Military Laser Systems Market projected to reach USD 7.5 billion by 2028 with governments investing.

From GlobeNewswire: 2024-07-01 08:00:00

The Military Laser Systems Market is estimated to be USD 5.0 billion in 2023, projected to reach USD 7.5 billion by 2028 with a CAGR of 8.7%. Governments investing in modern weapon systems drive market growth, with laser technology enhancing military communication and target systems.

Top key players in the market include Northrop Grumman Corporation, Raytheon Technologies Corporation, Lockheed Martin Corporation, Thales Group, and BAE System plc.

The naval segment is expected to grow at the highest CAGR in the platform category, driven by development of shipboard weapon systems to strengthen maritime border security.

In terms of application, the weapons segment is projected to grow at the highest CAGR due to increasing demand for modern weaponry amidst growing disagreements with neighboring nations.

Fiber laser technology is expected to grow at the highest CAGR, offering compact, robust, efficient, and reliable high-energy lasers widely used in directed energy weapons.

North America dominated the market in 2020, driven by increased defense spending on research and development activities related to laser weapons to counter aerial threats, with the US leading in the production and testing of high-energy laser systems.



Read more at GlobeNewswire: Military Laser Systems Market is Forecasted to Reach USD