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The increasing research and development activities, along with innovations in existing weapon systems are leading to an increased demand for advanced military laser solutions, which is expected to aid the market growth. This can be attributed to the rising threats of terrorism and the growing concerns of border security globally. Additionally, high-speed lasers find increased usage in military communication networks. Moreover, military laser technology covers many aspects of military operations, such as reconnaissance warning, weapon guidance, high-power laser weapons, communication, and many more. It allows weapons to engage distant targets immediately after detection. These factors are predicted to positively impact the market growth in the forecast period.
The rising investments by the key industry players in the enhancement of military laser solutions are predicted to aid the market growth in the coming years. For instance, in December 2020, the Boeing Company (NYSE: BA) upgraded and delivered the first batch of previously deployed Compact Laser Weapon System (CLWS) units to a U.S. Department of Defense (DoD) customer, helping them increase their reliability and maximum beam power. In another case, in April 2020, Raytheon Technologies Corporation (NYSE: RTX) announced the completion of the all-stock equals transaction merger with United Technologies Corporation.
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The major players in the global military laser system market are Lockheed Martin Corporation, Raytheon Technologies Corporation, Rafael Advanced Defense Systems Limited, The Boeing Company, Sigmund Lindner GmbH, and Rheinmetall AG, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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