Mechanical Mine Clearance System Market to Record CAGR of 3.9% Rise in Growth by 2024

While the need for safe demining action is gradually becoming a necessity, the world awaits the arrival of affordable mine clearance equipment. Demining action continues to gain traction across the globe, driving the adoption of mine clearance equipment and reducing the casualty incidence rate while planting active landmines.

Furthermore, the urgency of clearing landmines for rehabilitation purposes is also prompting the use of mine clearance equipment. Persistence Market Research's recently published report estimates the mine clearance equipment market to be presently valued at US$ 38.2 Mn, and anticipates it to bring US$ 51.7 Mn by the end of 2024.

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According to the report, titled "Mine clearance equipment market: Global Industry Analysis and Forecast, 2016-2024," the global market for mine clearance equipment is projected to grow at a moderate pace, registering 3.9% CAGR over the forecast period. Factors that restrain the adoption of mine clearance equipment include:

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High Installation Costs: Initial costs of setting up mine clearance equipment, through rent or outright purchase, adds further complications to the end-user. Costly rentals apprehend operators from using the mechanical mine clearance vehicle in unreliable territories. Purchasing them becomes impractical as the cost of even a single unit is likely to add quite a lot of liability on the owner.
Expensive Maintenance: The most crucial liability after purchasing mine clearance equipment is maintaining them. Maintenance of mine clearance equipment puts extra burden on the customers that will benefit from demining activities.
Safety Concerns: Using mechanical mine clearance vehicles is hazardous for industrial workers. Complex operational mechanism and the risk of damaging vehicle from abrupt demining mishaps is also restraining their use in the mechanical demining market. Since mine clearance equipment were developed to reduce onsite casualty rate in demining activities, such safety concerns depict a reversing image of these vehicles before potential buyers.
Lack of Skilled Professionals: Despite of having remote control, operators face challenges in manoeuvring mechanical mine clearance vehicles through cameras and display assistance. The operator is guarded in a safe armored area, but a risky line of work as such could easily scare millions of professional equipment operators.

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The report reveals that in 2016, not more than fifty-five mine clearance equipment were sold in the world, and that this number is expected to reach 71 by 2024-end. These systems are available at an average price per unit of US$ 675,000. So, spending half a million dollars on a demining vehicle serves as a deterrent for active consumption of mine clearance equipment. Regardless, more than 60% of global Mine clearance equipment market is dominated by costly mine flail systems. The demand for mine flails has been projected to grow in the years to come, while combine mechanical mine clearance vehicles will register revenue growth at more than 4% CAGR.

Seven out of ten mine clearance equipment sold in the world are put to use through manual operation. However, concerns regarding operator's safety has driven the adoption of robotic or remotely-controlled mechanical mine clearance vehicles, revenues from which are projected to reach US$ 15.9 Mn by 2024-end. The report also identifies Europe as the world's largest market for mine clearance equipment. With over 40% stake in global revenues, nearly 30 mechanical mine clearance vehicles are expected to be sold in European countries by the end of 2024. Second-in-line is the Middle East & Africa (MEA) region, which will consume over fifteen mine clearance equipment by the end of forecast period.

This report covers a thorough analysis of:

• Market segment
• Market dynamics
• Market size
• Supply demand
• Current Trends/Issues/Challenges
• Competition and related companies
• Technology
• Value chain

Regional analysis includes:

• North America (USA, Canada)
• Latin America (Mexico, Brazil)
• Western Europe (Germany, Italy, France, UK, Spain)
• Eastern Europe (Poland, Russia)
• Asia Pacific (China, India, ASEAN, Australia and New Zealand)
• Japan
• Middle East and Africa (GCC countries, South Africa, North Africa)

Report highlights:

• Detailed overview of the top markets
• Changing market dynamics of the industry
• In-depth market segmentation
• Historical, current and projected market size in terms of volume and value
• Recent industry trends and developments
• competitive landscape
• Strategies of major players and products provided
• Potential and niche segments, areas showing promising growth
• A neutral view of market performance
• Essential information for market participants to maintain and strengthen their market footprint

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This release was published on openPR.