The new military laser designator market research report from Technavio indicates negative growth in the short term as the business impact of COVID-19 spreads.
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Technavio has announced its latest market research report titled Global Military Laser Designator Market 2020-2024 (Graphic: Business Wire)
Get detailed insights on the COVID-19 pandemic Crisis and Recovery analysis of the military laser designator market.
"One of the primary growth drivers for this market is the increasing use of laser designators in UAVs", says a senior analyst for the Industrials industry at Technavio. As the markets recover, Technavio expects the military laser designator market size to grow by USD 454.48 million during the period 2020-2024.
Military Laser Designator Market Segment Highlights for 2020
The military laser designator market is expected to post a year-over-year growth rate of 1.45%.
Based on the segmentation by product, the market saw maximum growth in the vehicle-mounted military laser designator segment in 2019. Vehicle-mounted military laser designators are easily maneuverable, thus ensuring protection along with effective tracking and target designation capabilities. This is one of the key factors driving the growth of the segment.
The market growth in the segment will be significant during the forecast period.
42% of the growth will originate from the North America region.
The rising need to ensure foolproof border surveillance and protection among countries in North America is driving market growth in the region.
The US is the key market for military laser designator in North America. Market growth in this region will be faster than the growth of the market in other regions.
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The military laser designator market size is expected to accelerate at a CAGR of almost 4% during the forecast period.
The military laser designator market is segmented by Product (Vehicle-mounted and Man-portable) and Geography (North America, APAC, Europe, MEA, and South America).
The market is concentrated due to the presence of a few established vendors holding significant market share.
The research report offers information on several market vendors, including BAE Systems Plc, Elbit Systems Ltd., FLIR Systems Inc., L3Harris Technologies Inc., Leonardo Spa, Northrop Grumman Corp., Raytheon Technologies Corp., Rheinmetall AG, Safran SA, and Thales Group
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