Mine Detection System Market by Application, Deployment, Technology, Upgradation and Region - Global Forecast to 2026 - ResearchAndMarkets.com

The Ship mounted segment of the market is projected to grow at the highest CAGR from 2021 to 2026.

Metadata
Provider: 
Business Wire, Inc.Business Wire, Inc.
Retrieved on: 
Tuesday, October 12, 2021
Information
Tags: 
Other Defense, Defense, Well, L3Harris Technologies, USD, Daou Technology Inc., Original equipment manufacturer, Northrop Grumman, Ship, CAGR, Growth, Lockheed Martin, Investment, Indian MRO Industry, Raytheon Technologies, Defense, Sonar, Region, North America, Mobile phone, Oil
Geotags: 
MINE, US, HOMELAND, NORTH
⚠generated by AI ↴
Summary
Key Points: 
  • The Ship mounted segment of the market is projected to grow at the highest CAGR from 2021 to 2026.
  • The growth in the Mine Detection Systems market is expected to drive the growth of the four platforms proportionately.
  • 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.


The "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" report has been added to ResearchAndMarkets.com's offering.

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.

The major growth drivers for this market include rising global concerns, increasing technologies supporting systems to integrate the mine detection systems capabilities in various platforms and focus on increasing the fleet size.

The Ship mounted segment of the market is projected to grow at the highest CAGR from 2021 to 2026.

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 upgrade, the OEMs segment is projected to grow at the highest CAGR during the forecast period.

Based on upgrade, 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.

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 2021

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. Well-established and prominent manufacturers of Mine Detection systems in this region include Lockheed Martin Corporation (US), Northrop Grumman Corporation (US), L3Harris Technologies, Inc. (US), and Raytheon Technologies Corporation (US).

Market Dynamics

Drivers

  • Increasing Terrorist Activities Worldwide
  • Increased Acquisition of Unmanned Systems
  • Proliferation of Asymmetric Warfare Around the World

Restraints

  • Regulatory Constraints in Transfer of Technology
  • Lack of Accuracy and Operational Complexities in Airborne Mine Detection

Opportunities

  • Increasing Demand from Emerging Countries Towards the Procurement of Advanced Mine Detection Systems
  • Increasing Demand from Homeland Security Agencies

Challenges

  • High Cost of Development
  • Minimizing Weight and Size of Devices while Maintaining Advanced Features
  • Complexity of Design Closure Constraints Has Led Manufacturing Process to be Expensive

Companies Mentioned

  • Armtrac Ltd
  • Bae Systems
  • CDAC
  • Chaudronnerie Et Forges D'alsace
  • Chemring Group plc
  • CSI
  • DCD Group
  • Elbit Systems Ltd.
  • Gem Systems
  • General Dynamic Corporation
  • Israel Aerospace Industries
  • L3Harris Technologies, Inc.
  • Leonardo
  • Lockheed Martin Corporation
  • MBDA
  • Mine Kafon
  • Mistral
  • Northrop Grumman Corporation
  • Pearson Engineering
  • Raytheon Technologies Corporation
  • Rheinmetall Ag
  • Schiebel
  • Thales Group
  • Tubytak Bulten

For more information about this report visit https://www.researchandmarkets.com/r/3xie3z

Copyright: 
Copyright Business Wire 2021