The High Energy Lasers Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s High Energy Lasers Global Market Report 2024, The high energy lasers market size has grown rapidly in recent years. It will grow from $14.72 billion in 2023 to $17.37 billion in 2024 at a compound annual growth rate (CAGR) of 18.0%. The growth in the historic period can be attributed to increased military applications, increased demand from aerospace and defense industry, rise in research and development, increased research and development, increased laser fusion.
The high energy lasers market size is expected to see rapid growth in the next few years. It will grow to $32.95 billion in 2028 at a compound annual growth rate (CAGR) of 17.4%. The growth in the forecast period can be attributed to increasing use for industrial and materials processing, rise in renewable energy, rise in environmental sensing, increasing cybersecurity and data communication, fiber lasers and beam control. Major trends in the forecast period include directed energy weapons (dew), space-based lasers, industrial laser cutting, laser weapon miniaturization trend, solid-state lasers.
The rising demand for laser weapon systems in defense is expected to propel the growth of the high-energy laser market going forward. Laser weapons systems are described as systems that solve recognized capability gaps against asymmetric threats (UAS [unmanned aerial systems], small boats, and ISR sensors). Laser weapon systems are in high necessity in the Navy and Airforce across the world to prevent airborne threats like missiles and drones as lasers are effective against missiles and are being used as the first line of defense. For instance, in 2021, the DRDO (Defense Research and Development Organization), an India-based government agency aimed at the production of a high-power laser weapon and is eyeing a budget of $100 million from the Ministry of Defense. As a result, the market is expected to reach $14.7 billion by 2026. Therefore, the rising demand for laser weapon systems in defense is driving the growth of the high-energy lasers market.
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The high energy lasers market covered in this report is segmented –
1) By Product Type: Gas Laser, Fiber Laser, Solid State Laser, Excime Laser
2) By Application: Cutting, Welding and Drilling, Military and Defence, Communications
Emergence of artificial intelligence is a key trend gaining popularity in the high energy laser market. Many companies operating in the market are focused on developing AI-based products to get competitive advantage. For instance, in April 2022, the US Navy successfully tested the Layered Laser Defense (LLD), a laser weapon designed and developed by Lockheed Martin, a US-based aerospace, arms, defense, information security, and technology company. This the Layered Laser Defense (LLD), can use a high-power laser to counter unmanned aerial systems and fast-attack boats, as well as track inbound air threats, support combat identification, and conduct battle damage assessments of engaged targets. With specialized optics for viewing a target and directing laser beams for maximum effect, as well as artificial intelligence to improve tracking and aiming, LLD is compact and powerful yet more efficient than previous systems.
The high energy lasers market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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