Mine Counter Measures Market Forecast, Opportunities, Growth, Size, Share by 2028

The global mine counter measures market size is expected to grow in the forthcoming years. This information is published by Fortune Business Insights in its report, titled "Mine Counter Measures Market, 2021-2028". Sonar systems are used to identify and diffuse mines present underwater and land. The increasing number of naval operations and water transportation is expected to drive the market. According to the United Nations Conference on Trade and Development, in 2019, the global traffic of containers accounted for 811,215,378 24 twenty foot equivalent units. With these high statistics of water transport in utility, systems for mine detection are anticipated to experience high demand.

COVID-19 Impact
Decline in Demand Owing to Lockdown Norms
During the outbreak of coronavirus, most of the shipping industry was under lock down. Border closures across the globe did not allow shipments to either enter or leave the region. This resulted in a gradual decline of mine counter measures across the globe which is anticipated to normalize when the situation improves. Many regions have already seen improvement in dealing with the outbreak and have uplifted lockdown norms. This has resulted in the reopening of trade in various regions. It is expected that the product demand will normalize once the global trade starts functioning at full capacity.

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Market Segmentation
On the basis of type, the market for mine counter measures is segmented into landmines and sea mines. Based on countermeasure technique, the market is bifurcated into manual and automated. Additionally, the application is classified into identifying & sensing and disposing & destroying. On the basis of geography, the market is divided into North America, Europe, Asia Pacific, and the Rest of the World.
What Does the Report Contain?
The report has an in-depth analysis of the various market dynamics affecting growth. Thorough research on the primary and secondary sources has been done to ensure that our experts are able to provide authentic inferences on the market. Market projections are also enlisted to help the client make decisions regarding their business. Moreover, all the market segments, regional analysis, pricing, competitive landscape, and more nitty-gritty of the market are discussed in detail in this report. This will provide the client an all-round comprehensive.

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Driving Factor
Maritime Regulation Mandates to Drive Product Demand
The presence of land mines across several regions requires the need of efficient systems to diffuse mines. These systems are intensively used in regions where a significant number of old landmines are still active. In the shipping industry such measures are integrated into the ships due to maritime rules and regulations implemented by several governments. These measures are useful in detecting mines which are not always visible due to physical conditions.

Furthermore, the development of the military requires such systems to conduct various military operations. The US Navy is a prominent user of such systems and is aiding research for mine counter measures market growth.

Regional Insights
Increasing Military Expenditure in North America to Aid Growth
North America is expected to hold the largest mine counter measures market share during the forecast period due to its large military budget. For instance, in 2021, the Department of Defense was allotted a budget of USD 705.4 billion. Expenditure in the military is augmenting growth for such systems to conduct regular and intelligence machines.

Asia-pacific is predicted to be the fastest growing region with China developing advanced systems. The penetration of China in research and development of such systems along with its large territory is expected to generate high consumption and profits.

Competitive Landscape
Prominent Players Invest in Advanced Technology to Intensify Market Competition
The fragmented structure of companies in the market results in only a few prominent players. These players are focusing on business expansion at the regional and global levels. Some of them are investing in advancements in production technology to increase the production efficiency.

Product launches, expansion, acquisition, partnership, technological advancement, and others are the key trends of the market. The growing demand from end-use industries for more efficient varieties is an excellent opportunity for the new entrants of the market to make their mark in this industry.

Industry Development:
• July 2020: Belgium Naval and ECA group signed a contract according to which Belgium Naval will receive UAV SKELDAR V-200. This is a part of naval mine counter measures capability replacement program managed by Belgium Naval Group.

List of Key Players Profiled in the Market for Mine Counter Measures:

• Armada International (The U.S.)
• ASV Global (The U.K.)
• Eca Group (France)
• Fr. Lurssen Werft GmbH & Co. KG. (Germany)
• General Dynamics Corporation. (The U.S.)
• Harris Corporation (The U.S.)
• HEINEN & HOPMAN (Netherland)
• Public.Navy.mil (The U.S.)
• Hydro Group plc (The U.K.)

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This release was published on openPR.