CHANGING WARFARE STRATEGIES BOOSTS THE GLOBAL LASER TECHNOLOGIES MARKET – DEFENCE, INDUSTRIAL, MEDICAL – MARKET OF CAGR OF 8.80% DURING 2018-2026
“According to a new market research report published by Inkwood Research, The Global Laser Technologies Market – Defence, Industrial, Medical market is expected to develop from $ 4154 million in 2017 to $ 9098 million by 2026, at a CAGR of 8.80% throughout the forecast years of 2018-2026.”
“Browse 50 market data Tables and 47 Figures spread through 183 Pages and in-depth TOC on Global laser technologies market – defence, industrial, medical – market forecast 2018-2026.”
Increasing demand for laser systems, growth in new technological innovations and increasing large-scale acquisitions are the key factors responsible for the growth of the Laser Technologies Market – Defence, Industrial, Medical market across the globe.
Laser systems plays a significant role in military applications
The military spending on laser systems has increased significantly. According to IHS Jane’s annual defence budgets reviews, countries such as Russia, China, and India have contributed highly to the growth of the market. Massive investments are being made, that is leading to the growth of the market. For instance, the U.S invested $50 million for DEWs, which includes HEL with Raytheon, Lockheed Martin, and Boeing. Similarly, in September 2015, Northrop Grumman received a contract from the U.S Army to develop IR countermeasure systems for light aircraft using quantum cascade lasers (QCLS). This deal was valued at $35 million, and it is expected that such contracts in future will exceed $1.5 billion over the next five years.
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The laser weapon is the largest segment for directed-energy, globally. These devices emit highly focused energy at a target to create damage. Military laser weapons are capable of being mounted on a land-based platform- aircraft or a ship, in order to be deployed in the war zone. The HEL beam supplies high-intensity energy to a small spot on the object. These lasers are lethal and are very effective against unmanned aerial vehicles, cruise missiles, artillery projectiles, rockets, and mortar rounds. Owing to the effectiveness of HEL weapons, many armed forces around the world are expected to adopt them in the coming years.
India is the fastest growing country in the Asia Pacific region
In 2014, the military spending in APAC was $439 billion, which showed an increase of 5% as compared to 2013. India’s defense budget for 2015 was $40 billion, an 11% increase from the 2014 budget. Also, India has set a budget to spend over $100 billion over the next decade on defense upgrade program. The increasing military expenditure will likely result in increasing investments that, in turn, would drive the market during the forecast period. India’s Defence Research and Development Organization (DRDO) has planned to develop high-powered laser weapons to destroy the missiles by 2020.
The major market players in the Global are Alltec Gmbh, Boeing Company, Lockheed Martin Corporation, Newport Corp. and SPI LASERS PLC.
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