Electromagnetic Weapons Market to Reach $2.06 Billion, Globally, by 2030 at 19.7% CAGR: Allied Market Research
Increase in development of compact electromagnetic weapons for UAVs, surge in implementation of electromagnetic weapons for military combat activities, and modernization of weapons drive the global electromagnetic weapons market growth.
PORTLAND, Ore., Feb. 1, 2022 /PRNewswire/ — Allied Market Research published a report, titled, “Electromagnetic Weapons Market by Type (Rail Guns, Coil Guns, and Electromagnetic Pulse Generators), Platform (Land-Based, Air-Based, and Sea-Based), and End User (Military and Homeland Security): Global Opportunity Analysis and Industry Forecast, 2021–2030.”As per the report, the global electromagnetic weapons industry was pegged at $0.35 billion in 2020, and is expected to reach $2.06 billion by 2030, growing at a CAGR of 19.7% from 2021 to 2030.
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Major determinants of the market growth
Rise in development of small and compact electromagnetic weapons for UAV, increase in usage of electromagnetic weapons in military combat activities, and rise in modernization of weapons for military platforms have boosted the growth of the global electromagnetic weapons market. On the contrary, limitation associated with anti-personnel high-powered microwaves and risk of high collateral damage by electromagnetic weapons restrains the growth to some extent. However, increase in demand from emerging economies and growth in investment in research and development of advanced electromagnetic weapons are expected to create lucrative opportunities in the industry.
- Due to lockdown there was delay in development of electromagnetic weapons and so in the trials and demonstrations, thus impacting the global electromagnetic weapons market.
- Due to the disrupted supply chain disruptions and regulations associated with import and export of goods during the pandemic, there was shortage of components, subsystems, and electronic systems and this impacted the global electromagnetic weapons market.
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The rail guns segment to dominate by 2030-
Based on type, the rail guns segment contributed more than half of the global electromagnetic weapons market share in 2020, and is anticipated to rule the market by 2030, due to increased government investments in development of rail guns as they offer advantages such as long-range or extended munitions. Moreover, this segment is anticipated to register the fastest CAGR of 20.4% throughout the forecast period. The report also includes an analysis of EMP and coil guns segment.
The rail guns segment to dominate by 2030-
Based on platform, the sea-based segment contributed more than half of the global electromagnetic weapons market share in 2020, and is expected to rule the market by 2030, due to research and development programs in developed nations like U.S., for evolution of technologies to develop advanced naval electromagnetic weapons. Moreover, this segment is anticipated to register the fastest CAGR of 20.3% throughout the forecast period. The report also includes an analysis of land-based and air-based segment.
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North America to lead the trail in terms of revenue-
By geography, North America garnered the major share in 2020, contributing to nearly half of the global electromagnetic weapons market. This is because of the high adoption of advanced weapons among government and military agencies in the region and increased government and military organizations’ investment in development of advanced weapons due to rising security concerns. Simultaneously, the Asia-Pacific region would manifest the fastest CAGR of 21.5% throughout the estimated period. This is attributed to increasing investment in defense sectors and development of advanced weapons across the Asia-Pacific region to tackle growing terrorism and regional disputes in countries such as China and India.
Leading market players-
- Thales Group
- Northrop Grumman Corporation
- Lockheed Martin Corporation
- Raytheon Technologies Corporation
- BAE Systems
- L3Harris Technologies, Inc.
- Rheinmetall AG
- The Boeing Company
- Honeywell International Inc
- Rafael Advanced Defense Systems Ltd.
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