LONDON, Oct. 27, 2021 (GLOBE NEWSWIRE) — According to The Business Research Company's research report on the laser weapon systems market, increasing research and development activities in laser weapons is shaping the laser weapon market. With growing defense budgets and research grants, militaries around the world are using high-energy laser equipment and investing heavily in research and development.
For instance, in May 2021, the US military began research on a prototype laser weapon for short-range air defense, which is a 50-kilowatt high-energy laser mounted on an identifiable position of a Stryker A1 vehicle to lock, track and destroy air threats.
According to the Stockholm International Peace Research Institute, global military spending rose to $1981 billion in 2020, a 2.6% increase from 2019. Furthermore, in April 2021, the US Air Force granted a $15.5 million deal for Raytheon Technologies, a US-based aerospace and defense company to develop an enhanced version of a dune buggy-mounted laser weapon system and in 2019, Raytheon Technologies was also granted a $23.8 million deal for two prototypes of the high-energy laser weapon system (HELWS). Therefore, the increase in investments in military and defense propels the market for laser weapon systems.
North America was the largest region in the laser weapon systems market in 2020. The regions covered in the laser weapon systems market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The Business Research Company's report titled Laser Weapon Systems Global Market Report 2021 – By Product (Laser Designator, LIDAR, 3D Laser Scanning, Laser Range Finder, Ring Laser Gyro, Laser Altimeter), By Technology (Solid State Laser, Chemical Laser, Free Electron Laser, Chemical Oxygen Iodine Laser, Tactical High Energy Laser), By Application (Air Based, Ground Based, Sea Based), COVID-19 Growth And Change covers major laser weapon systems companies, laser weapon systems market share by company, laser weapon systems manufacturers, laser weapon systems market size, and laser weapon systems market forecasts. The report also covers the global laser weapon systems market and its segments.
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