Triton Market Research, in its report on the directed energy weapons market in the Asia-Pacific region, has concluded that it will grow at a CAGR of 24.35% in the forecasted period 2019-2028.
The countries studied in the Asia-Pacific directed energy weapons market are:
• South Korea
• China
• ASEAN countries
• Japan
• India
• Australia & New Zealand
• Rest of APAC countries
The government of Japan approved the biggest $46 billion defense budget in 2017, to support its ballistic missile defense capability. A $208 million defense spending has also been approved for next-generation missile interceptors. The growing collaboration agreement with the US and other countries for defense and military growth is estimated to fuel the adoption of directed energy weapons in the country, thereby propelling the directed energy weapons market over the forecast period.
India is witnessing significant development of the domestic aerospace and defense sector. As per the ITA (International Trade Administration), India has become one of the top defense importers in the world, fulfilling approximately 60% of its defense requirements. Also, in 2018, the finance ministry in the country announced an investment of $62.8 billion for the Ministry of Defense (MoD). These investments are estimated to make the defense sector of India very lucrative for both domestic and international defense manufacturers across the globe. All these developments are likely to grow the demand for directed energy weapons market.
QinetiQ Group is a company providing products & solutions to science and technology. The company provides unmanned air services, air test facilities, command & control, space communications, maritime design & optimization, electromagnetic testing and modeling services. It caters to the need for government, sea, land, air, mining, transport, oil & gas, joint forces and telecom industries. It has major operations across different regions, including Asia.
Some noteworthy companies in the directed energy weapons market are BAE Systems, Rheinmetall AG, Lockheed Martin Corporation, L3 Harris Technologies Inc, QinetiQ, Boeing, Moog Inc, Raytheon Company, Northrop Grumman Corporation, Rafael Advanced Defense Systems Ltd, MBDA, Textron Inc, and Applied Companies.