FACTS AT A GLANCE
Edition: 7; Released: March 2021
Executive Engagements: 6116
Companies: 45 – Players covered include BAE Systems PLC; Boeing Company; L-3 Communications Holdings, Inc.; Lockheed Martin Corporation; Moog, Inc.; Northrop Grumman Corporation; Quinetiq Group PLC.; Raytheon Company; Rheinmetall AG; Textron Inc. and Others.
Coverage: All major geographies and key segments
Segments: Technology (High Energy Laser, High-Power Microwave, Particle Beam); and Application (Defense, Homeland Security)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; and Rest of Europe); Asia-Pacific; Rest of World.
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Global Directed Energy Weapons Market to Reach $51.1 Billion by 2026
Directed Energy Weapons (DEW) are types of Smart Weapons or Precision-Guided Munitions (PGMs) that are designed for striking pre-decided targets with pinpoint accuracy in order to maximize the application of explosive force on the target, while minimizing collateral damage and military personnel casualties. Increasing instances of extremist attacks and several territorial disputes in different parts of the world are among the main reasons for an increase in demand for non-lethal weapons. Laser weapon systems with enhanced attack capabilities are being increasingly sought after. The growing demand for precise and non-lethal weapons is boosting the directed energy weapons market across the world. Smart weapons have become an indispensable segment of most military forces on account of their superior defensive as well as offensive capabilities. The navy, in particular, has an increasing need for such directed energy weapons.
Amid the COVID-19 crisis, the global market for Directed Energy Weapons estimated at US$15 Billion in the year 2020, is projected to reach a revised size of US$51.1 Billion by 2026, growing at a CAGR of 21.9% over the analysis period. High Energy Laser, one of the segments analyzed in the report, is projected to grow at a 23.6% CAGR to reach US$40.7 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the High-Power Microwave segment is readjusted to a revised 19.2% CAGR for the next 7-year period. This segment currently accounts for a 32.4% share of the global Directed Energy Weapons market. The high energy laser segment dominates market growth as it offers tactical options of mounting on land, sea, or air-based platforms. Considerable development and research are being conducted in the high-energy laser systems category. High energy laser systems work with chemical lasers, free-electron laser, fiber lasers, or solid-state lasers. HPM weapons fulfill most of today’s requirements in military sector owing to their features such as delivery with the speed of light, capability to destroy the opponent’s electronic systems in all weather conditions, ability to cover multiple targets, simplified tracking, beam pointing, a deep magazine and minimum collateral damage.
The U.S. Market is Estimated at $6.7 Billion in 2021, While China is Forecast to Reach $7.3 Billion by 2026
The Directed Energy Weapons market in the U.S. is estimated at US$6.7 Billion in the year 2021. The country currently accounts for a 37.76% share in the global market. China, the world’s second largest economy, is forecast to reach an estimated market size of US$7.3 Billion in the year 2026 trailing a CAGR of 25.2% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 18.5% and 19.4% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 21.2% CAGR while Rest of European market (as defined in the study) will reach US$8.7 Billion by the end of the analysis period. In North America, DEWs are used in defense applications such as defense on ground to fight aerial targets. They are also deployed for short- , medium-, and long-range strategic missions. The growing expenditure on various defense related programs by the country is expected to augment the growth of DEW market in the United States. In addition, the Canadian Navy targets to utilize laser-based DEWs to battle the growing threat from pirates on the seas successfully. In Asia-Pacific region, growth is being driven by increasing R&D activities undertaken for developing advanced technology based DEWs for military operations and implementing modernization programs in military sectors in the major economies of the region. Growing demand for self-protecting weapons due to increasing threats from cross border terrorism is also expected to drive the market in the region.
Particle Beam Segment to Reach $2.2 Billion by 2026
Particle beam weapons are a type of projectile weapons that use subatomic or atomic particles as projectiles. These particles accelerated with relativistic speeds. Particle beam weapons are either neutral or charged particles, and can be either exoatmospheric or endoatmospheric. In the global Particle Beam segment, USA, Canada, Japan, China and Europe will drive the 15.3% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$710.9 Million in the year 2020 will reach a projected size of US$1.9 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$227.9 Million by the year 2026. More
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