After a detailed analysis, Triton Market Research has depicted that the global directed energy weapons market is expected to display an upward trend in terms of revenue. In addition, it is estimated to grow at a CAGR of 22.44% during the forecasting years 2019 to 2028. The market that accounted for $11.03 billion in 2019, is expected to reach $68.23 billion by 2028.
The global directed energy weapons market is defined as a system that has the ability to emit extremely focused energy, capable of transferring this energy to a target to damage, destroy or interfere with its operation. The technology’s use of directed energy weapons can strengthen homeland security and defense system. Homeland security involves protection of the critical infrastructure such as transportation hubs, telecommunication facilities, airport facilities, manufacturing facilities and power plants that are continuously becoming the target of guided-missile attacks. Furthermore, in defense, direct energy weapon finds its application as ground-based air defense against the aerial targets and used for long-range, medium-range and short-range strategic missions.
The directed energy weapons market report from Triton Market Research gives a detailed analysis of market definition, key insight, key impact analysis, Porter’s five force analysis, market attractiveness index, vendor scorecard, industry components and regulatory framework.
The benefits provided by the directed energy weapons is the major factor driving the market. Directed energy weapons are lightweight, precise and most importantly, do not require ammunition. Many countries have started to take an interest in this technology, as it is one of the best defense against drones or enemy missiles. The technology is precise, and hence, can target the engine of the incoming enemy vehicle. This achieves the aim of stopping the vehicle without casualties. In addition, they are lightweight as compared to conventional defense systems. This makes it easier to carry along. Navy is showing particular interest in the technology as the conditions of the water-based combat are highly fluctuating and laser systems preciseness is boon for the navy. The technology does not require any ammunition. Hence, there is no burden of ammunition expenditure.
Key opportunities such as increased application from CBRN defense and rising defense budget across the globe will help the growth of the directed energy weapons market. CBRN security is fundamental to combat situations that employ such perilous agents. Directed energy weapons find potential opportunities in this sector. The rising defense budgets can provide the required funding for the projects.
Regulations for arms transfer & trade, inadequate testing facilities and high cost of production are the key restraints that are curbing the growth of the market globally. The main restraint for the market is the high cost of production. Directed energy weapons technology is expensive and is adopting to look at the long term horizon. It is also into the developmental phase, and hence, huge R&D costs go into making the technology better.
Geographies covered for the directed energy weapons market:
• North America: United States and Canada
• Europe: United Kingdom, Germany, France, Italy, Spain, Russia and Rest of Europe
• Asia-Pacific: China, Japan, India, South Korea, ASEAN countries, Australia & New Zealand and Rest of Asia-Pacific
• Latin America: Brazil, Mexico and Rest of Latin America
• Middle East and Africa: United Arab Emirates, Turkey, Saudi Arabia, South Africa and Rest of Middle East & Africa
The directed energy weapons market, in this report, is segmented as follows:
• Product is sub-segmented into:
o Lethal
o Non-lethal
• Application is sub-segmented into:
o Homeland Security
o Defense
• Technology is sub-segmented into:
o High-Energy Laser
• Chemical Laser
• Fiber Laser
• Free Electron Laser
• Solid-state Laser
o High-power Microwave
o Particle Beam
• End-user is sub-segmented into:
o Ship-based
o Airborne
o Ground-based
Major key players engaged in the directed energy weapons market are Northrop Grumman Corporation, Boeing, Lockheed Martin Corporation, MBDA, Rheinmetall AG, Moog Inc, QinetiQ, Textron Inc, BAE Systems, Raytheon Company, Rafael Advanced Defense Systems Ltd, L3 Harris Technologies Inc and Applied Companies.
The strategic analysis for each of these companies in the directed energy weapons market is covered in detail.