Market Research Report
Asia Pacific Laser Weapon Systems Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type (Chemical Laser, Solid-State Laser, Free Electron Laser, and Fiber Laser) and Application (Air-based, Ground-based, and Sea-based)
|Asia Pacific Laser Weapon Systems Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type (Chemical Laser, Solid-State Laser, Free Electron Laser, and Fiber Laser) and Application (Air-based, Ground-based, and Sea-based)|
Published: June 3, 2021
The Insight Partners
Content info: 112 Pages
Delivery time: 1-2 business days
The APAC laser weapon systems market is expected to grow from US$ 231.58 million in 2021 to US$ 913.67 million by 2028; it is estimated to grow at a CAGR of 21.7 % from 2021 to 2028. The surging demand for high-energy laser weapon system fuels the market growth. The leading market players across APAC have introduced new high-energy laser weapon systems in the market, and it is getting positive response from customers owing to their enhanced power, energy, precision, and range. Laser weapon systems are increasingly deployed in the arsenals of several nations to strengthen the military defense power. Companies across APAC such as Raytheon Technologies and Lockheed Martin Corporation are offering the high-energy laser solution, while the companies such as Boeing and Rheinmetall AG are developing new systems with the adoption of inorganic strategies. Rising developments in high-energy laser weapon systems is creating a new trend in the APAC market, as leading nations are focusing on deploying such systems in their arsenals.
Countries in APAC, especially India, are highly affected due to the COVID-19 outbreak. The COVID-19 outbreak was reported in China and has affected several neighbor countries such as South Korea, India, and others. Countries such as China, India, South Korea, and Japan are increasingly moving toward the advancement of the military and defense. The COVID-19 pandemic has minimal impact on the APAC market than the market in other nations, as the defense contractors in the countries continued to operate. However, due to the shortage of workforce, the year-on-year growth rate of development of products and technologies is declined. China being the largest military spender in the region witnessed the havoc outburst of COVID-19 outbreak during Q1 of 2020, which led the government to shut down the country. The scenario disrupted the entire supply chain. This reflected loss in annual sales among the Chinese defense electronics and defense equipment manufacturers. China is also the largest DEW systems (including LaWS) developer and manufacturer in APAC. The massive outbreak of COVID-19 has reflected limited developments in the laser weapon systems market.
Based on type, the solid-state laser segment is expected to grow fastest during the forecast period. The solid-state laser system uses solids such as glass or crystalline materials doped in ion as a laser medium. Developments in solid-state lasers, such as the integration of high-energy lithium-ion batteries, improve the performance of laser weapon systems. Technological advancements in solid-state lasers are increasing the demand from the leading nations. The increasing demand for directed energy weapons from various APAC countries is mounting the growth of the APAC laser weapon systems market for this segment.
The overall APAC laser weapon systems market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the APAC laser weapon systems market. The process also serves the purpose of obtaining an overview and forecast for the APAC laser weapon systems market with respect to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the APAC laser weapon systems market. Boeing; Elbit Systems Ltd.; L3Harris Technologies, Inc.; Lockheed Martin Corporation; Northrop Grumman Corporation; Raytheon Technologies Corporation; and Rheinmetall AG are among the players operating in the market.