Counter-IED Market Worth US$2.03B by 2022
The report "Counter-IED Market by End User (Military, Homeland Security), Deployment (Vehicle mounted, Ship mounted, Airborne mounted, Handheld), Capability (Detection (ADS, MIDS) and Countermeasure (Jammer, Neutralization)) and Region—Global Forecast to 2022", the counter-IED market is projected to grow from US$1.78 billion in 2017 to US$2.03 billion by 2022, at a CAGR of 2.64 percent during the forecast period from 2017 to 2022.
Major players in the counter-IED market are:
- Lockheed Martin Corporation (U.S.)
- Allen-Vanguard (Canada)
- Raytheon Company (U.S.)
- General Dynamics Corporation (U.S.)
- Northrup Grumman Corporation (U.S.)
- Chemring Group (U.S.), etc.
The growth of the counter-IED market can be attributed to the changing nature of modern warfare, increasing incidences of terror attacks involving improvised explosive device (IED) blasts across the globe, increasing demand for counter-IED equipment and devices from the emerging economies as they have low budgets for carrying out R&D activities for the development of new and advanced counter-IED technologies, and deployment of different types of advanced IED detection and countermeasure equipment.
Based on the end user, the military segment is projected to lead the counter-IED market during the forecast period from 2017 to 2022.
Among end users, the military segment is expected to lead the counter-IED market in 2017. The growth of this segment of the market can be attributed to increased investments made by various countries, such as Israel and India in the development of new and advanced counter-IED equipment and devices to tackle threats posed by IEDs. A number of countries in the Middle East and Africa and Asia Pacific region are affected by IED blasts. For instance, according to National Bomb Data Centre (NBDC) of India, in 2016, India witnessed the largest number of IED blasts in the world. The militaries of different countries are procuring various types of counter-IED equipment and devices such as Mine Resistant Ambush Protected (MRAP) vehicles with IED detection sensors mounted on them to detect and neutralize IEDs.
The airborne mounted deployment segment of the counter-IED market is projected to grow at the highest CAGR during the forecast period.
On the basis of deployment, the counter-IED market has been segmented into vehicle mounted, ship mounted, airborne mounted, handheld and others. The vehicle mounted deployment segment is expected to lead the counter-IED market in 2017. The airborne mounted deployment segment of the market is projected to grow at the highest CAGR during the forecast period due to increased use of unmanned aerial vehicles (UAVs) for detection of IEDs. Moreover, the airborne platforms are modified with the addition of various types of payloads to carry out counter-IED operations by militaries of different countries of the world.
India, Israel and China are expected to be the lucrative markets for counter-IED equipment and devices.
India, Israel and China are expected to be the largest counter-IED markets in the coming years. In 2016, India witnessed the largest number of IED blasts in the world. This, in turn, led to the increased procurement of counter-IED equipment for the military as well as homeland security operations in the country. Israel has the presence of several companies such as Elbit Systems Ltd., which develop advanced IED countermeasure and detection equipment.