Publication Month: Apr 2022 | Report Code: TIPRE00018546 | No. of Pages: 155 | Category: Aerospace and Defense | Status: Published
Over the years, mine detection systems have experienced major developments by global players to offer new and advanced systems to the end users, such as defense forces, paramilitary forces, and border security forces. This rise in investment in new product development is attributed to the growing demand for advanced mine detection among military and naval forces across the globe. The key players operating in the global mine detection system market include BAE Systems; Israel Aerospace Industries Ltd.; L3Harris Technologies, Inc.; Northrop Grumman Corporation; and Raytheon Technologies Corporation. Some of the major developments in the mine detection system market are as follows:
|Market Size Value in||US$ 4,870.78 Million in 2021|
|Market Size Value by||US$ 8,286.55 Million by 2028|
|Growth rate||CAGR of 7.9% from 2021 to 2028|
|No. of Pages||155|
|No. of Tables||80|
|No. of Charts & Figures||74|
|Historical data available||Yes|
|Segments covered||Deployment, Detection Capability, and End User|
|Regional scope||North America, Europe, Asia Pacific, Middle East & Africa, South & Central America|
|Country scope||US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Free Sample Copy Available|
Thus, such high investments by the global mine detection system market players in the development of advanced mine detection systems to ensure enhanced efficiency for detecting both metallic and non-metallic mines are driving the global market. A substantial portion of the budget allocation is defined toward the procurement of countermeasure technologies, including mine detection systems. These factors have influenced the procurement of mine detection systems and thus drives the mine detection system market growth.
The COVID-19 crisis has adversely affected various industries worldwide, and the global economy faced a slump in 2020 and 2021. The disruptions in the supply chain of mine detection system components discontinued the production of mine detection systems during the initial months of the COVID-19 outbreak. Moreover, several military equipment contractors observed a drop in deliveries for their respective products, cancelation or rescheduling of military orders and delivery, and labor shortages that hampered their businesses. The increase in order backlogs and disruptions in the supply chain during the initial outbreak led to a decline in the revenues of the mine detection system market. However, the North America comprises the largest spending country on military technologies i.e. the US. The significant year-on-year investments toward military technologies by the US government are major reasons behind the continuous growth of military systems. Despite the COVID-19 pandemic, the US military expenditure accounted for US$ 778 billion, as per SIPRI. However, the military forces globally restarted procuring mine detection systems from the US manufacturers, which stabilized the manufacturer’s businesses. This ultimately reflected significant growth in the market in the US in 2020. Further, Canadian market players also experienced a rise in demand for their product from mid Q3 of 2020. This reflected marginal growth in the country’s mine detection system market.
The frequency of armed conflicts between countries is increasing at an alarming rate, prompting a higher need for nation's defense forces to strengthen their security measures. A substantial portion of the budget is dedicated to procuring countermeasure technologies, including mine detection systems. These factors have influenced the procurement of mine detection systems. A few of the major contracts are as follows:
Thus, the above-mentioned investments and initiatives to procure new and advanced mine detection systems across various military and naval bodies are fueling the growth of the global mine detection system market.
Based on deployment, the mine detection system market is bifurcated into vehicle mounted and handheld. The handheld segment held a larger market share in 2021. Handheld devices are popular mine detection sources with a huge demand due to their low cost and high usage by homeland security. The significantly high demand for such detectors constantly drives the mine detection system market. AN/PSS-14, a handheld mine detector manufactured by L3Harris Technologies, Inc., and AN-19/2 from Scheibel Corporation are popular handheld mine detectors. Over the decades, the military forces and homeland security teams have been using these detectors. It is anticipated to drive the mine detection system market as the end users will continue to procure these detectors in the coming years.
Players operating in the mine detection system market are mainly focused on the development of advanced and efficient products.
The mine detection system market is segmented on the basis of deployment, detection capability, and end user. Based on deployment, the market is bifurcated into vehicle mounted and handheld. In 2021, the handheld segment led the market and accounted for a larger market share. Based on detection capability, the market is bifurcated into above surface and underground. In 2021, the underground segment led the market and accounted for a larger market share. Based on end user, the mine detection system market is bifurcated into defense and homeland security. In 2021, the defense segment led the market and accounted for a larger market share. By geography, the mine detection system market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East and Africa (MEA), and South and Central America (SAM). In 2021, APAC accounted for a significant share of the global mine detection system market.
MBDA; BAE Systems; Chemring Group PLC; DCD Ltd.; Israel Aerospace Industries Ltd.;L3Harris Technologies, Inc.; Mine Kafon LAB; Northrop Grumman Corporation; Raytheon Technologies Corporation; and Scheibel Corporation are among the major companies operating in the mine detection system market.