

Governments across the world prioritized the healthcare industry to combat the widespread COVID-19 virus, which adversely affected performance of the defense industry. Revenue crunch and increased maintenance costs were some of the major factors affecting electromagnetic weapon manufacturers, owing to increased trade and travel restrictions. Moreover, dramatic drop in GDP of prominent economies such as the U.S., the UK, China, France, India, and Germany in 2020 has led to decrease in investments toward the defense industry. The pandemic lockdown was lifted and then re-instated to curb the ascendance of the COVID-19 infections as public utilities were gradually opened in major countries such as the UK, India, and Italy.

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Disturbance in critical business operations such as manufacturing, limited supply chain, and reduced operating capacity has significantly led to delay in several existing defense modernization and new product development activities. The COVID-19 pandemic induced uncertainties in the supply of necessary equipment, which created a challenge for distributors and suppliers in meeting up with the rising demand. Defense manufacturers had to reduce expansion and R&D investments to withstand decline in revenue and operating performance of the defense industry.

Key Findings Of The Study :

By type, the railgun segment is anticipated to exhibit significant growth in the near future.
By platform, the sea-based segment is expected to register a significant growth during the forecast period.
By end user, the military segment is anticipated to exhibit significant growth in the near future.
By region, Asia-Pacific is anticipated to register the highest CAGR during the forecast period.

Key players operating in the global electromagnetic weapons market include Thales Group, Northrop Grumman Corporation, Lockheed Martin Corporation, Raytheon Technologies Corporation, BAE Systems, L3Harris Technologies, Inc., Rheinmetall AG, The Boeing Company, Honeywell International Inc, and Rafael Advanced Defense Systems Ltd.

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