PUNE, India, October 12, 2015 /PRNewswire/ --
The report "Directed Energy Weapons Market by Application (Defense, Homeland Security), Technology (High Energy Laser, High Power Microwave, Particle Beam), High Energy Laser Systems (Fiber Laser, Free Electron Laser, Solid-State Laser, Chemical Laser), Product (Lethal, Non-Lethal), End User (Ship-based, Land Vehicles, Airborne, Gun-shot) & Geography - Forecast & Analysis to 2015 - 2020", published by MarketsandMarkets, The market size is projected to reach USD 24.31 Billion by the end of 2020, at CAGR of 23.96% from 2015 onwards.
Browse 91 market data Tables and 90 Figures spread through 185 Pages and in-depth TOC on "Directed Energy Weapons Market"
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The market report analyzes and studies the major market drivers, restraints, opportunities, and challenges in North America, Europe, Asia-Pacific, Middle East, and Latin America.
Directed Energy Weapons Market report studies the directed energy weapons market over the forecast period of 2015 to 2020. The market size is projected to reach USD 24.31 Billion by the end of 2020, at CAGR of 23.96% from 2015 onwards.
The Directed Energy Weapons Market is classified into five major segments, namely, by application, by high energy laser, by product, by end-user, and by technology. The application type segment is further categorized into defense and homeland security. On the basis of high energy laser type, the market is segmented into fiber laser, free electron laser, solid-state laser, and chemical laser. The product type segment is further classified into lethal and non-lethal. The end-user segment is further classified into ship-based, land vehicles, airborne, and gun-shot. On the basis of technology type, the market is further segmented into the high energy laser, high power microwave, and particle beam.
A number of factors, such as increasing demand of lasers in navy, policy, and legal implications for DEWs, demand for non-lethal deterrents that continue to grow, and necessity of precision drive the directed energy weapons market.
On the other hand, factors such as arms transfer regulation, inadequate testing facility, lack of adequate funding, and high development cost are restricting the growth of directed energy weapons market. However, an increase in defense spending by various countries and technological upgrades provide new growth opportunities for market players.
Several contracts have been signed by the key players in the directed energy weapons market. For instance, Northrop Grumman Corporation signed a contract of USD 111 million with the U.S. Air Force in 2015 to provide hardware and support for the LAIRCM missile defense systems. This contract would help the missile defense systems to detect any threat and activate the high intensity laser-based countermeasure systems to track and defeat the missile.
Lockheed Martin (U.S.) signed a contract worth USD 78 million with the U.S. Army in 2015 for the upgrade of the Army Tactical Missile Systems. This contract would help companies to develop enhanced and affordable weapon systems, which can eliminate the targets without the risk of exploded ordnance.
As of 2015, North America is estimated to hold the largest share of the directed energy weapons market, followed by Europe. This market in the Middle East is projected to grow at the highest CAGR of 34.12% from 2015 to 2020 owing to the rise in military expenditure and strategic relationships with Latin America.
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Key players in this market include Lockheed Martin (U.S.), Boeing (U.S.), Northrop Grumman (U.S.), Raytheon (U.S.), and BAE Systems (U.K.).
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