The mine detection system market was valued at US$ 4,870. 78 million in 2021 to US$ 8,286. 55 million by 2028; it is estimated to grow at a CAGR of 7. 9% from 2021 to 2028. With the rising security threats and border disputes, there has been an increase in the usage of mine detection systems for instant area clearance and detection of mines, which is driving the mine detection system market.
New York, May 20, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Mine Detection System Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Deployment, Detection Capability, and End User" - https://www.reportlinker.com/p06279451/?utm_source=GNW
Blast mines, directional fragmentation mines, bounding fragmentation mines, omnidirectional fragmentation mines, anti-vehicle mines, butterfly mines, and anti-personal mines are a few types of landmines.
Sea mines include ground (bottom), moored, and contact (floating) mines.These mines are placed to destroy submarines or surface ships.
Thus, the military forces, border security forces, and paramilitaries are procuring technologically advanced mine detectors from various manufacturers.Homeland Security is one of the key end users of mine detection systems.
The rise in demand from emerging economies for procuring mine detection systems is boosting the growth of the mine detection system market. Countries such as Afghanistan, the US, Iran, and India are facing immense threats from mines and are adopting various methods to decrease these threats. For instance, in November 2021, Border Security Forces (BSF) in Odisha, India, recovered IEDs placed on an under construction roadside pavement using a handheld mine detector. Thus, the above-mentioned factors are further driving the mine detection system market growth.
The growth of the mine detection system market in North America is attributed to the rise in investments in mine detection technologies due to the increasing terrorist activities. Key players in the mine detection system market in North America include L3Harris Technologies, Inc.; Northrop Grumman Corporation; Raytheon Technologies Corporation; and Lockheed Martin Corporation. Europe held the second-largest share in the global mine detection system market. Factors such as a rise in border disputes and security threats are propelling the growth of the mine detection system market in Europe. In July 2021, the European Commission selected the consortium led by Naval Group Belgium for Mine Risk Clearance for Europe (MIRICLE) project. BAE Systems MBDA and Scheibel Corporation are among the major companies operating in the mine detection system market in Europe. Moreover, the APAC mine detection system market is foreseen to grow at the highest CAGR during the forecast period. APAC countries are adopting various strategies to reduce the threat of all types of mines. For instance, in October 2021, South Korea’s Defense Acquisition Program Administration (DAPA) announced that it had awarded Hanwha Systems a contract to produce a series of new man-portable, mine-detection system capable of finding metallic and non-metallic mines. Similarly, in 2019, Japanese defense equipment manufacturer IHI Corporation introduced an autonomous underwater mine detection system. Several strategies are also adopted by various manufacturers and end users across the region. These factors are continuously propelling the mine detection system market growth in the region.
The outbreak of COVID-19 among armed forces personnel across Europe had a substantial impact on military capabilities.The armed forces are a critical component of national crisis response across European countries.
Initially, general military support, such as assistance with command and control, repatriation of citizens, logistics, disinfection of public spaces, and support to police and internal security in a few countries is creating significant demand for mine detection system.However, the requirement for advanced combat or security-related technologies for military operations has been high among the defense forces and homeland security forces in European countries in FY 2020.
Moreover, a few European countries are disclosing their plans for the acquisition & investments in defense technologies across their respective armed forces, which is also expected to aid in the growth of the mine detection system market during the forecast period. For instance, Sweden rolled out a tender in 2020 intended to procure mine detectors for Swedish Armed Forces.
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 key players operating in the global mine detection system market.
The overall global mine detection system market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the mine detection system market.
The process also serves the purpose of obtaining an overview and forecast for the mine detection system market with respect to all the market segments.Also, multiple primary interviews have been conducted with industry participants to validate the data and gain more analytical insights into the topic.
The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers—along with external consultants such as valuation experts, research analysts, and key opinion leaders—specializing in the mine detection system market.
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