Mine Detection System Market Global Key Players are Israel Aerospace Industries Ltd., Elbit Systems, BAE Systems, Northrop Grumman Corporation, Leonardo SPA and more

The Mine Detection Systems market is projected to grow from an estimated USD 5.2 billion in 2021 to USD 6.9 billion by 2026, at a CAGR of 6.2% in terms of value during the forecasted period. The major growth drivers for this market include rising global concerns, increasing technologies supporting systems to integrate the mine detection systems capabilities in various platforms and focus on increasing the fleet size.

The Mine Detection Systems market includes major players such as Lockheed Martin Corporation (US), Northrop Grumman Corporation (US), Israel Aerospace Industries Ltd. (Israel), Raytheon Technologies Corporation (US), Elbit Systems (Israel), L3Harris Technologies, Inc. (US), Leonardo SPA (Italy), BAE Systems (UK), Aselsan AS (Turkey), and Textron Systems (US). These players have spread their business across various countries includes North America, Europe, Asia Pacific, Middle East & Africa, and Latin America.

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“The Ship mounted segment of the market is projected to grow at the highest CAGR from 2021 to 2026.”
The growth in the Mine Detection Systems market is expected to drive the growth of the four platforms proportionately. The requirement of unmanned marine vehicles in battlefield for surveillance and mine detection capabilities are expected to drive the market during the forecast period.

Based on upgrade, the OEMs segment is projected to grow at the highest CAGR during the forecast period.

Based on upgrade, OEMs segment is projected to grow at the highest CAGR during the forecast period. The requirement of advanced systems in mine detection helps in reducing human loss and increasing capabilities, and investments in R&D towards these systems are helping the growth of the market for Mine Detection Systems.

Based on technology, the Sonar based Systems segment is projected to grow at the highest CAGR during the forecast period.

Growing demand for mine detection systems in marine platform due to their high demand for applications in mine detection using acoustic techniques are projected to increase the growth of the Mine Detection Systems market.

“The North America region is estimated to lead the Mine detection Systems market in 2021”
The North American region is estimated to lead the Mine Detection Systems market in the forecast period. The growth of the North America Mine Detection Systems market is primarily driven by increasing focus on increasing investments in Mine Detection Systems technologies by countries in this region. In addition, factors including increasing geopolitical tensions and increased defense-related expenditure are expected to drive the demand for Mine Detection Systems market in the region. Well-established and prominent manufacturers of Mine Detection systems in this region include Lockheed Martin Corporation (US), Northrop Grumman Corporation (US), L3Harris Technologies, Inc. (US), and Raytheon Technologies Corporation (US).

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The break-up of the profiles of primary participants in the Mine Detection Systems market is as follows:
• By Company Type: Tier 1 - 55%; Tier 2 - 20%; and Tier 3 - 25%
• By Designation: C Level Executives - 75%; Directors - 25%;
• By Region: North America - 20%; Europe - 25%; Asia Pacific - 30%, Middle East & Africa – 15%, Latin America - 10%

Major players in the Mine Detection Systems market are Lockheed Martin Corporation (US), Northrop Grumman Corporation (US), L3Harris Technologies, Inc. (US), Israel Aerospace Industries Ltd. (Israel) Raytheon Technologies Corporation (US), BAE Systems (UK), Leonardo SPA (Italy), and Elbit Systems (Israel).

Research Coverage
This market study covers the Mine detection Systems market across various segments and sub segments. It aims at estimating the size and growth potential of this market across different segments based on deployment, upgrade, application, technology and region. This study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to their product and business offerings, recent developments undertaken by them, and key market strategies adopted by them.

Reasons to Buy this Report:
This report is expected to help market leaders/new entrants by providing them the closest approximations of the revenue numbers for the overall Mine Detection Systems market and its segments. This study is also expected to provide region-wise information about the applications wherein mine detection Systems solutions are used. It also aims at helping the stakeholders understand the competitive landscape of the market, gain insights to improve the position of their businesses and plan suitable go-to-market strategies. This report is also expected to help them understand the pulse of the market and provide them with information on key drivers, restraints, challenges, and opportunities influencing the growth of the mine detection Systems market.

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The report provides insights on the following pointers:
• Market Penetration: Comprehensive information on mine detection Systems products/ solutions offered by the top players in the market
• Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the mine detection systems market
• Market Development: Comprehensive information about lucrative markets – the report analyses the mine detection systems market across varied regions.
• Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the mine detection Systems market
• Competitive Assessment: In-depth assessment of market shares, growth strategies, products, and manufacturing capabilities of leading players in the mine detection Systems market

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This release was published on openPR.