According to a new market research report on Military Laser Designator Market, the global military laser designator market is projected to expand at a CAGR of 4.3% during the forecast period of 2019-2027.
According to the report, the global market would continue to be influenced by a range of macroeconomic and market-specific factors, such as increasing complexity of customers, sales, and other operational data of SMEs as well as large enterprises.
Advantages offered by military laser designators and increasing production and usage of lightweight laser designators are expected to boost the global military laser designator market in the next few years.
In terms of revenue, Europe accounted for a significant share of the global military laser designator market in 2019. The region witness’s presence of a large number of aircraft manufacturers that are incorporating military laser designators in their new fighter jets. Advantages associated with laser designators are increasing them in aircraft and helicopters.
Adoption of laser designators is increasing in homeland securities, while military laser designators are increasingly being employed for soldiers and troops. Moreover, increase in spending on research and development activities in aerospace and defense sectors is also expected to propel the market in Europe during the forecast period.
The top 10 players operating in the global military laser designator market and included in the report are UTC Aerospace Systems, Alpha Design Technologies Pvt. Ltd., Northrop Grumman Corporation, Thales Group, L-3 Technologies Inc., Leonardo S.P.A., General Atomics, Elbit Systems Ltd., FLIR Systems Inc., and RPMC Lasers.