Press release
Mine Detection System Market Report 2024: Strategies and Recent Developments
The Business Research Company presents an extensive market research report on the Mine Detection System Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The mine detection system market size has grown strongly in recent years. It will grow from $5.34 billion in 2023 to $5.7 billion in 2024 at a compound annual growth rate (CAGR) of 6.8%. The growth in the historic period can be attributed to increased causalities from landmines, a rise in military land clearance operations, increased military expenditure, advancements in mine detection system, and increased terrorist activities.
The mine detection system market size is expected to see strong growth in the next few years. It will grow to $7.51 billion in 2028 at a compound annual growth rate (CAGR) of 7.1%. The growth in the forecast period can be attributed to increased causalities from landmines, a rise in military land clearance operations, increased military expenditure, advancements in mine detection system, and increased terrorist activities. Major trends in the forecast period include focus on integrating mine detection systems with ai technology, focus on using innovative and cutting-edge technologies, focus on introducing innovative products, focus on research and development and focus on mergers and acquisitions.
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Key Market Players:
Major companies operating in the mine detection system market report are BAE Systems Plc, Northrop Grumman Corporation, L3Harris Technologies, General Dynamics Corporation, Raytheon Technologies Corporation, Thales Group, Lockheed Martin Corporation, Israel Aerospace Industries Ltd, Chemring Group Plc, Elbit Systems, Hindustan Aeronautics Ltd, Bharat Electronics Ltd, Bharat Dynamics Ltd, Astra Microwave Products Ltd, Apollo Micro Systems Ltd, Aviation Industry Corporation, Norinco, Japan Ground Self-Defense Force, Hanwha Systems, German Aerospace Center, Novatex, Secutech, Draeger PLMS Limited, ATLAS ELEKTRONIK UK Ltd, Schiebel Corporation, Smith's Detection, EMDION Safety Systems, Defence and Security Equipment International Ltd, Industrial Security and Communication Systems Ltd, No Climb Products Ltd, Rapiscan Systems, MS Technologies, IDenta Corp, ALNPK Consulting, Evolv Technology, Endeavor Robotics, Global Security Technology, Protection Development International Corporation, Embraer, Avibras, Israel Weapon Industries Ltd, Netline Communications Technologies, Plasan Sasa Ltd, Bet Shemesh Engines Ltd, Elbit Systems Ltd, EMTAN KARMIEL LTD.
Market Drivers:
The rise in military land clearance operations is contributing to the growth of the mine detection system market. With increasing security threats and border disputes, there has been a rise in military land clearance operations and the detection of improvised explosive devices and traditional Anti-Tank (AT) mines. For example, as of July 2021, according to the Government of India, the Ministry of defence owns tracts of land of approximately 1.795 million acres for land clearance training operations and other military training. Thus, the rising land clearance operations in defense of mine detection technology are driving the mine detection system market.
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The mine detection system market covered in this report is segmented -
1) By Deployment: Vehicle Mounted, Ship Mounted, Airborne Mounted, Handheld
2) By Application: Defence, Homeland Security
3) By Technology: Radar Based, Laser Based, Sonar Based
4) By Detection Capability: Above Surface, Underground
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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