Worldwide directed-energy weapons market to reach $24.31 billion over the next five years
VANCOUVER, Wash., 5 Nov. 2015. The worldwide market for directed-energy weapons will rise to $24.31 billion over the next five years at a combined annual growth rate of nearly 24 percent, predict analysts at market researcher MarketsandMarkets in Vancouver, Wash.
The report breaks down the directed-energy weapons market by technology: high-energy laser weapons, high-power microwave, and particle beam; by high energy laser systems: fiber laser, free electron laser, solid-state laser, and chemical laser; by end users: ship-based, land vehicles, airborne, and gun-shot; and by region: North America, Europe, Asia-Pacific, Middle East, and Latin America.
Among the factors driving the directed-energy market are increasing demand of lasers in naval applications such as countering missiles and unmanned aircraft, analysts say. Demand for non-lethal directed-energy weapons as deterrents also is growing.
Among the factors constraining growth in directed-energy weapons are arms transfer regulation, inadequate testing facilities, lack of adequate funding, and high developmental costs, analysts say.
An increase in defense spending in some countries and technological upgrades are providing new growth opportunities for companies involved in directed-energy weapons and components.
Northrop Grumman Corp., for example, won an $111 million U.S. Air Force contract earlier this year to provide hardware and support for the Large Aircraft Infrared Countermeasures (LAIRCM) missile-defense system.
Lockheed Martin Corp. also won a $78 million U.S Army contract this year to develop enhanced and affordable weapon systems to eliminate targets without the risk of exploded ordnance, analysts point out.
As of 2015, North America holds the largest share of the world directed energy weapons market, followed by Europe. The directed-energy weapons market in the Middle East, meanwhile should grow at a combined annual growth rate of 34.12 percent over the next five years.
Key players in this market include U.S. companies Lockheed Martin, the Boeing Co., Northrop Grumman, and Raytheon Co., as well as and BAE Systems in the United Kingdom, analysts say.
For more information contact MarketsandMarkets online at www.marketsandmarkets.com.