As per the analysis conducted by Market Research Future (MRFR), the global market for counter IED is projected to reach a valuation of USD 2,053.0 Million while expanding at a CAGR of 7.82% during the assessment timeframe from 2018 to 2023.
The pandemic, COVID-19 has posed unprecedented challenges for the defense sector. The outbreak has brought a negative impact on the counter IED market. The COVID era caused an adverse effect on the supply and manufacture chain. Various hurdles such as; travel restrictions, labor crisis, and others resulted in a downfall of the counter IED market. However, the implementation of various strategies is helping the counter IED industry to mitigate the loss caused due to the pandemic.
Growing Incidences of Terror Attacks to Boost the Counter IED Market Growth during the Forecast Period
The growing incidences of terror attacks involving improvised explosive devices across the globe are projected to be a significant cause that can grow the market during the forecast period. Besides, the rise in asymmetric warfare is another crucial factor that is likely to grow the application of IEDs, which is expected to surge the demand for the device, thereby driving the counter-improvised explosive device market.
Increasing Focus to Technically Develop the Counter IEDs to Offer Lucrative Opportunities During the Review Period
The rising investments to produce technologically advanced IED devices is expected to be a salient cause that can offer significant opportunities for market growth during the forecast period. Besides, the increasing demand for these systems in evolving countries is likely to create new opportunities, which is expected to augment the market size in the coming time.
High Cost of R&D to Hamper the Market Growth During the Forecast Period
The high expenses associated with the R&D is likely to enhance the price of the final product, which is likely to hamper the market growth during the assessment period.
Impositions of Restrictions by Various Countries to Pose a Significant Challenge During the Review Timeframe
Various countries developing the counter IED have imposed various restrictions on the supply, selling, and sharing that can impede the market rise in the coming time.
Cumulative Market Growth Analysis
MRFR asserts that the global market for counter IED is anticipated to witness significant growth during the forecast period owing to the increasing terrorist activities in various countries.
The segmental analysis of the global market for counter IED is done by capability, end-user, and deployment.
The capability-based segments of the global market for counter IED are detection and countermeasure. Between the two segments, the detection segment is expected to dominate the market with a market value of USD 1,397.0 million while expanding at a CAGR of 2.64% by 2023.
The end-user-based segments of the global market for counter IED are military and homeland security. Between the two segments, the military segment is anticipated to dominate the market with a market value of USD 1,387.4 million while expanding at a CAGR of 3.14% by 2023.
The deployment-based segments of the global market for counter IED are vehicle-mounted, ship-mounted, airborne, handheld, and others. Among all, the vehicle-mounted segment is projected to accrue the market value of USD 728.3 million by 2023.
As per the counter IED report prepared by MRFR, the global market for counter IED can be segmented into North America, Europe, Asia-Pacific, and the Rest of the World (RoW).
North America to Lead with a Market Valuation of USD 647.9 million by 2023
North America is expected to lead the market during the assessment period, with a market value of USD 647.9 million while expanding at a CAGR of 3.09% by 2023. The US is projected to make the most significant contribution in developing the regional market. The US makes large-scale investments in procuring and developing advanced military equipment that is likely to strengthen the regional market.
APAC to be the Second Largest Market During the Forecast Period
APAC is anticipated to be the second-largest market during the forecast period, with a valuation of USD 532.1 million while expanding at a CAGR of 3.35% by 2023. The regional market expected is expected to develop due to the growing investments by the government to equip their military bodies with advanced technologies. Besides, the rising tension among various countries is projected to be another salient cause that can aid to strengthen the market in the coming period. In addition, the on-going developments in the analytical techniques and the rising focus to improve security is likely to influence the growth trajectory of the counter-IED market in the region.
Europe to Witness Significant Market Growth During the Review Period
Europe is likely to witness a significant market expansion during the review period owing to the increasing requirement to assess the IED threats in the military sector. The growing importance of IED detection in the region is likely to strengthen the European market in the assessment period.
Middle East & Africa to Grow at a Steady Pace During the Assessment Period
MEA is projected to show a decent rise during the assessment timeframe owing to the growing awareness about the counter-IED in the region. Middle East countries are predicted to make the most notable contribution to developing the region. The Middle East countries such as; the UAE, Kuwait, and others are expected to make a contribution in strengthening the regional market due to economic stability.
The market for counter-IED is projected to showcase significant competition due to the rising demand for the device across the globe. In addition, players are adopting various strategies to enhance their customer base.
The report consists of various segments, analysis of the trends, and factors playing a significant role in expanding the market. The market dynamics are comprised of drivers, opportunities, challenges, constraints that bring a notable impact on the market. It also highlights the impact of government initiatives and the competitive landscape of the market during the review period.
Counter IED Market, By Capability
Counter IED Market, By End-User
Counter IED Market, By Deployment
Frequently Asked Questions (FAQ) :
Global Counter IED Market is projected to register a CAGR of 2.92%.
The Global Counter IED Market revenue will be USD 2100 billion by the end of 2023.
The major factors liable for the growth of the market are rise in military spending, a mounting number of terrorist attacks, and a focus on counterterrorism operations.
The emerging regions such as North America and Asia-Pacific are to drive the growth for the Global Counter IED Market.
Harris Corporation, Chemring Group PLC, Elbit Systems Ltd are among some of the key players of Global Counter IED Market.