The global counter IED market is expected to reach a valuation of USD 2,053 million by 2023, at a robust growth rate of 2.92% over the forecast period from 2018 to 2023, according to the latest research report from Market Research Future (MRFR).
Leading players in the global counter IED market include Thales Group, Raytheon Company, Northrop Grumman Corporation, Lockheed Martin Corporation, L3 Technologies, Harris Corporation, General Dynamics Corporation, Elbit Systems Ltd., Chemring Group plc, and BAE Systems.
Ask for Free Sample Pages:
In July 2019, the Indian Army announced modifications to its counter IED protocols, including the purchase of new equipment and training for armed personnel in Jammu and Kashmir.
In September 2018, Northrop Grumman Corporation signed a contract worth USD 103 million with the US Naval Sea Systems Command to provide joint counter-radio-controlled IED electronic warfare systems.
The global counter IED market is segmented on the basis of capability, deployment, end use, and region.
By capability, the global counter IED market is segmented into detection and countermeasure. The detection segment is likely to remain dominant in the global counter IED market over the forecast period due to the paramount importance of detecting IEDs in the way. The detection segment accounted for 67.53% of the global counter IED market in 2017 and is likely to remain the leading revenue generator over the forecast period.
By deployment, the global counter IED market is segmented into vehicle-mounted, ship-mounted, airborne, handheld, and others.
By end use, the global counter IED market is segmented into military and homeland security.
North America is likely to dominate the global counter IED market over the forecast period due to the presence of leading players such as Northrop Grumman and Lockheed Martin. The military complex in the U.S. is a major revenue generator for the counter IED market in the region and is likely to remain the major driver for the market over the forecast period. Increasing involvement of the U.S. in counter-insurgency movements all over the world is likely to be a major driver for the counter IED market in North America over the forecast period.
IEDs are among the major threats faced by peace corps forces and international armed force units, as they are often the cheapest weapon available to insurgents in impoverished areas of the world. While attack weaponry such as rifles and machine guns are widely present among insurgents, the use of IEDs is a major tactic to slow down or undermine the progress of NATO or UN peacekeeping armies. The use of improvised technology also makes the threat of IEDs flexible, making the development of a strong counter IED unit essential for ensuring smooth progress of an army. The increasing involvement of the U.S. and Canada in international peacekeeping armies, in addition to the wars waged by the U.S. on its own, is likely to be a major driver for the counter IED market in North America over the forecast period.
The increasing involvement of British and French troops in international peacekeeping forces is also likely to drive the counter IED market in Europe over the forecast period. Europe is likely to remain the third largest regional market for counter IED devices and technology over the forecast period, behind North America and Asia Pacific, and is likely to remain a steady consumer for counter IED manufacturers.
Asia Pacific is likely to remain an important market for counter IED manufacturers due to the growing geopolitical tensions around India, Pakistan, China, Taiwan, and the Korean peninsula. India and China and India and Pakistan have highly frosty relationships, with China’s subtle support to Pakistan further complicating matters between the three regional powers. Border issues around Kashmir, Tibet, and Arunachal Pradesh are likely to lead to increasing demand for military devices, including counter IED, over the forecast period. The increasing prevalence of domestic concerns such as Naxalites in India and Islamic terrorists in Pakistan is also likely to be a major driver for the counter IED market in Asia Pacific over the forecast period.
For More Information and TOC:
About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients.
Company Name: Market Research Future
Contact Person: Abhishek Sawant
Email: Send Email
Phone: +1 646 845 9312
Address:Market Research Future Office No. 528, Amanora Chambers Magarpatta Road, Hadapsar