NEW YORK, April 9, 2019 /PRNewswire/ -- The demand for laser warning systems is on a linear trend with the imminent laser threat from economies such as North Korea, Russia, China, and some of the Middle Eastern countries. Developments in electronic warfare products and the rising demand for detection, surveillance and other applications are driving the growth of the global laser warning system market.
Growing military expenditure and investments by countries are creating opportunities for the installation of laser warning systems on military aircrafts, helicopters, naval ships, warships, and military tanks. The growth of laser warning systems is positively impacted by the production of electronic products related to detection applications. The global market for laser warning system has witnessed significant advancements in 2018, reaching the valuation of US$ 454 Mn.
Manufacturers of laser warning systems are globally limited to the target marketplace, which is the defence sector, and hence the competition is strongly stacked among the key players. Manufacturers are concentrating on acquiring new orders for the installation of laser warning systems. New orders and investments related to military aircraft are expected to be the key driving factors for the growth of the global laser warning system market.
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Segmentation Highlights - Global Laser Warning System Market
- On the basis of number of sensors, laser warning systems with 3 or 4 sensors is anticipated to remain the leading segment in terms of global market share, and reach over a 73% share by the end of 2028.
- On the basis of end user, the air force segment is anticipated to be a prominent segment in the global laser warning system market, accounting for more than 75% of the total market value by the end of 2028.
- In 2018, Europe and North America are pegged to be attractive regions in the laser warning system market, accounting for more than 58% of the global market share.
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Swelling demand for 3 or 4 sensor type laser warning systems is anticipated to impact leading manufacturers to initiate production bases for electronic warfare products in developing nations to further strengthen their businesses. ELBIT SYSTEMS LTD, Saab Group, Thales Group, BAE Systems, Leonardo S.p.A., and Collins Aerospace are some of the key players operating in the global laser warning system market. The global laser warning system market is structured and the leading players account for nearly three-fourths of the market share.
Long-term Outlook: In terms of market value, the global laser warning system market is projected to register a 5.8% CAGR during the forecast period and create an absolute $ opportunity worth US$ 345.1 Mn. During the forecast period, Europe, North America and East Asia are likely to witness high adoption of laser warning systems and register CAGRs higher than 6.0%.
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