Market Overview:
Handheld counter IED market share is expected to grow USD 2.48 Billion by 2032 exhibiting a compound annual growth rate (CAGR) of 2.60% during the forecast period (2022 - 2032).
The Handheld Counter Improvised Explosive Device (IED) Market is a growing industry in the field of security and defense. The use of handheld counter-IED devices has become increasingly important in recent years due to the rising threat of terrorism and insurgency activities around the world.
Handheld counter-IED devices are used to detect, locate and neutralize improvised explosive devices (IEDs) before they can cause harm to civilians, military personnel, or infrastructure. These devices use a variety of technologies such as X-ray, metal detection, and thermal imaging to detect the presence of IEDs. They are small, lightweight and portable, making them ideal for use in a variety of environments, including urban, rural, and mountainous areas.
The Handheld counter IED market trends is expected to significantly in the coming years, driven by increasing demand from military and security forces, as well as rising investment in the development of new and advanced counter-IED technologies. The increasing use of IEDs by non-state actors and terrorists, coupled with the growing threat of cyber terrorism, has also driven demand for handheld counter-IED devices.
Market Segmentation:
Handheld counter IED market share has been segmented based on End Use.
Based on end use, the handheld counter IED market share has been segmented into military and homeland security. The military segment dominated the market with a valuation of USD 190.6 million in 2019 and is expected to reach USD 227 million by 2025. The militaries of different countries are upgrading their existing equipment to new and advanced ones. Over the past five years, the US, the UK, Russia, China, India, the UAE, and Afghanistan have witnessed numerous terrorist incidents. The terrorist in the Asia-Pacific and European countries are deploying homemade IEDs on a large scale, which is expected to increase the demand for handheld counter IEDs by the militaries.
The Handheld counter IED market share is segmented based on technology, end-user, and region. Based on technology, the market is divided into X-ray, metal detection, and thermal imaging. The end-user segment includes military and law enforcement agencies. Region-wise, the market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World.
Key Players:
The Handheld counter IED market drivers market is highly competitive, with many established players and new entrants vying for market share. Major players in the Handheld counter IED market share include Chemring Group PLC (UK), Rapiscan Systems (US), PKI Electronic Intelligence GmbH (Germany), and Guartel Technologies Ltd (UK).
Regional Analysis:
The regional analysis of the global handheld counter IED market industry covers North America, Europe, Asia-Pacific, the Middle East & Africa, and Latin America.
North America dominated the market in 2019 with a valuation of USD 89.2 million, and the region's market is anticipated to grow at a CAGR of 2.91% to reach USD 105.9 million by 2025. The US market is expanding as a result of military modernization initiatives and increased military spending. The SIPRI estimates that US military spending climbed from 610 billion USD in 2017 to 649 billion USD in 2018. Another factor supporting the growth of the market in North America is the existence of well-known handheld counter IED suppliers like Rapiscan Systems and counter IED providers like Lockheed Martin Corporation and Northrop Grumman Corporation.
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