The global military laser market will reach $4.63 billion by 2020, according to a forecast by market research firm MarketsandMarkets. This reflects a compound annual growth rate of 8.86 percent from 2015.
“The solid-state laser market is estimated to hold the largest market share in 2015 of the military laser systems market,” the report said. “The chemical laser market is projected to grow at the highest [compound annual growth rate] during the forecast period. This is due to the continuous rise in the R&D activities of military laser systems in the U.S., as well as the in the emerging economies such as India and China.”
There will also be strong growth in the Middle East as laser weapons are deployed against rockets, mortar shells and unmanned aerial vehicles
The laser weapon segment is expected to dominate the military laser systems market, among all products
Based on products, the Military Laser Systems Market is segmented into
- Laser Designator,
- 3D Scanning,
- Laser Weapon,
- Laser Range Finder,
- Ring Laser Gyro, and
- Laser Altimeter.
The 3D scanning market is anticipated to be highly profitable during the forecast period. China has increased its defense budget and it would be procuring more military aircraft, submarines, and tactical missiles. This will fuel the growth of the laser technology market in this sector.
The defense application is anticipated to grow at the highest CAGR during the forecast period
Based on applications, the market is segmented into defense and homeland security. Among the defense and homeland security applications, defense is a major field where military laser systems are more functional. The defense application segment holds the largest share of the total military laser systems market in 2015 due to increase in applications and technological requirements in lethal weapons for military forces, globally.
The solid-state laser segment is expected to dominate the military laser systems market, among all technologies
Based on technologies, the military laser systems market is segmented into
- Fiber Laser,
- Solid-State Laser,
- Chemical Laser,
- CO2 Laser, and
- Semiconductor Laser.
The solid-state laser market is estimated to hold the largest market share in 2015 of the military laser systems market. The chemical laser market is projected to grow at the highest CAGR during the forecast period. This is due to the continuous rise in the R&D activities of military laser systems in the U.S. as well as the in the emerging economies such as India and China.
The military laser systems market in the Middle East is expected to grow at the highest CAGR during the forecast period
On the basis of regions, the market is divided into North America, Europe, Asia-Pacific, the Middle East, and rest of the world (RoW). Regions such as Latin America and Africa are covered under RoW. In 2015, North America is estimated to account for the largest share of the military laser systems market. However, this market in the Middle Eastern region is projected to grow at the highest CAGR from 2015 to 2020. This growth is mainly attributed due to the enhancement in the force protection against small boat swarms, unmanned aerial vehicles or rocket, artillery, and mortar or missile attack.
Raytheon Company (U.S.): The top player in the military laser systems market
A strong focus on innovation is observed in the military laser systems market. The rich pipeline of innovative products in the military laser systems market opens an array of opportunities for the market. Players are particularly focused on making devices that are compact and efficient.
Brian Wang is a Futurist Thought Leader and a popular Science blogger with 1 million readers per month. His blog Nextbigfuture.com is ranked #1 Science News Blog. It covers many disruptive technology and trends including Space, Robotics, Artificial Intelligence, Medicine, Anti-aging Biotechnology, and Nanotechnology.
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