LONDON, Sept. 27, 2022 (GLOBE NEWSWIRE) -- According to The Business Research Company’s research report on the high energy lasers market, the emergence of artificial intelligence is gaining popularity among the high energy lasers industry trends. Many companies operating in the market are focused on developing AI-based products to get a 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 is the Layered Laser Defense (LLD). It 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 global high energy lasers market size is expected to grow from $10.42 billion in 2021 to $12.05 billion in 2022 at a compound annual growth rate (CAGR) of 15.7%. The global high energy lasers market growth is expected to reach $19.97 billion in 2026 at a CAGR of 13.5%.
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 highly necessary in the Navy and Air Force 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 2019, Northrop Grumman Corporation, a US-based aerospace and defense company, and the United States Air Force Research Laboratory (AFRL), inked a contract to develop an advanced laser system. The laser system has been used to defend US fighter jets against enemy missiles. Apart from that, in 2021, the DRDO (Defense Research and Development Organization), an India-based government agency aimed at the production of a high-power laser weapon, is eyeing a budget of $100 million from the ministry of defense. As a result, the market, which was valued at $7.4 billion in 2020, is expected to reach $14.7 billion by 2026. Therefore, rising demand for laser weapon systems in defense is driving the growth of the high energy market.
Major players in the high energy lasers market are SICK AG, Petasense Inc, Allegro MicroSystems, Inc., Robert Bosch GmbH, NXP Semiconductors NV, Infineon Technologies AG, Sensoronix, Inc., TE Connectivity, Inc., SPECTEC, Sensor Solutions Corporation, ABB, Rockwell Automation Inc., STMicroelectronics, Pepperl+Fuchs, and Schneider Electric.
The global high energy lasers market is segmented by product type into gas laser, fiber laser, solid state laser, excime laser, and by application into cutting, welding, and drilling, military and defence, and communications.
North America was the largest region in the high energy lasers market in 2021. Asia-Pacific is expected to be the fastest-growing region in the high energy lasers market during the forecast period. The regions covered in the global high energy lasers market research report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
High Energy Lasers Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide high energy lasers market overviews, analyze and forecast market size and growth for the whole market, high energy lasers market segments and geographies, high energy lasers market trends, high energy lasers market drivers, high energy lasers market restraints, high energy lasers market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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