Transparency Market Research delivers key insights on the global laser designator market. In terms of revenue, the global laser designator market is estimated to expand at a CAGR of 3.5% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecasts in its report on the global laser designator market.
The global laser designator market is broadly affected by several factors, including increasing military and defense expenditure, technological advancements in laser designators for achieving better performance of military & defense and security forces, and growing production and usage of lightweight laser designators. On the other hand, limited performance of laser designators in case of inclement weather and some of the regulations related to manufacture of laser devices are factors likely to hamper the global laser designator market during the forecast period. Military, homeland securities, and aerospace & defense sectors are prominent end users of laser designators. Rising demand for security and surveillance equipment and increasing development of indigenous weapon systems are propelling the laser designator market in various countries worldwide.
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Laser Designator Market: Dynamics
Technological advancements in laser designators for achieving better performance of military & defense and security forces, increasing expenditure on military and defense, and growing production and usage of lightweight laser designators are factors driving the global laser designators market.
Inception of 21st Century digital warfare has resulted in the development of lightweight laser designators, as these systems assist in quick movement of troops and help in reducing soldiers’ fatigue. Currently, laser designator are fabricated by using legacy designs and manufacturing processes. They are too heavy, bulky, and costly. As result of this, there exists need to improve manufacturing processes to produce affordable lightweight laser designator modules for small UAV and UGV platforms and equipment with portable systems for soldiers. Due to high adoption of laser designators in multiple applications, production and supply of lightweight laser designators has risen, which is expected to boost the global laser designators market during the forecast period.
The laser technology has witnessed significant advancements over the past few years. This technology is used in a wide range of applications including medical sciences, military, industrial manufacturing, electronics, holography, spectroscopy, and astronomy. The new and advanced laser designators are lightweight and they radiate a very narrow band of infrared light. They offer precise designation of a spot on the target. With technological advancements, laser designator devices can be used for 3-dimensional (3D) vision control, for positioning or level control, and with three-color displays. The impact of technological advancements is currently high due to increasing demand for advanced laser designators and it is expected to remain high throughout the forecast period. These are expected to be prominent factors propelling the global laser designator market during the forecast period.
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Laser Designator Market: Prominent Regions
The defense spending in Russia declined in 2017 over that in 2016; however, it has increased in Central and Western Europe. Growing focus of countries across the world, especially those in Europe, on R&D in the aerospace & defense sector is expected to drive the market for laser designators in the near future, as these designators are embedded in aircraft and fighter jets. Countries in Asia, such as China, Japan, and India, are focusing more on the indigenous development through increased expenditure on military and defense. Technological competition and changes in certain government policies have also been triggered by the U.S. Government to share the latest defense technology and weapon systems with countries such as Japan. These countries are developing their own military designators and other weapons and equipment, which would increase only domestic sales of these equipment. Other reasons behind making their own military and defense equipment are cost effectiveness and reliability. Production of new and advanced defense aircraft and military equipment is expected to fuel the adoption of laser designators in different geographies during the forecast period.
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Laser Designator Market: Key Players
Key players operating in the global laser designator market are Elbit Systems, FLIR Systems, General Atomics, Gooch & Housego, L3 Technologies, Leonardo, Northrop Grumman, RPMC Lasers, Thales, and UTC Aerospace Systems.
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