Directed Energy Weapons Market worth $10.1 billion by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, June 2, 2021 /PRNewswire/ -- According to a research report "Directed Energy Weapons Market by Technology (High energy lasers, High-power microwave, electromagnetic weapon technology, Sonic weapon technology), Platform (Land, Airborne, naval, Space), Application, Range, Product and Region - Forecast to 2026", published by MarketsandMarkets™, the Directed Energy Weapon Market is valued at USD 4.3 billion in 2021 and is projected to reach USD 10.1 billion by 2026 at a CAGR of 18.7%.
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The key drivers propelling growth of the global directed energy weapons market is the defense of terrorist attacks, chemical, biological, radiological, and nuclear materials so that civilian lives and national security of a country can be preserved. Directed energy weapons like lasers, high power microwaves, and electromagnetic weapons are being used to defend against attacks from threats like ballistic missiles, anti-satellite weapons, and nuclear weapons, etc. The directed energy weapons market is developing further as the concept of management evolves and new institutions and protocols are introduced. This requires a strong partnership between governments and private players which is expected to be witnessed during the forecast period. Apart from encouraging public and private sector cooperation to deal with the threats posed by terrorist attacks, these are also expected to lead to an increase in the coordination of efforts among nations to deal with new kinds of threats. The new emerging security scenarios across the globe are trans-national in nature and warrant a unified approach among nations. Industries having a global presence and undergoing partnerships with local and international directed energy weapons industry participants and governments are expected to benefit in this highly competitive business environment. Companies wanting to grow in this market must be able to track the various trends with respect to the threats and technologies needed to tackle these and provide complete solutions, which include directed energy weapons and related equipment.
The directed energy weapons market is being driven by the increased political dissents and separatists' movements to be prevented. High-powered microwave lasers have the ability to destroy targets directly or indirectly and can also target personnel or equipment not visible due to climatic conditions. High-powered microwave lasers use electromagnetic waves that can be carried on multiple platforms; these can either be built-in in cruise missiles, warheads, and unmanned airplanes or installed on a fixed platform. DEWs are used to either destroy, damage, or disable precise targets, and depending on this, can be high-powered or low-powered.
The Research Development Test and Evaluation (RDT&E) program for the development and weaponization of directed energy systems is attracting huge investments for homeland security and defense applications. The program is also responsible for the development of defensive and offensive directed energy technologies, which are required to characterize and exploit vulnerabilities and protect against threats or attacks.
The directed energy weapons market is diversified and competitive, with the majority of players in the North American and European regions. The market is dominated by companies based on their core competencies. Key players in this market include Lockheed Martin (US), Northrop Grumman (US), Boeing (US), L3Harris (US), Raytheon (US), and BAE Systems (UK).
Based on product type, the lethal weapons segment is projected to grow at the highest CAGR during the forecast period.
These lethal products, mainly focused on military application, include rail gun, electromagnetic bombs (e-bombs), plasma cannon (electrothermal accelerator), microwave gun, plasma grenade, navy laser cannon, gun-launched guided projectile, automatic shotguns, and several others. Huge investments are being made in the R&D as well as demonstration and testing of lethal directed energy weapons.
Based on platform, the Naval platform segment is projected to grow at the highest CAGR during the forecast period.
Naval directed energy weapon systems consist of weapons that are used in naval applications, for instance, on combat ships and submarines, among others. The naval segment is further divided into combat ships, submarines, and unmanned surface vehicles. Defense ships are specifically designed for use by coast guards and naval forces to ensure the security of water borders.
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Based on technology, the High energy laser technology segment is projected to grow at the highest CAGR during the forecast period.
Based on technology, the high energy laser segment is projected to account for a share of 59.4% in 2021. This segment is projected to grow at a CAGR of 19.06% during the forecast period. This growth can be attributed to the easy installation and low power consumption of high energy laser weapons. Compared to conventional ordnance, they have next to zero time of flight, which allows for a longer decision time and a quicker reaction time.
The directed energy weapons market in Asia Pacific is projected to grow at the highest CAGR from 2021 to 2026.
Asia-Pacific contributed a share of 22.49% to the directed energy weapons market in 2021. China, India, Japan, Australia, South Korea, and rest of Asia-Pacific have been considered in the Asia-Pacific directed energy weapons market. The demand for directed energy weapons market has increased in recent years, due to the rapid economic development and increasing security threats, across Asia-Pacific region and the increase in border disputes. The military spending of China, Japan, and India has been increasing in recent years due to increased possibilities of being targeted by terrorist attacks.
This report includes a study on the marketing and development strategies, along with the product portfolios of leading companies. It consists of profiles of leading companies, such as Lockheed Martin Corporation (US), Raytheon technologies (US), Northrop Grumman Corporation (US), The Boeing Company (US), Thales Group (France), Leonardo SPA (Italy), BAE Systems (UK), Elbit Systems (Israel) and L3Harris Technologies (US).
Related Reports:
Military Laser Systems Market by Technology (Fiber Laser, Solid-State, Chemical Laser, CO2 Laser, Semiconductor Laser), Application (Defense, Homeland Security), Product Type - Forecast and Analysis to 2020
Smart Weapons Market by Product (Missiles, Munitions, Guided Projectile, Guided Rocket, Guided Firearms), platform (Air, Land, Naval), Technology (Laser, Infrared, Radar, GPS, Others) & Region - Global Forecast to 2021
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