The mine detection system market size is projected to reach US$ 9.88 billion by 2031 from US$ 5.29 billion in 2023. The market is expected to register a CAGR of 8.1% during 2023–2031. Increasing demand from homeland security agencies is likely to remain a key trend in the market.
The mine detection systems are among the highly demanded products in the defense and homeland security forces. This is due to the importance of the systems toward a nation’s security. The defense forces rely heavily on the well-established mine detection system market players. The higher dependence of the major defense contractors reflects higher number of contracts awarded to the contractors. Due to this, the entrance to the market for smaller or regional mine detection system market players is restricted. This factor has been analyzed to understand the threat to new entrants in the mine detection system.
The major stakeholders in the global mine detection system market ecosystem include components, mine detection system manufacturers, and end users. Mine detection system component suppliers provide products such as electromagnetic sensors, radars, optical sensors, and thermal detection systems. Any disruption in the supply of the components negatively impacts the production of the final product. Thus, the component manufacturers play a crucial role in the mine detection system market ecosystem.
The frequency of armed conflicts between countries is increasing at an alarming rate, prompting a higher need for nation's defense forces to strengthen their security measures. Additionally, both developed and developing nations have experienced a significant rise in military expenditure over the years. For instance, according to the data published by Stockholm International Peace Research Institute (SIPRI), in 2022, the global military expenditure experienced a rise of 8.4% compared to 2019. A substantial portion of the budget allocation is defined toward the procurement of countermeasure technologies, including mine detection systems across different armed forces and law enforcement agencies.
Mine countermeasures are undergoing a major transformation, owing to the evolution of disruptive technologies, from traditional mine hunting with grey ship minehunters to unmanned autonomous vehicle utilization for the same. Unmanned and autonomous systems that operate above and below the water have steadily progressed over the previous decade, reaching degrees of maturity that are now capable of being used as a mine detector. Ensuring the safety of naval personnel and keeping them out of casualty are the most critical aspects of mine countermeasures. The use of unmanned and autonomous technologies is a huge step forward in this arena. This has influenced companies such as Thales group to offer mine detection products that can be easily integrated with unmanned autonomous vehicles.
Key segments that contributed to the derivation of the mine detection system market analysis are deployment, detection capability, and end user.
The geographic scope of the mine detection system market report is mainly divided into five regions: North America, Europe, Asia Pacific, Middle East & Africa, and South America.
North America has dominated the market in 2023 followed by Europe and Asia Pacific regions. Further, Asia Pacific is also likely to witness highest CAGR in the coming years. The US dominated the North America mine detection system market in 2023. The US has the largest defense budget across the world and a significant amount of budget is contributed for the procurement and upgradation of various weapons system. This showcases the demand for the procurement of new mine detection system, which highlights the growth of the market. An increasing number of weapons in the US military services is major supporting factor for the market growth as companies are developing advanced weapon systems to prevent ground, underwater, and aerial attack. Further, the rising improvement in navy weapon system with enhanced penetration of mine detection system is key factor augmenting market growth.
The regional trends and factors influencing the Mine Detection System Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Mine Detection System Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 5.29 Billion |
| Market Size by 2031 | US$ 9.88 Billion |
| Global CAGR (2023 - 2031) | 8.1% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Deployment
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Mine Detection System Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Mine Detection System Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The mine detection system market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the mine detection system market are listed below:
The “Mine Detection System Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
North America region dominated the mine detection system market in 2023.
The rise in procurement of mine detection systems and rising number of terrorist incidents are some of the factors driving the growth for mine detection system market.
Increasing demand from homeland security agencies is one of the major trends of the market.
MBDA, BAE Systems Plc, Chemring Group PLC, DCD Ltd, Israel Aerospace Industries Ltd, L3Harris Technologies Inc, Mine Kafon LAB, Northrop Grumman Corporation, Raytheon Technologies Corporation, and Scheibel Corporation are some of the key players profiled under the report.
The estimated value of the mine detection system market by 2031 would be around US$ 9.88 billion.
The mine detection system market is likely to register of 8.1% during 2023-2031.