According to the new research report published by The Insight Partners on "Directed Energy Weapons Market Forecast to 2028 - COVID-19 Impact and Global Analysis," the market is expected to grow at a CAGR of 21.5% from 2022 to 2028 to reach US$ 5,737.45 Million by 2028.
The directed energy weapons market is currently being driven by major players such as Lockheed Martin Corporation, Thales Group, L3Harris Technologies, Elbit Systems, Raytheon Technologies Inc, BAE Systems Plc, Moog Inc, Honeywell Aerospace Inc, Boeing, and Rheinmetall AG. In addition to these key players, several others, including Cilas (Ariane Group), Leonardo SpA, General Atomics, Vision4CE, IPG Photonics, Epirus Inc., EDGE Group, Aselsan, MBDA, and Kratos, have also been thoroughly analyzed in the study to provide a comprehensive view of the market. Both organic and inorganic growth strategies adopted by these companies to broaden their product range and global reach are expected to drive the growth of the directed energy weapons market.
A significant portion of the directed energy weapons market is held by many other players, including small ones that engage in R&D activities to develop new technologies, which are expected to strengthen the market size in the coming years. These organizations have increased their investment in developing new weapon systems to meet the growing customer needs, with support from government regulatory bodies and armed forces. The government bodies assist manufacturers by providing contracts for military, homeland security, and law enforcement agencies. Additionally, the worldwide increase in expenditure on laser weapon systems is contributing to the growth of the directed energy weapons market.
The directed energy weapons system market encompasses several stakeholders, including component manufacturers, directed energy weapon (DEW) manufacturers, and defense forces. DEW market players acquire sensors, tracking mounts, beam detectors, and other spare parts from suppliers worldwide. Major component and DEW manufacturers, including Lockheed Martin Corporation, Raytheon Technologies, Northrop Grumman Corporation, Boeing Company, Kratos, Aselsan, BAE Systems, and Elbit Systems, optimize their production lines and lead times to enhance their respective supply chains continually. With the increasing threat of UAVs over the years, DEW system manufacturers are experiencing significant demand for their products. DEW suppliers collaborate with end-users to understand DEW requirements, enabling DEW manufacturers to meet their customers' needs appropriately. End-users, primarily defense forces, continue to seek high-energy, high-precision, and long-range laser weapon systems for their defense fleets. Several defense forces work closely with DEW manufacturers like Raytheon Technologies, Lockheed Martin Corporation, and others to incorporate the best possible system into their defense fleets. Such factors contribute to the growth of the directed-energy weapons market.
The directed energy weapons market is categorized into four main segments, namely technology, range, application, and platform. The technology segment is further divided into laser, microwave, particle beam, and other technologies, with the laser segment further divided into high energy and low energy. The range segment is categorized into less than 1 mile and more than 1 mile. The application segment is divided into ground, naval, and airborne applications. Finally, the platform segment is divided into various categories such as armored vehicles, unmanned systems, handheld systems, aircraft systems, ships & submarines, and others.
Key Findings of Study:
In terms of product development, collaboration with market leaders, and serving defense forces, the established players in the directed energy weapons market have a strong reputation. These players include Lockheed Martin Corporation, Rheinmetall AG, Raytheon Technologies, Boeing, and Thales Group, among others. Their primary focus is on securing major contracts from the armed forces, which already form their core customer base for various defense technologies.
The ongoing Russia-Ukraine conflict, along with persistent tensions between countries like India-China, India-Pakistan, and China-Taiwan, is significantly driving the demand for directed energy weapons across various regions. Additionally, several European nations, such as Germany and the UK, have announced plans to double their defense budgets, which is expected to stimulate the development of directed energy weapons and further augment the directed energy weapons market's growth in the forecast period.
Before the onset of the COVID-19 outbreak, the defense industry was experiencing substantial growth in terms of production and services. However, the outbreak disrupted the supply chain. The defense manufacturing industry is heavily dependent on manual labor. In the wake of strong lockdown regulations imposed by many countries, the defense equipment manufacturing sector experienced the presence of a significantly lower number of laborers in respective manufacturing facilities. This factor has reduced the production and R&D of various defense equipment during 2020, thereby hindering the directed energy weapons market growth.
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