The Asia Pacific directed energy weapons market
is set to be the fastest-growing market recording a CAGR of 26.43% during the forecasted period between 2020 and 2028. The increasing applications of directed energy weapons in defense and homeland security have resulted in increased demands for cost-effective, high quality, and integrated energy weapons. The defense budget of the Asia Pacific region is boosted by favorable economic conditions.
The Asia Pacific directed energy weapons market growth analysis includes the assessment of the market regions of Vietnam, South Korea, Indonesia, Thailand, India, Japan, China, Australia & New Zealand, and the rest of Asia Pacific. India is one of the world’s top defense importers, according to the International Trade Administration (ITA). There have also been considerable investments in the defense sector of the country, making it a lucrative market for foreign and domestic market players across the globe. According to the Defense Procurement Procedure 2016 (DPP-2016), the Indian industry and the foreign industry will be collaborating with each other in defense subsectors. Also, the adoption of several defense schemes will further enhance market growth. India is also considered to be one of the most promising countries for the directed energy weapons market.
The countries like South Korea are one of the most technologically advanced countries that are into developing directed energy weapons. In 2016, the country developed a high-power microwave, an electromagnetic pulse bomb, and a laser beam weapon. Vietnam has earmarked a substantial part of its military expenditure for procuring defense equipment. The country is estimated to get fighter and multi-role aircraft, naval vessels, patrol ships, surveillance equipment, etc. The increasing defense expenditure will further augment the growth of the market in the region.
Some of the well-known companies in the market include, Rafael Advanced Defense Systems, QinetiQ Group PLC, Raytheon, Rheinmetall AG, Textron Inc, etc.