The military laser systems market is expected to witness significant growth over the forecast period due to increasing investments into the research & developments of laser weapons.
With the transformation in the nature of warfare, the military laser systems are expected to gain prominence. Characteristics such as high intensity and low divergence have made laser a preferred choice to accurately range and destroy distant enemy tanks. Increasing government initiatives for strengthening defense are expected to drive the military laser systems market. Economic downturn in several countries has led to shrinking budgets, thereby inhibiting the military laser systems market growth.
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More emphasis has been given for the development of devices capable of low-flying enemy threats and destroying drones. For instance, in August 2014, the US government, awarded USD 11 million contract to Raytheon Company under the Office of Naval Research (ONR) program for the development of vehicle-based laser devices. Furthermore, in October 2014, for the production of laser-guided Maverick missiles, the U.S Navy awarded Raytheon Company with a contract of USD 49.5 million. In December 2014, Institute of Photonic Sciences (ICFO) and Thales signed an agreement with Thales for the development of ultrafast and high- energy mid-infrared lasers.
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Key market players include Thales group, Newport Corporation, IPG Photonics, Coherent Inc., Creaform, Raytheon, Northrop Grumman, Rofin Sinar Technologies Inc., and Trumpf Group.
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