Electromagnetic Weapons Market

Raytheon technologies (US), Lockheed Martin Corporation (US) and Northrop Grumman Corporation (US) are leading players in Electromagnetic Weapons Market

The electromagnetic weapons market is estimated at USD 509 million in 2021 and is projected to reach USD 1,282 million by 2026, at a CAGR of 20.3 % from 2021 to 2026. The electromagnetic weapons market is growing at a significant rate across the world, and a similar trend is expected to be observed during the forecast period. Increased demand for electromagnetic weapons in combat operations, rising modernization and investments in the defense sector for developing electromagnetic weapons for military platforms, rapid advancements in AI, big data analytics, and robotic technologies, increasing focus on the development of small, compact electromagnetic weapons for a UAV platform are fueling the growth of the electromagnetic weapons market.

Major manufacturers in this market are based in North America and Europe. Raytheon technologies (US), Lockheed Martin Corporation (US), Thales Group (France), BAE Systems (UK), Northrop Grumman Corporation (US) are among the key manufacturers that secured electromagnetic weapon contracts in the last few years. Major focus was given to the development of new products due to the changing requirements of weapon capabilities across the world. These players have adopted various growth strategies to strengthen their position in the market. These include product launches, contracts, partnerships, mergers and acquisitions, and new product development activities further to expand their presence in the electromagnetic weapons market.

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Raytheon Technologies is one of the largest defense contractors across the globe, serving both government and commercial clients. The company delivers solutions through 5 business segments, namely, missile systems; integrated defense systems; space & airborne systems; intelligence, information & services; and Forcepoint. The intelligence, information & services segment develops and supports a wide range of radar systems, radio frequency sensors, sonar systems, etc. Major subsidiaries of the company are Raytheon Systems Limited (RSL), Raytheon Australia (RA), Raytheon Company Chile Limited, Raytheon Exchange Holdings II, Inc., Raytheon Canada Limited (RCL), and Raytheon Marine Europe Limited. The company has a presence in Europe, North America, South America, Asia Pacific, the Middle East, and North Africa. For instance, in Feb 2021, the US Air Force awarded a contract for Raytheon's High-Energy electromagnetic Weapon System; a system designed to counter drone threats to be deployed on an unidentified combatant command base for operator training and an initial performance evaluation.

Lockheed Martin is a global aerospace and security company. It continuously carries out R&D activities for developing various cutting-edge technologies related to the defense sector. The company is a major contractor for the upgrade and purchase of maritime systems for the US Navy. It faces major challenges in terms of overpricing its products as compared to its competitors. A major portion of the revenue of Lockheed Martin is generated from defense contracts received from the US, and hence, defense budget cuts of the country have a direct impact on the growth of the company. Moreover, changing government policies and federal regulations also have an impact on the revenue of the company. Lockheed Martin Corporation is developing a tactical high power operational responder, which is an electromagnet capable of bringing down enemy UAVs by firing electromagnetic pulses.

Northrop Grumman Corporation is a prime contractor for high-priority defense and government service technology programs in the US. It also conducts business with local, state, and foreign governments, along with international customers in the commercial sector. Northrop Grumman Corporation is one of the leaders in the design, development, and production of autonomous systems, including intelligence, surveillance, and reconnaissance (ISR) systems for tactical and strategic missions. The company invests in the development and procurement of new military platforms, display systems with advanced electronics, and software to enhance the capabilities of its existing individual systems. In June 2021, Northrop Grumman Corporation received an order worth USD 146 million from the US Air Force to install Large Aircraft Infrared Countermeasure (LAIRCM) systems on US and international fixed-wing and rotary-wing aircraft.

Related Reports:

Electromagnetic Weapons Market by Product (Lethal Weapons, Non-lethal Weapons), Application (Homeland Security, Military), Platform (Land, Naval, Airborne), Technology (Particle Beam Weapons, Laser-induced Plasma Channel), and Region - Forecast to 2026

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Report Code
AS 7978
RI Published ON
9/9/2021
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