Directed Energy Weapon Market Growth, Business Strategies, Demand Status, Expansion Plans 2030
Directed Energy Weapon Market – Overview
Directed Energy Weapon Market Size was valued at USD 1.5 Billion in 2022. The Directed Energy Weapon market industry is projected to grow from USD 1.77 Billion in 2023 to USD 6.96 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 18.60% during the forecast period (2023 - 2032).
The high demand for market is due to the growing need for high quality, integrated, precise and cost-effective energy weapons by defense forces, thus increasing the participation of manufacturers. Rapid technology advancement, along with the increased focus of OEMs on strengthening aircraft capabilities, is expected to result in an increase in aircraft expenses and add to the growth of the market. However, high development cost of the weapons and susceptibility to degradation by external environments act as a barrier to the growth of Directed Energy Weapon Market.
Directed energy weapon is the weapon that emits highly focused energy, consists of laser, microwave, and particle beams, to damage the target. Several applications such as anti-personnel weapon systems, and missile defense systems, have used the weapons for defense purpose such as chemical, biological, radiological and nuclear emergencies. This has consequently resulted in increased R&D expenditure for the development of directed energy weapons.
Moreover, factors responsible for the growth of directed energy weapon market growth are high demand for lethal weapons and laser weapons, and increasing spending on defense expenses. This is the primary factor that drives the growth of the global market and has gained prevalence in the recent times, with the usage of best in class technologies in the aircraft sectors. Thus, the growth of the market is expected to go hand in hand with the growth of investment in the military sector.
Key Players:
Lockheed Martin Corporation (U.S), Raytheon Company (U.S), Northrop Grumman Corporation (U.S), Boeing Company (U.S), BAE Systems PLC (U.K), Textron Inc. (U.S.), Rheinmetall AG (Germany), L-3 Communications Holdings, Inc. (U.S.), Moog Inc. (U.S.), and Quinetiq Group PLC. (U.S.) are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the global Directed Energy Weapon Market.
Global Directed Energy Weapon Market – Segmentation
The global Directed Energy Weapon Market is segmented into 4 key dynamics for the convenience of the report and enhanced understanding.
Segmentation by Platform: Comprises Airborne, Ground-based, and Naval
Segmentation by Type: Comprises Lethal Weapons and Non-Lethal Weapons
Segmentation by Applications: Comprises Military and Homeland Security
Segmentation by Regions: Comprises Geographical regions - North America, Europe, Asia-Pacific, Middle East & Africa and South America.
Global Directed Energy Weapon Market: Regional Analysis
North American region is dominating the directed energy weapon market industry of the global Directed Energy Weapon Market due to technology advancements in warfare platforms and increasing defense budgets.
Europe is referred to as the second-largest market due to factors such rise in the military spending in countries such as Ukraine, Saudi Arabia and Algeria have fuelled the demand for global market.
Industry/ Innovation/ Related News:
March, 2018 – Lockheed Martin signed a contract with U.S. Navy for development, manufacture and delivery of two high power laser weapon systems, including intelligence, surveillance and reconnaissance (ISR) and counter-unmanned aerial system capabilities.
November, 2016 – Northrop Grumman Corporation signed a contract with U.S. Air Force to used the directed energy systems for self-protection on aircraft developed by Air Force Research Laboratory.
April, 2016 – Rheinmetall signed a contract with Bundeswehr to equip with new laser duel simulators for staging combat training exercises.
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