The global high energy lasers market was US$ 8.1 billion in 2021. The global high energy lasers market is forecast to grow to US$ 21.40 billion by 2030 by growing at a compound annual growth rate (CAGR) of 12.4% during the forecast period from 2022 to 2030.
Factors Influencing the Market
High energy lasers find their wide applications in the manufacturing, communication, and defense sector. The growth of these sectors will upsurge the demand for high energy lasers during the forecast period.
Increasing defense budget and research grants will increase the deployment of high-energy laser-based equipment. For instance, the US army started testing a prototype laser weapon for close-range air defense in May 2021.
Growing demand for drone systems will also stimulate the growth of the high energy lasers market. On the contrary, the high cost of high energy lasers may restrict the market from growth.
The leaders constantly invest in new technologies in order to cater to the growing demands. For instance, BIZ Engineering spent in Trumph Pvt. Ltd's 3kW TruLaser 1030 fiber laser cutter in May 2021 with the aim to provide a better substitute for previous CO2-based technology. Innovative advancements in high energy lasers will also upsurge the demand for the technology. For instance, IPG Photonics Corporation unveiled the YLR-U series near-infrared 1 μm fiber lasers, having ultra-compact form factor with a record power to volume ratio.
Regional Analysis
On the basis of region, the Asia-Pacific high energy lasers industry is forecast to grow at the highest growth rate. It is due to the growing cross-border tension between the countries like China, India, and Japan. In addition, growing investments in the defense sector will contribute to the growth of the high energy lasers market.
The Defence Research and Development Organisation of India unveiled its plans in September 2020 to develop a national program on directed energy weapons. It will also include high-energy lasers, among others.
COVID-19 Impact Analysis
The wake of the COVID-19 pandemic drastically impacted the global high energy lasers market. The shortage of raw materials and workforce significantly impacted the global high energy lasers market. However, the high energy lasers market is forecast to recover at the same pace due to growing investments by government bodies. In addition, growing cross borders conflicts will upsurge the demand for the high energy lasers in the coming years.
Competitors in the Market
Market Segmentation
The global high energy lasers market segmentation focuses on Application, Product, and Region.
By Application
By Product Type
By Region
