Mine Detection Systems Market worth $6.9 billion by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, Sept. 24, 2021 /PRNewswire/ -- According to a research report "Mine Detection System Market by Application (Defence and Homeland Security), Deployment (Vehicle Mounted, Ship Mounted, Airborne Mounted and Handheld), Technology, Upgradation (OEMs and MROs), and Region - Global Forecast to 2026", published by MarketsandMarkets™, the Mine Detection Systems market is projected to grow from an estimated USD 5.2 billion in 2021 to USD 6.9 billion by 2026, at a CAGR of 6.2% in terms of value during the forecasted period. It is witnessing significant growth due to increasing new technologies and demand of going mine detection systems. Significant technological advancements and integration of electronics in military equipment are resulting in a shift towards multilayered defense systems, which is expected to drive the mine detection Systems market during the forecast period. Adding to these factors, the increase in the use of Unmanned systems and the need for mine detection serve as opportunities for the mine Detection Systems market. The new emerging security scenarios across the globe are trans-national in nature and warrant a unified approach among nations. Industries having a global presence and undergoing partnerships with local and international defense industry participants and governments are expected to benefit in this highly competitive business environment. Companies wanting to grow in this market must to able to track the various trends with respect to the threats and technologies needed to tackle these, and also provide complete solutions, which include the services and equipment for mine detection Systems systems.
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Mine detection systems have their applications in Defence and homeland security. Due to benefits such as mine detection, and counter-IEDs, the mine detection systems equipment segment is expected to grow at a faster CAGR due to increased procurement of mine detection systems equipment for the upgradation of various unmanned systems.
Based on Deployment, the ship mounted segment is projected to grow at the highest CAGR during the forecast period.
The growth in the Mine Detection Systems market is expected to drive the growth of the four platforms proportionately. The requirement of unmanned marine vehicles in battlefield for surveillance and mine detection capabilities are expected to drive the market during the forecast period.
Based on upgradation, the OEMs segment is projected to grow at the highest CAGR during the forecast period.
Based on upgradation, OEMs segment is projected to grow at the highest CAGR during the forecast period. The requirement of advanced systems in mine detection helps in reducing human loss and increasing capabilities, and investments in R&D towards these systems are helping the growth of the market for Mine Detection Systems.
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Based on technology, the Sonar based Systems segment is projected to grow at the highest CAGR during the forecast period.
Growing demand for mine detection systems in marine platform due to their high demand for applications in mine detection using acoustic techniques are projected to increase the growth of the Mine Detection Systems market.
The North America region is estimated to lead the Mine Detection Systems market in the forecast period
The North American region is estimated to lead the Mine Detection Systems market in the forecast period. The growth of the North America Mine Detection Systems market is primarily driven by increasing focus on increasing investments in Mine Detection Systems technologies by countries in this region. In addition, factors including increasing geopolitical tensions and increased defense-related expenditure are expected to drive the demand for Mine Detection Systems market in the region.
This report includes a study on the marketing and development strategies, along with the product portfolios of leading companies. It consists of profiles of leading companies, such as Lockheed Martin Corporation (US), Northrop Grumman Corporation (US), Israel Aerospace Industries Ltd. (Israel), Raytheon Technologies Corporation (US), Thales Group (France), L3Harris Technologies, Inc. (US), BAE Systems (UK), and Elbit System (Israel).
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