The counter-IED market is projected to grow from USD 1.78 Billion in 2017 to USD 2.03 Billion by 2022, at a CAGR of 2.64% during the forecast period from 2017 to 2022. This report covers the forecast of the counter-IED market and its dynamics during the forecast period while recognizing the application gaps and recent developments in the counter-IED market, along with the identification of high potential countries
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The growth of the counter-IED market can be attributed to the changing nature of modern warfare, increasing incidences of terror attacks involving improvised explosive device (IED) blasts across the globe, increasing demand for counter-IED equipment and devices from the emerging economies as they have low budgets for carrying out R&D activities for the development of new and advanced counter-IED technologies, and deployment of different types of advanced IED detection and countermeasure equipment.
Among end users, the military segment is expected to lead the counter-IED market in 2017. The growth of this segment of the market can be attributed to increased investments made by various countries, such as Israel and India in the development of new and advanced counter-IED equipment and devices to tackle threats posed by improvised explosive devices.
On the basis of deployment, the counter-IED market has been segmented into vehicle mounted, ship mounted, airborne mounted, handheld, and others. The vehicle mounted deployment segment is expected to lead the counter-IED market in 2017. The airborne mounted deployment segment of the market is projected to grow at the highest CAGR during the forecast period due to increased use of unmanned aerial vehicles (UAVs) for detection of improvised explosive devices (IEDs). Moreover, the airborne platforms are modified with the addition of various types of payloads to carry out counter-IED operations by militaries of different countries of the world.
India, Israel, and China are expected to be the largest counter-IED markets in the coming years. In 2016, India witnessed the largest number of improvised explosive device (IED) blasts in the world. This, in turn, led to the increased procurement of counter-IED equipment for the military as well as homeland security operations in the country. Israel has the presence of several companies such as Elbit Systems Ltd., which develop advanced IED countermeasure and detection equipment.
The ecosystem of the counter-IED market comprises original equipment manufacturers (OEMs), system integrators, and end users. Key end users of the counter-IED market are military and homeland security. Major players in the counter-IED marketare Lockheed Martin Corporation (US), Allen-Vanguard Corporation (Canada), Chemring Group (UK), Raytheon Company (US), Elbit Systems Ltd. (Israel), General Dynamics Corporation (US), etc.
Major players in the counter-IED market are Lockheed Martin Corporation (US), Allen-Vanguard (Canada), Raytheon Company (US), General Dynamics Corporation (US), Northrup Grumman Corporation (US), Chemring Group (US), etc.