September 09, 2021
According to the research report titled ‘Global Counter-IED Market by End User (Military, Homeland Security), Deployment (Vehicle mounted, Ship mounted, Airborne mounted, Handheld), Capability (Detection, Countermeasure, Jammer, Neutralization), Regional Forecasts 2021-2027’, available with Market Study Report, global counter-IED market was assessed at USD 1.9 billion in 2020 and is anticipated to be worth USD 2.3 billion by 2027, growing at an annual rate of 2.64% between 2021-2027.
Development of advanced EOD (explosive ordnance disposal) devices, and increasing efforts by governments to educate homeland security personnel about methods to combat IED attacks are the key factors driving global counter-IED market expansion.
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The Joint Improvised-Threat Defeat Organization (JIDO) of the U.S. focusses primarily on advanced technology research & acquisition and enhancing IED and EOD technical capabilities by developing standards and doctrines. As a part of this plan, the U.S. recently authorized a USD 1.7 billion deal with CACI International Inc. to provide intelligence, analytical operations, and trainings services to the JIDO.
For the unversed, counter-IED system is primarily used to detect explosive components and explosives using improvised devices. They are operated by a person from a safe distance using mobile phones or wristwatches.
Growing terrorist activities globally, and technological developments in IED (improved explosive device) detection systems will aid revenue inflow over the analysis duration. According to Statista, Italy experienced 24 terrorist attacks in 2020, which is the highest number of attacks recorded by any European Union economy. Meanwhile, France recoded 15 attacks, and Spain registered 9 attacks in the same year.
While surging demand for counter-IED equipment from developing economies and homeland security agencies will facilitate global counter-IED industry growth, high research & development cost, and implementation of protectionist policies will act as challenges for businesses in this domain.
Regionally speaking, North America held majority market share in the past year due to efforts by the U.S. government to educate its troops and law enforcement agencies regarding methods to deal with IED threats, and stationing of large number of soldiers in Asia Pacific and MEA to mitigate the threat posed by IEDs to civilians.
Leading players profiled in the worldwide counter-IED industry report are L3 Harris Technologies Inc., Northrop Grumman Corporation, General Dynamics Corporation, Lockheed Martin Corporation, Elbit Systems Limited, Raytheon Technologies Corporation, Netline Communication Technologies Limited, Allen-Vanguard Corporation, and Sierra Nevada Corporation.