Yahoo Finance Mine Detection System Market Size Worth USD 7.09 Billion by 2028 | Mine Detection System Industry Expected CAGR 5.9% | Vantage Market Research
WASHINGTON, May 22, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research’s recent analysis of the Global Mine Detection System Market finds that the increasing terrorist activities across the globe, is expediting market growth. Primarily driven by growing advancements in mine detection system, the total Global Mine Detection System Market is estimated to reach USD 7.09 Billion by the year 2028.
The Global Mine Detection System Market revenue stood at a value USD 5.02 Billion in the year 2021 and the Market is forecasted to grow exhibiting a Compound Annual Growth Rate (CAGR) of 5.9%.
Furthermore, the increasing defense-related expenditure is also anticipated to augment the growth of the Global Mine Detection System Market, states Vantage Market Research, in a report, titled “Mine Detection System Market Size, Share & Trends Analysis Report by Deployment (Vehicle Mounted, Ship Mounted, Airborne Mounted, Handheld), by Application (Defense, Homeland Security), by Technology (Radar Based, Laser Based, Sonar Based), by Upgrade (OEMs, MROs), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
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Market Dynamics:
Increasing Terrorist Activities Worldwide to Drive the Market Growth
The increasing terrorist activities across the globe are anticipated to augment the growth of the Mine Detection System Market within the estimated period. Terrorists have killed an average of 21,000 people a year for the past decade, according to Our World in Data. Over the last decade, the global death toll from terrorism has ranged from 8,000 in 2010 to 44,000 in 2014. Terrorism was responsible for 0.05% of all deaths worldwide in 2017. Terrorism has a strong geographic concentration; in 2017, 95% of terrorist killings occurred in the Middle East, Africa, or South Asia. As a result, there has been an increase in terrorism in few regions of the world, as evidenced by the data. This is attributable to the rising geopolitical tensions along with conflicts between the nations. This in turn is driving the demand for development and deployment of mine detection systems for military applications in order to protect borders from high-tech weaponry that are being employed by terrorist organizations.
Key Insights & Findings from the Report:
According to our primary respondents’ research, the Mine Detection System market is predicted to grow at a CAGR of roughly 5.9% during the forecast period.
The Mine Detection System market was estimated to be worth roughly USD 5.02 Billion in 2021 and is expected to reach USD 7.09 Billion by 2028; based on primary research.
On the basis of region, Asia Pacific is projected to dominate the worldwide Mine Detection System market.
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Segmentation of the Global Mine Detection System Market:
Deployment
Vehicle Mounted
Ship Mounted
Airborne Mounted
Handheld
Application
Defense
Homeland Security
Technology
Radar Based
Laser Based
Sonar Based
Upgrade
OEMs
MROs
Region
North America
Europe
Asia Pacific
Latin America
Middle East & Africa
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Increasing Advancement in Mine Detection System to Stimulate Market Growth
The increasing advancement in mine detection systems along with integration of electronics in military equipment is resulting in an inclination towards multi-layered defense systems which is anticipated to augment the growth of the Mine Detection System Market in the years to come. Modern military systems usually employ cutting-edge technologies. Many of these advanced systems rely on sensors during the research and development stage, as well as in field applications. Stellar Technology's extensive line of pressure transducers and transmitters, load cells, force sensors, reaction torque transducers, temperature sensors, and LVDT displacement sensors can provide design engineers and technical specialists with a variety of sensor application solutions for land, air, sea, and space. Customers may rely on Stellar Technology's engineering expertise, proven sensor technology, field experience, and production capabilities for a wide range of defence applications. The engineering and manufacturing centre in Amherst, New York, for example, is specifically built to supply both conventional and custom-engineered special products.
COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the defence industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
Impact Assessment of COVID-19 Pandemic
North America
Europe
Asia Pacific
Latin America
Middle East & Africa
Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
Key Strategies Undertaken by Companies to Tackle COVID-19
Long Term Dynamics
Short Term Dynamics
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The report on Mine Detection System Market highlights:
Assessment of the market
Premium Insights
Competitive Landscape
COVID Impact Analysis
Historic Data, Estimates and Forecast
Company Profiles
Global and Regional Dynamics
Regional Analysis:
North America Dominated the Global Mine Detection System Market
North America held the largest market share in 2021. This is attributable to the increasing geopolitical tensions in the region. Furthermore, increase in modernizations of military defence systems is also likely to support the regional growth of the market. Additionally, the growing defense-related expenditure for security purposes is also expected to support the growth of the market in near future.
List of Prominent Players in Mine Detection System Market:
Lockheed Martin Corporation (US)
Northrop Grumman Corporation (US)
Thales Group (France)
Israel Aerospace Industries Ltd. (Israel)
Raytheon Technologies Corporation (US)
BAE Systems (UK)
Elbit Systems (Israel)
L3Harris Technologies (US)
Browse market data Tables and Figures spread through 141 Pages and in-depth TOC on "Mine Detection System Market Size, Share & Trends Analysis Report by Deployment (Vehicle Mounted, Ship Mounted, Airborne Mounted, Handheld), by Application (Defense, Homeland Security), by Technology (Radar Based, Laser Based, Sonar Based), by Upgrade (OEMs, MROs), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)" View detailed Research Report here - https://www.vantagemarketresearch.com/press-release/mine-detection-system-market-377331
Recent Developments:
February, 2021: Pearson Engineering announced the launch of ‘Threat-Sense’ and ‘Threat-Pathway’, a camera-based mine detection system and deployable plough designed to allow any military vehicle to detect and displace scatterable-mine threats.
April, 2021: Raytheon Technologies Corp. announced plans to upgrade the U.S. Navy AN/AQS-20 mine-hunting sonar system to enhance the system's imaging sonar resolution under terms of a $66.5 million contract.
Key questions answered in the report:
Which regional market will show the highest and rapid growth?
Which are the top five players of the Mine Detection System Market?
How will the Mine Detection System Market change in the upcoming six years?
Which application and product will take a lion’s share of the Mine Detection System Market?
What is the Mine Detection System market drivers and restrictions?
What will be the CAGR and size of the Mine Detection System Market throughout the forecast period?
This market titled “Mine Detection System Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
Parameter | Details |
Market Size Provided for Years | 2016-2028 |
Base Year | 2021 |
Historic Years | 2016-2020 |
Forecast Years | 2022-2028 |
Segments Covered |
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Region & Counties Covered |
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Companies Covered |
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Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis |
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