Mine Detection System Market to Reach Valuation of USD 7.09 Billion by 2028 - Increasing Demand for Mine Detection System Market for advanced mine detection among military and naval forces to Drive the Market Growth

Vantage Market Research

May 17, 2022

From the period of 2022 to 2028, the Global Mine Detection System Market is expected to reach USD 7.09 Billion in terms of revenue, growing at a Compound Annual Growth Rate (CAGR) of 5.9%.

Over the years, global players have invested heavily in mine detecting systems in order to provide new and advanced technologies to end-users 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. As a result, the global market is being driven by substantial expenditures by Global Mine Detection System Market participants in the development of improved mine detection systems to ensure increased efficiency in detecting both metallic and non-metallic mines. A significant percentage of the budget is set out for the acquisition of countermeasure technologies, such as mine detection systems. These variables have influenced Mine Detection System procurement, resulting in market expansion for mine detecting systems.

Key Highlights from the Report

  • On the basis of Deployment, the market is segmented into Vehicle Mounted, Ship Mounted, Airborne Mounted, and Handheld. In 2021, the handheld sector had a greater market share. Due to their low cost and widespread use by homeland security, handheld devices are attractive mine detecting sources with high demand. The mine detecting system market is driven by a consistently rising demand for such detectors. These detectors have been used by military forces and homeland security teams for decades. It is expected to drive the mine detecting system market in the coming years as end consumers continue to purchase these detectors. During the forecast period, the demand for unmanned marine vehicles on the battlefield for surveillance and mine detection capabilities is projected to boost the market.

  • On the basis of Application, the market is segmented into Defence and Homeland Security. Due to the constant concern of IED blasts during cross-country operations, the defence sector in many countries is the primary end-user of various types of mine and IED detecting equipment and devices.

  • Asia Pacific is the fastest regional segment in terms of growth. Increased investments in the development of mine and IED detection systems and technologies are likely to aid the regional market's expansion. With smart investments by global corporations in the region, this region has become one of the most lucrative regions in recent decades. China, Japan, India, and South Korea are some of the region's most important countries.

Market Dynamics:

Increased acquisition of unmanned warfare systems due to rising transnational and regional insecurity

The frequency of bilateral military conflicts between states is increasing at an alarming rate, prompting a higher need for countries' defence 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.

Lack of accuracy and operational complexities in airborne mine detection

Airborne mine detecting systems' limited accuracy limits their performance and usability in applications that demand extremely precise information. Furthermore, to avoid contamination, the analysis of data produced by airborne mine detection systems necessitates a technically qualified staff and a regulated environment. The operational complexity of building and maintaining airborne mine detecting systems is a stumbling block to the global market for mine detection systems. Military network infrastructure in several countries appears to be incapable of transferring such large amounts of data in real-time. To support effective real-time intelligence and reconnaissance data flow, more advanced infrastructure is required. Such infrastructure necessitates large capital inputs, limiting the mine detecting industry's expansion.

Over the projection period, North America is expected to have tremendous growth. In the projected period, the North American region is expected to lead the Mine Detection Systems market. The increase in focus on expanding investments in Mine Detection Systems technologies by governments in this area is driving the growth of the North American Mine Detection Systems market. Furthermore, factors such as rising geopolitical tensions and increased defense-related spending are projected to boost demand for Mine Detection Systems in the region. The US military's constant demand for mine and IED detecting systems and equipment to combat wars in the Middle East and Asia-Pacific is the primary driver of this market's rapid expansion.