Report : Europe Laser Weapon Systems Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type (Chemical Laser, Solid-State Laser, Free Electron Laser, and Fiber Laser) and Application (Air-based, Ground-based, and Sea-based)
Ground-based Segment to Dominate Europe Laser Weapon Systems Market during 2020–2028
According to a new market research study on “Europe Laser Weapon Systems Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Type and Application” is expected to reach US$ 1,144.10 million by 2028 from US$ 365.49 million in 2021. The market is estimated to grow at a CAGR of 17.7 % from 2021 to 2028. The report provides trends prevailing in the Europe laser weapon systems market along with the drivers and restraints pertaining to the market growth. Growing technical developments in laser weapon system and mounting investment in weapon systems are the major factor driving the growth of the Europe laser weapon systems market. However, insufficient adoption of laser weapon systems hinders the growth of Europe laser weapon systems market.
In case of COVID-19, Europe is highly affected specially the UK. The emergence of COVID-19 virus across the Europe region has led to lockdown scenarios has pushed led the industry experts to analyze that the defense equipment manufacturing industry would face 4 weeks to 12 weeks of lag in military electronic part supply chain. This disruption in supply chain has damaged the defense equipment manufacturing in 2020. The recovery period of impact of COVID-19 in defense industry is foreseen to be quicker as compared to various other industries. The European laser weapon systems market also had minimal impact on the market growth throughout 2020 as the manufacturers of LaWS continues their operations during Q3 and Q4 of 2020. Several other countries such as Russia, Germany, and others also had a major count of cases daily, owing to which countries initiated a lockdown and social striction. The defense systems in the developed countries in the regions are actively involved in the military developments and strengthening it, which is expected to support the market in the COVID-19 situation but with inadequate strength of workforce. Several countries also are focused on supporting the healthcare system in their countries, which lowered the military spending in 2020, thereby, somewhat hampering the businesses of laser weapon systems market.
The Europe laser weapon systems market is segmented into type, application, and country. Based on type, the market is further segmented into chemical laser, solid-state laser, free electron laser, and fiber laser. The fiber laser segment dominated the market in 2020 and solid-state laser segment is expected to be fastest growing during forecast period. Based on application, the market is segmented into air-based, ground-based, and sea-based. The ground-based segment dominated the market in 2020 and is also expected to be fastest growing during forecast period.
Boeing; Elbit Systems Ltd.; L3Harris Technologies, Inc.; Lockheed Martin Corporation; MBDA; Northrop Grumman Corporation; Raytheon Technologies Corporation; and Rheinmetall AG are among the leading companies in the Europe laser weapon systems market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2020, Raytheon Technologies developed a high-energy laser weapon system.
The report segments the Europe Laser Weapon Systems Market as follows:
Europe Laser Weapon Systems Market – By Type
- Chemical Laser
- Solid-State Laser
- Free Electron Laser
- Fiber Laser
Europe Laser Weapon Systems Market – By Application
Europe Laser Weapon Systems Market – By Country
- Rest of Europe
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