Electromagnetic Weapons Market Is Set to Gain $2,060.1 Million By 2030, Growing at a CAGR of 19.7%: Allied Market Research
The global electromagnetic weapons market is experiencing significant growth due to several factors, including the rise in the development of compact electromagnetic weapons for unmanned aerial vehicles (UAVs), the surge in the use of electromagnetic weapons (EMW) for military combat, and the modernization of weapons.
Wilmington, Delaware, Oct. 24, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Electromagnetic Weapons Market by Type (Rail Guns, Electromagnetic Pulse Generators, and Coil Guns), Platform (Air-Based, Sea-Based, and Land-Based), and End User (Homeland Security and Military): Global Opportunity Analysis and Industry Forecast, 2021–2030."According to the report, the global electromagnetic weapons industry was estimated at $350.0 million in 2020 and is projected to gain $2,060.1 million by 2030, growing at a CAGR of 19.7% from 2021 to 2030.
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*Electromagnetic Weapons Industry-Leading Players: *
· L3Harris Technologies, Inc.
· Honeywell International Inc
· Thales Group
· The Boeing Company
· Lockheed Martin Corporation
· Rafael Advanced Defense Systems Ltd.
· BAE Systems
· Northrop Grumman Corporation
· Rheinmetall AG
· Raytheon Technologies Corporation
The report offers an in-depth assessment of the leading players in the global electromagnetic weapons market. They have employed a variety of strategies, including product development and launches, to expand their market revenue and remain dominant in various geographic areas. The report serves to illustrate the competitive landscape by analyzing business performance, top segments, product portfolios, and the decisive action of market participants.
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*Top Factors Driving Growth: *
The global electromagnetic weapons market is experiencing significant growth due to several factors, consisting of the rise in the development of compact electromagnetic weapons for unmanned aerial vehicles (UAVs), the surge in the use of electromagnetic weapons (EMW) for military combat, and the modernization of weapons. On the other hand, the limitation on anti-personal dominant microwaves and the high risk of collateral damage due to electromagnetic weapons limits the market growth to some extent. Moreover, the increase in demand from developing countries and the increase in investment in research and development (R&D) for advanced electromagnetic weapons (EMW) are expected to create remunerative opportunities in the upcoming years.
*The rail guns segment to maintain its leadership status throughout the forecast period- *
By type, the rail guns segment held the major market share in 2020, accounted for more than half of the global electromagnetic weapons market revenue, and is expected to maintain its leadership status throughout the forecast period. The same segment would also showcase the fastest CAGR of 20.4% from 2021 to 2030. This is because the government has invested more resources in the development of rail guns due to their potential to provide benefits such as extended range or high-yield munitions.
*The sea-based segment to maintain its lead position during the forecast period- *
By platform, the sea-based segment held the major market share in 2020, accounted for more than half of the global electromagnetic weapons market revenue, and is estimated to maintain its lead position during the forecast period. The same segment would also exhibit the fastest CAGR of 20.3% from 2021 to 2030. This is due to research and development programs conducted in developed countries such as the United States, for the development of technologies to create advanced naval electromagnetic weapons.
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*North America to maintain its dominance throughout the forecast period- *
By region, North America held the major market share in 2020, garnering nearly half of the global electromagnetic weapons market revenue, and is expected to maintain its dominance throughout the forecast. This is due to the prevalence of advanced weapons among governmental and military entities in the region, in addition to an increase in government and military expenditure on the development of superior weapons in response to accelerated safety threats. On the other hand, the Asia-Pacific region would cite the fastest CAGR of 21.5% from 2021 to 2030. This can be attributed to increased defense investment and the development of high-tech weapons in Asia-Pacific countries to combat terrorism and regional conflicts in countries like China and India.
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