Global Directed Energy Weapons Market is estimated to reach $48.5 billion by 2024; growing at a CAGR of 25.4% from 2016 to 2024

   

Global Directed Energy Weapons Market is estimated to reach $48.5 billion by 2024; growing at a CAGR of 25.4% from 2016 to 2024, Says Accurize Market Research. By geography, Asia Pacific and North America are expected to grow at the fast pace during the forecast period.

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Naval Forces demand for laser weapons to drive the market

The major factors pushing the growth of the market are, rising demand of laser weapons in naval forces across the globe and requirement of precision of weapons. However, huge development cost may hamper the growth of the market. Furthermore, rise in the expenditure on defense by nations across the globe would provide growth opportunities for the market in the forecast period.

Market Segmentation

Directed energy weapons market is segmented on the basis of technology, weapon type, deployment, and geography. On the basis of technology, the market is categorized into high energy laser, high power microwave, and particle beam. Based on the weapon type, market is bifurcated into lethal weapons, and non-lethal weapons. Deployment segment is divided into airborne, land based, and naval.

Geographically, directed energy weapon market is segmented into North America, Europe, Asia-Pacific and rest of the world (RoW). The U.S., Canada and Mexico are countries under North America wherein Europe covers Russia, U.K., Germany, France, Italy and Rest of Europe. Asia-Pacific covers China, India, Japan, South Korea and Rest of Asia Pacific. Rest of the World (RoW) covers South America, Middle East and Africa.

"Lethal weapons accounted for the largest market share in the weapon type segment", says Accurize Market Research

Lethal weapons accounted for the largest market share in 2017, in the weapon type segment, and are expected to continue its dominance during the forecast period 2017 – 2025, owing to high usage of lethal weapons by military & defence. By deployment, land based segment accounted for the largest market share in 2017, and is expected to continue its dominance during the forecast period 2017­-2025. In the technology segment, high energy laser accounted for the largest market share in 2017.

"North America dominated the global market with the highest market share over the forecast period", says Accurize Market Research

North America dominated the global market with largest market share of 50.8% in 2017, and is anticipated to continue its dominance during the forecasted period, owing to technological developments and increasing incidences of civil unrest in this region.

Top players in the market

Major companies operating in the market are Northrop Grumman, Lockheed Martin, The Boeing Company, BAE systems, L-3 Technologies, Qinetiq Group PLC, General Dynamics Corporation, Rafael Advanced Defense Systems Ltd. and Raytheon Company, among others.

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