Mine and IED Detection System Market worth $440.20 Million and $278.12 Million by 2020
DALLAS, April 11, 2014 /PRNewswire/ --
According to new report "Mine & IED Detection System Market by Product (Vehicle Mounted, Hand Held, Robotics, Biosensors), by Application (Defense, Homeland Security and Commercial), Region & Country - Global Trends & Forecasts to 2014 - 2020", published by MarketsandMarkets, the Mine and IED Detection System Markets are projected to decline to $440.20 Million and $278.12 Million by 2020, respectively.
Browse 95 market data Tables, 55 Figures spread through 180 Pages and in-depth TOC on "Mine & IED Detection System Market".
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According to Yogiata Sharma, research associate at MarketsandMarkets, The last decade witnessed a revolution in Mine and IED Detection System. With the war in Afghanistan and Iraq, the market was showing tremendous growth. However, with the retreat of troops in Afghanistan and Iraq, and the global economic turbulence that has caused defense budget cuts, the market is projected to decline in the upcoming years. The major difficulties identified in the Mine and IED Detection System Market a defense budget cuts, political instability, and the high cost of detection.
The Mine and IED Detection System Market has been segmented on the basis of product, application, region, and country. The product segmentation includes vehicle mounted, handheld, robotics, and biosensor detectors. The world's leading defense forces are expected to spend on handheld, robots, and unmanned aerial vehicle detectors, that intend to detect mine and IEDs detection systems. The reason for the drift from vehicle mounted systems to unmanned systems is increased precision, faster detection, and reduced false alarm rate.
This report provides the market analysis of the Mine and IED Detection System Market for the next 6 years. It contains an overview of the drivers, restraints, challenges, and opportunities that impact the industry. It also provides the industry and technology trends that currently prevail in the mine and IED detection systems market. It identifies, analyses, and outlines the market size of the major spenders in each region as per the application sectors such as the defense, homeland security, and commercial sectors. It also provides information about the leading competitors in the mine and IED detection systems.
The major players that are dominating the global Mine and IED Detection System Market are BAE Systems (U.K.), Israel Aerospace Industries (Israel), Raytheon (U.S.), Northrop Grumman Corporation (U.S.), L-3 Communications Holdings Inc. (U.S.), ITT Exelis (U.S.), General Dynamics Corporation (U.S.), Schiebel GmBH (Vienna), DCD Group (South Africa), and Chemring Group PLC (U.K.).
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