Mine Detection System Market
Mine Detection System Market - Global Industry Assessment & Forecast
- By Deployment Vehicle Mounted, Ship Mounted, Airborne Mounted, Handheld
- By Application Defense, Homeland Security
- By Technology Radar Based, Laser Based, Sonar Based
- By Upgrade OEMs, MROs
- By Region North America, Europe, Asia Pacific, Latin America, Middle East & Africa
|Forecast Years:||2023 - 2030|
|Historical Years:||2017 - 2021|
|Revenue 2022:||USD 5.29 Billion|
|Revenue 2030:||USD 8.26 Billion|
|Revenue CAGR (2023 - 2030):||5.70%|
|Fastest Growing Region (2023 - 2030)||Asia Pacific|
|Largest Region (2022):||North America|
- Cross-segment Market Size and Analysis for Mentioned Segments
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- Additional Countries (Apart From Mentioned Countries)
- Country/Region-specific Report
- Go To Market Strategy
- Region Specific Market Dynamics
- Region Level Market Share
- Import Export Analysis
- Production Analysis
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The Global Mine Detection System Market is valued at USD 5.29 Billion in the year 2022 and is projected to reach a value of USD 8.26 Billion by the year 2030. The Global Market is forecast to grow exhibiting a Compound Annual Growth Rate (CAGR) of 5.70% over the forecast period.
Mine Detection System Market Size, 2022 To 2030 (USD Billion)
Global players have invested heavily in mine detection systems in order to provide new and advanced technologies to end customers such as defense forces, paramilitary forces, and border security forces. The increased need for better mine detection among military and naval forces throughout the world is driving up investment in new product development. The frequency of bilateral military conflicts between states is increasing at an alarming rate, prompting a higher need for countries' defense forces to improve their security measures. New weaponry and fighting systems are being developed to suit the needs of battle. Electronic warfare technology has been integrated into unmanned systems as a result of the emergence of digital battlefields. As a result of these technologies, governments' buying priorities have shifted to keep up with expanding military demands.
The growing relevance of unmanned systems in tactical and strategic roles in modern warfare has prompted the development of new, effective, and cost-efficient warfare technologies that reduce human mistakes and loss. To enable safe data transmission, these devices use electromagnetic radiation. These systems must fulfill a variety of critical duties in a variety of threat scenarios. They must use SIGINT techniques to identify all emitters in a target region, ascertain their geographic positions or mobility ranges, describe their signals, and use thermal imaging to locate the mine.
Due to the complexity of these systems, achieving the performance levels needed for next-generation unmanned electronic warfare weapons becomes a daunting undertaking. To function in high-magnitude signal settings, these systems require complicated architectures. Modifying and programming unmanned systems is one of the most difficult tasks for manufacturers. To function in a congested electromagnetic (EM) environment, advanced technologies are necessary, and a cost-effective open system approach will aid in achieving difficult design goals.
The Mine Detection System Market is segmented on the basis Deployment, Application, Technology and Upgrade. On the basis of Deployment, the market is segmented into Vehicle Mounted, Ship Mounted, Airborne Mounted, and Handheld. On the basis of Application, the market is segmented into Defense and Homeland Security. On the basis of Technology, the market is segmented into Radar Based, Laser Based, and Sonar Based. On the basis of Upgrade, the market is segmented into OEMs and MROs.
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Based on Deployment
The handheld segment had a larger market share in 2021. Handheld devices are attractive mine detecting sources with strong demand due to their low cost and broad use by homeland security. The need for mine detecting systems has been steadily increasing in recent years. For decades, military troops and homeland security teams have relied on these detectors. As end users continue to acquire these detectors, it is projected to drive the mine detecting system market in the approaching years. The demand for autonomous marine vehicles on the battlefield for surveillance and mine detecting capabilities is expected to grow during the projection period.
Based on Application
The defense sector in many nations is the principal end-user of various types of mine and IED detecting equipment and devices due to the ongoing threat of IED blasts during cross-country operations. Moreover, the demand for IEDs in the homeland security sector is growing, particularly in terrorism-prone countries like India, Israel, and others. For example, India is continually investing in counter-IED technologies and acquiring MRAP trucks with counter-IED capabilities for its state forces fighting IED strikes in terrorist-infested areas.
North America is Observed to be the Largest Share Holding Region in the Market
North America acquired the largest market share during the year 2021 with a share of 38.70%. The Mine Detection Systems market in North America is likely to lead throughout the forecast period. The expansion of the North American Mine Detection Systems market is being fueled by governments' increased focus on boosting investments in Mine Detection Systems technology. Furthermore, rising geopolitical tensions and higher defense spending are expected to enhance demand for Mine Detection Systems in the region. The key driver of this market's quick rise is the US military's ongoing demand for mine and IED detecting systems and equipment to combat wars in the Middle East and Asia-Pacific.
Key players operating in the Global Mine Detection System Market include- Lockheed Martin Corporation (US), Northrop Grumman Corporation (US), Thales Group (France), Israel Aerospace Industries Ltd. (Israel), Raytheon Technologies Corporation (US), BAE Systems (UK), Elbit Systems (Israel), L3Harris Technologies (US) and others.
Segmentation of the Global Mine Detection System Market:
|Regions & Countries Covered||
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis|
Frequently Asked Question
What is the global demand for Mine Detection System in terms of revenue?
The global Mine Detection System valued at USD 5.29 Billion in 2022 and is expected to reach USD 8.26 Billion in 2030 growing at a CAGR of 5.70%.
Which are the prominent players in the market?
The prominent players in the market are Lockheed Martin Corporation (US), Northrop Grumman Corporation (US), Thales Group (France), Israel Aerospace Industries Ltd. (Israel), Raytheon Technologies Corporation (US), BAE Systems (UK), Elbit Systems (Israel), L3Harris Technologies (US).
At what CAGR is the market projected to grow within the forecast period?
The market is project to grow at a CAGR of 5.70% between 2023 and 2030.
What are the driving factors fueling the growth of the market.
The driving factors of the Mine Detection System include
- Increasing terrorist activities worldwide
Which region accounted for the largest share in the market?
North America was the leading regional segment of the Mine Detection System in 2022.