Counter IED Market Research Report – Global Forecast to 2023
Counter IED Market is anticipated to meet a valuation of USD 2,053.0 Million during the review period. However, the same global market is projected to expand at a CAGR of 7.82% in the forecast period of 2018 to 2023.
The IED stands for an improvised explosive device, a type of unconventional explosive weapon. This weapon can take any form and can be activated in many ways. The demand for IEDs has increased efficiency due to the snowballing incidences of terror attacks and increasing occurrences of asymmetric warfare in different parts of the World. At this time, the C-IEDs or Counter-IEDs are playing an important role by providing crucial military operations and warfare.
According to the Counter IED Market Forecastreport, significant market expansion has been witnessed in Europe during the forecast period due to the rising requirement to assess the IED threats from the military application. Apart from this, the most notable contribution has been provided by Middle East countries. Moreover, Middle East Africa is anticipated to expand decently in the review period due to the increasing awareness about the Counter-IED among various industrial industries. For instance, the economic stability of the Middle East countries like Kuwait, the UAE, and others is predicted to strengthen the regional market in the forecast period.
For instance, the increasing demand from homeland security agencies brings more opportunities for the Counter IED market.Especially, countries like the U.K., India, France, Iran, Turkey, and others are experiencing high threats from the IED blast, which is leading the propel the global market growth in the upcoming years.
COVID-19 Impact Analysis
The global covid-19 pandemic has brought unprecedented challenges for many sectors, including the defence sector. It has also driven a negative impact on the Counter IED market. At this period, the global market has faced issues due to the disruption in the product's manufacturing chain and supply chain. The big reason behind the downfall of the global market is the labour crisis, travel restrictions, and others.
However, the Counter IED Market Trendshas been set up with the unlock phases in various countries. Even many key players have supported the market by implementing many strategies to mitigate the loss during the pandemic period.
The global Counter IED Market is projected to thrive during the review period due to the rising terror attacks involving improvised explosive devices. For instance, asymmetric warfare is rising, which is projected to expand the application of IEDs. This led to an increase in the demand for the device and drove the global Counter IED Market in the forecast period.
In April 2019, the Australian Department of Defense awarded a partnership contract to a subsidiary of L3Harris Technologies Inc., called L3-Micro, to manufacture and deliver nearly 14,000 Silvershield Counter-IED systems to the ANDSF (Afghan National Defense and Security Forces).
The significant opportunities for the Counter IED Market Growth have been witnessed because of the growing investments by the key players to produce technologically advanced IED devices.
Apart from that, the growing demand for the IED systems in evolving countries is projected to account for lucrative opportunities for the global market players and vendors. Hence, it is predicted to augment the higher Counter IED Market Size in the coming years.
The price of the final product is getting enhanced with the high expenses associated with the research and development. Hence, the high cost of R & D is estimated to hamper the Counter IED Market Growth in the review period.
Apart from that, the stringent rules and regulations by different Counters government regarding the IFD product is another market restraint for the Counter IED Market during the assessment period.
Usually, different countries have different types of restrictions in developing the Counter IED, supply, sharing, and selling, which can be more challenging for the Counter IED Market in the upcoming years.
Furthermore, the research and development cost is projected to bring more challenges for the Counter IED Market Outlook in the coming years.
Cumulative Growth Analysis
The global Counter IED Market Size is projected to witness significant market growth in the analysis timeframe due to the rising terrorist activities across the countries.
Regionally, Europe, North America, Asia Pacific, Middle East Africa, and others have contributed to the global Counter IED Market. These regions constitute important key players to propel the Counter IED Market Share in the upcoming years.
TheCounter IED Market Forecast report has segmented the present market based on end-user, deployment, and capability.
The globa Counter IED Market has been segregated into homeland security and military end-user segments.
The military segment is projected to lead the worldwide market by generating the higher Counter IED Market Value of USD 1,387.4 million in the research period. Further, the global market is anticipated to expand at a CAGR of 3.14% during the review period of 2023.
The global Counter IED Market has been classified into Countermeasure and detection based on the capability segment.
The detection segment is projected to lead the present market by generating the higher Counter IED Market Value of USD 1,397.0 million during the forecast timeframe. However, this segment is projected to expand at a CAGR of 2.64% by the end of 2023.
The global Counter IED Markethas been categorized into airborne, vehicle-mounted, handheld,ship-mounted, and others based on deployment segment.
Out of all, the vehicle-mounted segment is estimated to acquire the higher Counter IED Market Share of USD 728.3 million by the end of the year 2023.
Geographically, the globalCounter IED Markethas been segmented into Asia-Pacific, Europe, North America, and the rest of the World.
Among all, the Counter IED Market of North America is dominating the global market, and it is projected to account for the market valuation of USD 647.9 million during the review period of 2023. However, it has aimed to account for a CAGR of 3.09% for the review timeframe of 2023. In this region, the most significant contribution is provided by the US. This area is specifically strengthening the regional market due to making large-scale investments in developing and procuring advanced military equipment. Apart from this, the Asia Pacific region is projected to be the second-largest Counter IED Marketing during the review period.
Further, this regional market is projected to expand at a CAGR of 3.35% during the research period of 2023. It is accounted to generate a market valuation of USD 532.1 million in the same forecast year. This regional market has great growth potential due to the growing advanced technologies and increasing investments by the government to improve their military bodies. Moreover, the increasing focus to improve security, the ongoing developments in the analytical techniques, and the growing tension among different countries are predicted to drive the regional Counter IED Market growth during the forecast period.
Competitive Landscape Analysis
The global Counter IED Market Trends accounted for showcasing significant competition among the key players because of the growing demand for the IED device in different parts of the World. These key players are:
Furthermore, these important players are adopting different strategies to create their customer base across the World. They are also spending more on research and development of the Counter IED to propel the Counter IED Market in the upcoming years.
In December 2020, a privately held company Netlink Communications Technologiesfulfilled its promise to the Spanish Ministry of Defense (MoD). This promise delivered the 51 C-Guard RJ Vehicular Counter-IED Systems to MoD.
As per the Counter IED Market Analysis report, the present report combines both qualitative and quantitative research methods. This report has covered primary and secondary data collection to get a deep insight into the present market.
Furthermore, the Counter IED Market Analysis highlighted the market segmentation based on end-users, capability, and deployment. It has also covered the market overview, market dynamics, covid-19 analysis, regional analysis, competitive analysis, and recent developments.
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.