Counter IED Market Is Expected To Expand At ~ 7.28% CAGR During The Period 2018 To 2023.
Global Counter IED Market is expected to reach a value of USD 2,053.0 million by 2023 at a CAGR of 2.92% during the forecast period of 2018 to 2023. In recent years, there has been a rising demand for counter IED systems due to the changing nature of warfare and development of robust counter IED systems by key players such as Lockheed Martin Corporation and Northrop Grumman Corporation. Concurrently, an increase in military spending is expected to drive investments in counter IED systems.
The global counter IED market has been segmented on the basis of capability, deployment, and end user.
Based on capability, the global counter IED market has been divided into detection and countermeasure. The detection segment is expected to dominate the market with a valuation of USD 1,201.8 million in 2018 and reach USD 1,397.0 million by 2023. The increasing deployment of IEDs by insurgent groups is expected to drive the growth of this segment. The countermeasure segment is expected to register a CAGR of 2.64% during the forecast period.
The global counter IED market has been classified, by deployment, as vehicle-mounted, ship-mounted, airborne, handheld, and others. The vehicle-mounted segment is expected to be the largest, with a value of USD 628 million in 2018; the segment is projected to reach USD 728.3 million by 2023. This is due to the widespread use of vehicle-mounted counter IED systems for the detection of surface and underground IEDs, mines, and roadside explosives. The airborne segment is expected to grow at the highest rate of 3.25% during the forecast period.
Based on end user, the global counter IED market has been segmented into military and homeland security. The military segment is expected to lead with a value of USD 1,188.6 million in 2018 and reach USD 1,387.4 million by 2023 at a CAGR of 3.14%. The increasing use of homemade IEDs by terrorists is driving the growth of this segment. The homeland security segment is expected to register a CAGR of 2.48% during the forecast period.
The global counter IED market has been studied for five key regions—North America, Europe, Asia-Pacific, the Middle East & Africa, and Latin America.
North America is expected to lead the market with a valuation of USD 556.3 million in 2018 and the regional market is expected to reach USD 647.9 million by 2023 at CAGR of 3.09% during the forecast period. This growth can be attributed to the large-scale investments in advanced military equipment by the US Department of Defense (DoD).
Asia-Pacific is expected to be the second-largest market with a valuation of USD 451.2 million in 2018 and is projected to reach USD 532.1 million by 2023 at a 3.35% CAGR during the forecast period. The growth of the regional market is driven by significant investments by governments to equip their military and law enforcement agencies with counter IED systems with advanced technologies to boost combat capabilities.
The key players profiled in the global counter IED market include BAE Systems (UK), Chemring Group PLC (UK), Elbit Systems Ltd (Israel), General Dynamics Corporation (US), Harris Corporation (US), L3 Technologies (US), Lockheed Martin Corporation (US), Northrop Grumman Corporation (US), Raytheon Company (US), and Thales Group (France).
In September 2018, Northrop Grumman Corporation signed a contract worth USD 103 million with the US Naval Sea Systems Command to provide joint counter-radio-controlled IED electronic warfare systems.
In March 2018, L3 Micreo signed a contract, worth USD 27 million, with the Australian Defense Force for the delivery of 13,000 Silvershield vehicle-mounted counter- IED force protection systems.
In May 2016, Thales Group launched ECLIPSE, a counter-IED system with the French armed forces. ECLIPSE is built around a new-generation jammer that prevents IEDs from being detonated by remote control.
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