Northbrook, IL -- (SBWIRE) -- 11/26/2021 -- According to MarketsandMarkts, the directed energy weapon market is valued at USD 4.3 billion in 2021 and is projected to reach USD 10.1 billion by 2026 at a CAGR of 18.7%. The key drivers propelling the growth of the global directed energy weapons market is the defense of terrorist attacks, chemical, biological, radiological, and nuclear materials so that civilian lives and the national security of a country can be preserved. Directed energy weapons like lasers, high power microwaves, and electromagnetic weapons are being used to defend against attacks from threats like ballistic missiles, anti-satellite weapons, and nuclear weapons, etc. The Asia Pacific region will dominate the market due to the growing investments in directed energy weapons solutions.
Based on product type, the lethal weapons segment is projected to grow at the highest CAGR during the forecast period
These lethal products, mainly focused for military application, include rail gun, electromagnetic bombs (e-bombs), plasma cannon (electrothermal accelerator), microwave gun, plasma grenade, navy laser cannon, gun-launched guided projectile, automatic shotguns, and several others. Huge investments are being made in the R&D as well as demonstration and testing of lethal directed energy weapons.
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Based on platform, the Naval platform segment is projected to grow at the highest CAGR during the forecast period
Naval directed energy weapon systems consist of weapons that are used in naval applications, for instance, on combat ships and submarines, among others. The naval segment is further divided into combat ships, submarines, and unmanned surface vehicles. Defense ships are specifically designed for use by coast guards and naval forces to ensure the security of water borders.
Based on technology, the High energy laser technology segment is projected to grow at the highest CAGR during the forecast period
Based on technology, the high energy laser segment is projected to account for a share of 59.4% in 2021. This segment is projected to grow at a CAGR of 19.06% during the forecast period. This growth can be attributed to the easy installation and low power consumption of high energy laser weapons. Compared to conventional ordnance, they have next to zero time of flight, which allows for a longer decision time and a quicker reaction time.
The directed energy weapons market in Asia Pacific is projected to grow at the highest CAGR from 2021 to 2026
Asia-Pacific contributed a share of 22.49% to the directed energy weapons market in 2021. China, India, Japan, Australia, South Korea, and rest of Asia-Pacific have been considered in the Asia-Pacific directed energy weapons market. The demand for directed energy weapons market has increased in recent years, due to the rapid economic development and increasing security threats, across Asia-Pacific region and the increase in border disputes. The military spending of China, Japan, and India has been increasing in recent years due to increased possibilities of being targeted by terrorist attacks.
Key Market Players:
Lockheed Martin Corporation (US), Raytheon technologies (US), Northrop Grumman Corporation (US), The Boeing Company (US), Thales Group (France), Leonardo SPA (Italy), BAE Systems (UK), Elbit Systems (Israel) and L3Harris Technologies (US).