Currently, the mine and IED detection systems market is dominated by North America and Europe due to the strong defense-spending in these regions. However, APAC, the Middle East, and Latin America, lag far behind its counterparts as far as defense-spending is concerned. The mine and IED detection system market is emerging in APAC and the Middle East, and will continue to increase spending on the mine and IED detection systems market.
The growth for this market will be sluggish in Europe and North America. There is a slight decline in the global share of advanced markets. The decline is attributed to a reduction in defense expenditure in the western markets (Europe and the U.S.). However, the significant investment growth in most emerging markets (BRIC) will help to keep the market steady.
Nations such as India and the UAE are currently focusing on developments in mine and IED systems. As APAC countries are facing internal and external threats as well as threats from terrorists, the region is trying to strengthen their defense and homeland security inventories. These recent conflicts between countries in the APAC region are driving procurements and investments within the market.
Mine and IED detection systems in the public safety segment of homeland security are of critical importance and is a hot pocket for investment, too. This forecast estimates that emerging markets represent an opportunity for the defense industry due to the domestic demand in emerging markets (BRIC) for mine and IED detection systems.
The key players in the mine and IED detection systems market are BAE systems (U.K.), IAI (Israel), Raytheon (U.S.), Northrop Grumman (U.S.) and NIITEK (U.K.).
Global Anti-tank, anti-personnel, IED Detection Systems Market by Product (Vehicle Mounted, Hand Held, Robotics, Biosensors), Application (Defense, Homeland Security and Commercial), Region & Country - Global Trends & Forecasts to 2014 - 2020
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