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According to The Business Research Company's research on the directed energy weapons market, the rising modernization and investment in military platforms drive the directed energy weapons market. A war for power is going on globally, which needs modernization and increased investment in military and defence. Every country wants to remain in power and compete with its competitors, so they are adopting advanced and modern weapons, such as directed energy weapons. According to the International Institute for Strategic Studies, an authority on global security, political risk, and military conflict, global defence spending increased by 3.9% annually to $1.83 trillion in 2020. The military budgets were maintained despite severe economic contractions due to coronavirus. Global defence spending as a percentage of GDP grew substantially from an average of 1.85% in 2019 to 2.08% in 2020. Therefore, such investments in military and defence will propel the directed energy weapons market.
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The directed energy weapons market size is expected to grow from $3.66 billion in 2021 to $4.40 billion in 2022 at a compound annual growth rate (CAGR) of 20.33%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, effecting many markets across the globe. The directed energy weapons market share is expected to reach $9.64 billion in 2026 at a CAGR of 21.69%.
Technological advancement is a key trend gaining popularity in the directed energy weapons market. The major companies operating in the directed energy weapons market focus on developing weapons integrated with artificial intelligence. Artificial intelligence will enable systems for comprehensive networking of command, control, and communication for weapons like hypersonic weapons. For instance, in June 2022, Chinese military researchers claimed to have created artificial intelligence technology that can predict a hypersonic glide missile's trajectory as it closes in on a target at a speed greater than five times the speed of sound.
Major players in the directed energy weapons market are Lockheed Martin Corporation, Northrop Grumman Corporation, Raytheon Company, Boeing, BAE Systems PLC, Textron Inc, Rheinmetall AG, L3Harris Technologies Inc, Moog Inc, QinetiQ, Leonardo Electronics US Inc, General Atomics, Rafael Advanced Defense Systems Ltd, Dynetics Inc, and Kord Technologies.
The global directed energy weapons market is segmented by product into lethal weapons, non-lethal weapons; by technology into high energy laser, high power microwave, electromagnetic weapons, sonic weapons; by end-user into land, airborne, naval.
North America was the largest region in the directed energy weapons market in 2021. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in directed energy weapons market research are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Directed Energy Weapons 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 directed energy weapons market forecast size and growth, directed energy weapons market segments, directed energy weapons market trends, directed energy weapons market drivers and restraints, directed energy weapons market leading competitors' revenues, profiles and market shares in its competitive landscape section for over 3,000 industry reports, covering more than 2,500 market segments and 60 geographies.
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