Study: Directed-energy and military laser market to grow to $12.3 billion by 2022
WELLESLEY, Mass. The global market for directed-energy and military lasers -- which amounted to $6.6 billion in 2016 -- will reach $7.4 billion in 2017 and will grow to $12.3 billion in 2022, increasing at a compound annual growth rate (CAGR) of 10.7 percent over the 2017-2022 time frame, according to a market study from BCC Research.
The study, titled "Directed-energy and Military Lasers: Global Markets," found that the substantial growth during the forecast period will be a result of increasing demand across various armed troops operating via land, air, and water. The study also revealed that growth in the global directed-energy weapons market is driven by increasing demand for crowd-control weapons and prevention of adversary attacks such as terrorist activities.
As a separate segment, defense applications for directed-energy and lasers totaled $2.6 billion in 2016. According to the research, the market should total $2.8 billion in 2017 and will reach $4.9 billion in 2022, a CAGR of 11.5 percent from 2017 to 2022.
Also influencing the growth of this market, say the analysts, is wider adoption of new technologies such as lasers, microwaves, and particle beams.
As governments of various countries modernize their military forces and upgrade their national security infrastructures, the demand for directed-energy systems is expected to increase substantially in the near future. In addition, say the analysts, the global demand for these weapons systems will be driven by the lower cost of operation and higher accuracy as compared to conventional weapons.
In addition to defense systems, directed-energy and military lasers are also used widely in industrial, medical, and research sectors.
For more information on the market study, please visit the BCC Research website.