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Counter-IED Market Outlook 2024-2033 - Growth, Demand, Analysis, and Sustainable Solutions
Counter-IED Market
The Business Research Company offers in-depth market insights through Counter-IED Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The counter-ied market size has grown marginally in recent years. It will grow from $1.42 billion in 2023 to $1.45 billion in 2024 at a compound annual growth rate (CAGR) of 1.7%. The growth in the historic period can be attributed to global terrorism threats, military operations in conflict zones, government initiatives and spending, increasing sophistication of ieds, international collaboration.
The counter-ied market size is expected to see steady growth in the next few years. It will grow to $1.57 billion in 2028 at a compound annual growth rate (CAGR) of 2.1%. The growth in the forecast period can be attributed to military modernization programs, urban warfare challenges, critical infrastructure protection, adoption of unmanned systems. Major trends in the forecast period include enhanced cbrne detection capabilities, global collaboration in counter-terrorism efforts, emphasis on disrupting ied supply chains, development of lightweight and portable solutions, application of machine learning in threat analysis, integration of multi-sensor fusion.
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Market Segmentation:
The counter-ied market covered in this report is segmented -
1) By Capability: Detection, Counter Measures
2) By Deployment Type: Vehicle Mounted IED Detection System, Ship Mounted IED Detection System, Aircraft Mounted IED Detection System, Handheld IED Detection System, Other Deployment Types
3) By Application: Military, Homeland Security
Major Driver - Rising Military Expenditure Boosting The Future Of Counter-Ied Market
The increase in military spending is expected to propel the growth of the counter-IED market going forward. Military spending refers to a country's spending on military measures or resources. The military spending includes investment in armed forces, including peacekeeping troops, which consists of all current and capital spending. Counter-IED equipment is employed as part of a larger counterterrorism, counterinsurgency, or law enforcement effort to identify explosives and explosive precursor components from a distance and destroy the actual improvised explosive device (IED) devices. For instance, in April 2022, according to the Stockholm International Peace Research Institute, a Sweden-based institute and independent resource on global security, world military spending continued to grow in 2021, total global military expenditure increased by 0.7% in real terms in 2021 to reach $2,113 billion. Therefore, the increase in military spending is driving the growth of the counter-IED market.
Competitive Landscape:
Major companies operating in the counter-ied market report are Raytheon Company, Lockheed Martin Corporation, General Dynamics Corporation, Northrop Grumman Corporation, Thales Group, L3Harris Technologies Inc., Leonardo SpA, BAE Systems Land & Armaments Inc., Oshkosh Defense LLC, Rheinmetall AG, Elbit Systems Inc., Israel Aerospace Industries Ltd., Saab AB, Sierra Nevada Corporation, QinetiQ Group plc, Mobility Engineering Technology, Chemring Group plc, SRC Inc., Safariland LLC, Navistar Defense LLC, NIMR Automotive LLC, ECA Group, Revision Military Inc., Allen-Vanguard Corporation, Cobham plc, ArmorSource LLC, Point Blank Enterprises Inc., Netline Communication Technologies.
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Top Trend - Unmanned Systems Surge Drives The Future Of Counter-Ied Market
The increasing use of unmanned systems is expected to propel the growth of the counter-IED market going forward. Unmanned systems refer to vehicles, aircraft, vessels, or devices that operate without a human onboard. Unmanned systems play a crucial role in countering Improvised Explosive Devices (IEDs) by providing enhanced capabilities for detection, reconnaissance, and neutralization. For instance, in June 2023, according to the Institute for Economics & Peace, a Sydney-based global think tank organization, in 2022, there was a 40.8% rise in the overall number of drone attacks, accompanied by a 24% increase in the variety of groups utilizing drones. Therefore, the increasing use of unmanned systems is driving the growth of the counter-IED market.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Counter-IED Market Characteristics
3. Counter-IED Market Trends And Strategies
4. Counter-IED Market - Macro Economic Scenario
5. Counter-IED Market Size And Growth
…..
27. Counter-IED Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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