The 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.
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The global counter IED market is expected to witness substantial growth during the forecast period. Counter improvised explosive devices (IEDs) are crucial systems in battle operations, mainly formed for military forces and law enforcement. These systems are used to detect explosives and dispose of IEDs for counter-insurgency, counter-terrorism, and efforts on the part of law enforcement organizations.
The global counter IED market is expected to expand at a CAGR of 2.92% during the forecast period.
The global counter IED market has been segmented based on capability, deployment, end user, and region. By capability, the market has been classified as detection and countermeasure. On the basis of deployment, the market has been categorized as vehicle-mounted, ship-mounted, airborne, handheld, and others. The end user segments of the market are military and homeland security.
The global counter IED market has been segmented, by region, into Asia-Pacific, North America, Europe, the Middle East & Africa, and Latin America. North America accounted for the largest market share in 2018. The region leads in global military expenditure and technological advancements, and thus, showcases a very high demand for counter IEDs. Although Canada invests in the development of counter IEDs, the market is primarily dependent on the US. Moreover, the current military operations in the Middle East will also result in the US focusing on developing new counter IED systems, which is expected to fuel market growth in the region. Hence, it is estimated that the counter IED market in North America would register a CAGR of 3.09% during the forecast period.
The key players in the global counter IED market are 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).
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