The IED detection systems market is enhanced by the increasing demand for these devices due the rise in crime and terrorism all over the world.
Covid-19 Impact & Market Status
The pandemic has had a detrimental impact on nearly all markets, causing significant losses and impeding the supply chain, resulting to a global market breakdown that has made it extremely challenging for all industries, particularly the smaller ones, to remain afloat. The pandemic has had a significant impact on the IED detection system market as a result of the sharp decline in demand, which has impacted the market's revenue share.
Vehicle Mounted IED Detection System segment to be in High Demand
Due to its ability to help security personnel spot IEDs (improvised explosive devices) while on the road, the Vehicle Mounted IED Detection System type of IED detection system currently has the market's highest revenue share and is expected to hold onto its position at the top throughout the forecast years. The major goal of this system is to detonate bombs and explosives with the least amount of damage to people, property, and the environment. It can be deployed on any vehicle, including trucks and armoured vehicles, to detect various types of explosives from afar before they reach their intended target.
Defence segment to earn Highest Revenue
IED detection systems are used in defence for a variety of functions, including airport and port monitoring, battlefield protection, and more. As the market leader in revenue share, the defence sector is expected to maintain its position at the top of the market during the projected years. In defence operations, IED detection devices are employed to identify and neutralise bombs and explosives. They come in the form of a camera, sensor, and robot system. It is used to detect, identify, track, categorise, and report the location of UXOs/IEDs so that demining activities can be carried out safely in all-weather circumstances.
North America to Dominate
Due to the US military's ongoing need for mine and IED detecting systems and equipment to fight wars in the Middle East, North America will continue to dominate the market in terms of revenue share and is expected to do so throughout the forecast years.
Because of the increased expenditures being made in the creation of mine and IED detecting systems and technologies, the market in Asia-Pacific is expected to grow significantly during the projected period.
The peoples’ growing understanding of the advantages of these tools in military operations and the technological breakthroughs being made in this area are also anticipated to contribute to the market's growth.
IED (Improvised Explosive Device) Detection Systems are used to detect and locate dangerous explosive devices such as bombs. Commercial off-the-shelf IED Detection Systems and military specific IED Detection Systems are the two primary groups of these technologies. The former is more common in the defence business, whereas the latter has a larger commercial presence. Chemical explosives or non-explosive materials such as metal and plastic are used in IEDs, which can be assembled in a matter of minutes without the need for specialised technical knowledge. IED Detection Systems serve a critical role in limiting the threat posed by these bombs because they cannot be detected using conventional means such as X-rays, metal detectors, or sniffer dogs.
The market for IED detection systems is expanding quickly, and it is anticipated that it will increase from USD 4.5 billion in 2022 to over USD 7.3 billion by 2029 at a CAGR of 11.6 percent.
The demand for IED detection systems solutions has been steadily increasing due to an increase in the frequency of IED threat occurrences around the world, notably in conflict zones such as Iraq, Afghanistan, and other Middle Eastern regions. Furthermore, the defence sector around the world is devoting more resources to identifying the many types of IED threats in order to reduce losses. With the advent of new types of IED threats, data collecting requirements are expected to evolve even faster, accelerating the development of models and linkages between actionable information and potential threat events.
The market has intense competition due to the high demand and consists of several big corporations like ITT Exelis, DCD Group, Harris Corporation, Raytheon, Chemring, BAE Systems etc.
Latest Innovations in the IED Detection System Market: A Snapshot
- In June 2022, Lockheed Martin awarded BAE Systems a $38 Billion contract for additional guidance systems for the Long-Range Anti-Ship Missile (LRASM) programme. LRASM can strike precise, high-value maritime targets from a long distance in severe electromagnetic warfare conditions thanks to BAE Systems' sophisticated radio-frequency sensor.
IED Detection Systems Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 7.3 billion|
|Growth Rate||CAGR of 11.6 % during 2021-2028|
|Segment Covered||Type, Application, Regions|
|Regions Covered||North America, Europe, Asia Pacific, Middle East and Africa, South America|
|Key Players Profiled||like ITT Exelis, DCD Group, Harris Corporation, Raytheon, Chemring, BAE Systems etc.|
Key Segments of the IED Detection Systems Market
Type Overview, 2022-2029 (USD Billion)
- Vehicle Mounted IED Detection System
- Robotics IED Detection System
- Handheld IED Detection System
- Biosensors IED Detection System
Application Overview, 2022-2029 (USD Billion)
- Homeland Security
Regional Overview, 2022-2029 (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and South Africa