LONDON, May 31, 2022 (GLOBE NEWSWIRE) -- According to The Business Research Company’s research report on the laser weapon systems market, growth in artificial intelligence is expected to drive the laser weapon systems market in the forecast period. The integration of artificial intelligence is gaining popularity among the laser weapon systems market trends. Artificial intelligence-powered systems are the battlefield's future. They can be deployed quickly and easily without being discovered, and they can wreak havoc with opposing fire. They are undetectable and quite effective. As previously reported by Financial Express Online, the military is expected to begin using artificial intelligence (AI) in the near future in order to become a totally network-centric force. It will take three to four years for the AI technology to be used in the Indian military. The Ministry of Defense has already established a Defense Artificial Intelligence Council with the defense minister as chairman and the three service chiefs, plus the defense secretary and the secretary of defense production, as members. The Defense Research and Development Organization (DRDO) has a specialized laboratory called the Centre for Artificial Intelligence and Robotics (CAIR), which employs about 150 scientists who work on AI Robotics, Control Systems, Command Control Communications and Intelligence (C3I), Networking, and Communications Secrecy. They've developed a robot family for surveillance and reconnaissance purposes. RoboSen is the name for a mobile robot for reconnaissance and surveillance systems. Moreover, the Indian Army during Army Day in 2021 demonstrated a Swarm Attack by drones on multiple targets.
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The global laser weapon systems market size is expected to grow from $4.81 billion in 2021 to $5.39 billion in 2022 at a compound annual growth rate (CAGR) of 11.9%. The growth in the market is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The laser weapon systems industry growth is expected to reach $8.53 billion in 2026 at a CAGR of 12.1%.
North America was the largest region in the laser weapon systems market and was worth $1.64 billion in 2021. The market accounted for 0.006% of the region's GDP. In terms of per capita consumption, the market accounted for $3.3, $2.7 higher than the global average. The growth of the Laser Weapon Systems market in the North American region can be attributed to the growing development of military drones, increased threats of aerial attacks, and increasing investment in military and defense. For instance, the military and defense budget of the USA for 2020 is USD 743.7 billion. Such a high budget will increase the demand to use more advanced products and weapons.
Major players in the laser weapon systems market are Applied Technology Associates, Boeing, Elbit Systems Ltd., General Atomics, BAE Systems, Lockheed Martin Corporation, MBDA, Northrop Grumman Corporation, Raytheon Technologies Corporation, Rheinmetall AG, Thales Group, Kratos, Leidos, Leonardo SpA, and Rafael Advanced Defense Systems.
The global laser weapon systems market is segmented by product into laser designator, LIDAR, 3D laser scanning, laser range finder, ring laser gyro, laser altimeter; by technology into solid state laser, chemical laser, free electron laser, chemical oxygen iodine laser, tactical high energy laser, others; by application into air-based, ground-based, sea-based.
The regions covered in the laser weapon systems market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Laser Weapon Systems Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide laser weapon systems market overviews, laser weapon systems market analyze and forecast market size and growth for the whole market, laser weapon systems market segments and geographies, laser weapon systems market trends, laser weapon systems market drivers, laser weapon systems market restraints, laser weapon systems market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
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