October 11, 2017
WELLESLEY, Mass., Oct 11, 2017 – Increases in defense spending worldwide will help to grow the global directed-energy and military laser market through 2022, according to an industry report by BCC Research. Globally, this sector of the laser market is expected to top $12.3 billion by 2022 with a compound annual growth rate (CAGR) of 10.7%.
Lasers are used in a variety of industries, including the defense, fusion energy, industrial, research and medical sectors. Military lasers, which have a higher degree of photon output and coherence, are present in material processing and auto assembly and are playing an increasingly important role in the development of many new processes, including guiding munitions and marking targets, missile defense systems, laser lightning displays, communication and surgical and diagnosis functions.
Growth over the next five years is projected to be robust and comes as demand grows by armed troops operating on land, air and water and as authorities look for crowd control weapons and to confront terrorists. The defense application laser market will see growth rates through 2022 of 11.5% annually, with the market value topping $4.8 billion, according to the report Directed-energy and Military Lasers: Global Markets. Medical uses of lasers will see double digit-growth through 2022, with the market valued at $2.3 billion.
Leaders in the field include Raytheon Missile Systems, Lockheed Martin, Rafael Advance Defense Systems, Boeing and Northrop Grumman.
“Unlike other industrial tool industries, that surrounding industrial lasers is still evolving and developing,” said Kevin Fitzgerald, BCC Research editorial director. “Demand for lasers is expected to rise as there is increasing demand for higher output and increased production efficiency in this market segment.”
Healthcare Sector Could See Accelerated Growth
The healthcare sector has considerable untapped growth opportunities for the use of lasers due to increasing health awareness, demand for minimally invasive surgeries and growth of 3D imaging. At present, there is no replacement for lasers in the medical industry. Growth opportunities appear to be particularly robust in North America and the Asia-Pacific region.
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Directed-energy and Military Lasers: Global Markets( PHO015B )
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