WASHINGTON, Aug. 03, 2023 (GLOBE NEWSWIRE) — The Global Military Laser Systems Market Size accounted for USD 5.5 Billion in 2022 and is projected to achieve a market size of USD 11.2 Billion by 2032 growing at a CAGR of 7.4% from 2023 to 2032.
Military Laser Systems Market Highlights and Key Statistics:
- The Global Military Laser Systems Market is expected to reach a substantial valuation of USD 11.2 billion by 2032, rising from value of USD 5.5 billion in 2022, registering a commendable CAGR of 7.4% during the forecast period from 2023 to 2032.
- In 2022, North America emerged as the dominant region, accounting for over 37% of the market share.This was primarily due to the region’s high defense spending and early adoption of laser-based technologies.
- Among applications segments, the target designation and ranging sub-segment is projected to experience the fastest growth, expanding at a 8% CAGR, driven by their instantaneous destructive capabilities.
- A prominent trend in the industry is the increasing focus on research and development of compact fiber lasers and solid-state lasers. This endeavor aims to enhance power density and beam control capabilities, driving advancements in laser systems.
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Military Laser Systems Market Report Coverage:
|Market||Military Laser Systems Market|
|Military Laser Systems Market Size 2022||USD 5.5 Billion|
|Military Laser Systems Market Forecast 2032||USD 11.2 Billion|
|Military Laser Systems Market CAGR During 2023 – 2032||7.4%|
|Military Laser Systems Market Analysis Period||2020 – 2032|
|Military Laser Systems Market Base Year||2022|
|Military Laser Systems Market Forecast Data||2023 – 2032|
|Segments Covered||By Technology, By Product Type, By Application, By End Use, And By Geography|
|Military Laser Systems Market Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||Lockheed Martin Corporation, Northrop Grumman…|