Press release
Counter-IED Market Size, Share, Industry Analysis, Segments And Forecast To 2033
Counter-IED Market
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.
Market Overview -
Counter-IED, which stands for Counter-Improvised Explosive Device, refers to a device or equipment, typically mounted on a vehicle, designed to avoid, identify, and minimize the threat posed by improvised explosive devices (IEDs). Counter-IED procedures are critical in reducing the danger presented by IEDs, a class of unconventional explosive weapons that can be used in many different ways and taken in any form.
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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.
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.
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Key Segments -
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
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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