Global Multiple Integrated Laser Engagement Systems (MILES) Market to Reach $1.2 Billion by 2026
SAN FRANCISCO, July 13, 2021 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Multiple Integrated Laser Engagement Systems (MILES) - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
Edition: 8; Released: June 2021
Executive Pool: 3039
Companies: 32 - Players covered include Lockheed Martin Corporation; Raytheon Technologies; SAAB AB; Cubic Corporation; General Dynamics Mission Systems, Inc.; Inter-Coastal Electronics, Inc.; ZelTech, Inc. and Others.
Coverage: All major geographies and key segments
Segments: End-Use (Soldiers, Vehicles)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Rest of Europe; Asia-Pacific; Rest of World.
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ABSTRACT-
Global Multiple Integrated Laser Engagement Systems (MILES) Market to Reach $1.2 Billion by 2026
Following the first ever demonstration over six decades ago in 1960, research into the use of laser technology as a weapon has grown markedly to enable lasers become as important in warfare as unmanned vehicles. Much of the advancements took place in the recent two decades when researchers overcame the SWaP (size, weight, and power) issues enabling the development of fiber and SSL (solid-state) lasers supported by powerful lithium-ion batteries. While high-energy lasers have become a reality, there is no reported practical deployment of a laser weapon system so far. However, this may change soon as defense systems consider adopting a cocktail of varied solutions for a unique defense system that can defend against multiple air and/or land attacks or even sea attacks, combating rockets, unmanned aircrafts, mortar rounds and artillery shells.
The Multiple Integrated Laser Engagement System (MILES) training system provides a simulated yet realistic battle-like environment to soldiers for military exercises. By way of a simulation for tactical engagement, the system imparts force-on-force, direct fire training using laser bullets. Each vehicle and individual involved in the exercise is given a particular detection system that senses hits and also assesses casualties. Each participant and vehicular weapon system is fitted with laser transmitters that accurately replicate the lethality of specific weapons and their actual ranges. MILES has proven to increase the fighting effectiveness and combat readiness of defense personnel dramatically. MILES devices are used primarily for force-on-force exercises by squads and brigades to simulate firing and overall effects of real weapon systems like the Bradley Infantry Fighting Vehicle, M1 Abrams Tank, wheeled vehicles, the M113 Armored Personnel Carrier, along with other assorted non-shooting targets. Moreover, basic MILES simulations also address machine guns, anti-armor weapons, rifles, and controller guns, within their programs.
Amid the COVID-19 crisis, the global market for Multiple Integrated Laser Engagement Systems (MILES) estimated at US$784 Million in the year 2020, is projected to reach a revised size of US$1.2 Billion by 2026, growing at a CAGR of 7.9% over the analysis period. Soldiers, one of the segments analyzed in the report, is projected to grow at a 8% CAGR to reach US$1.1 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Vehicles segment is readjusted to a revised 7.3% CAGR for the next 7-year period. This segment currently accounts for a 22% share of the global Multiple Integrated Laser Engagement Systems (MILES) market.
The U.S. Market is Estimated at $378.9 Million in 2021, While China is Forecast to Reach $91 Million by 2026
The Multiple Integrated Laser Engagement Systems (MILES) market in the U.S. is estimated at US$378.9 Million in the year 2021. The country currently accounts for a 45.32% share in the global market. China, the world second largest economy, is forecast to reach an estimated market size of US$91 Million in the year 2026 trailing a CAGR of 9.7% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 6.5% and 7% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 7.5% CAGR while Rest of European market (as defined in the study) will reach US$99.9 Million by the close of the analysis period. More
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