Growing Adoption of Counter-IED Solutions in Conflict Zones to Boost Market
The number of attacks facilitated by an improvised explosive device (IED) has witnessed a considerable surge over the past couple of decades due to which, the demand for counter-IED equipment and solutions has increased at a rapid pace. The considerable growth in the number of unforeseen terrorist attacks around the world has compelled governments to invest and deploy counter-IED solutions– a leading factor that is projected to drive the expansion of the global counter-IED market during the assessment period. In addition, the exponential rise in the adoption of counter-IED solutions, particularly in conflict zones around the world is another major factor that is likely to provide a boost to the market growth.
Improvements in analytical techniques and increasing focus on improving national security and safety are expected to influence the growth trajectory of the counter-IED market during the assessment period. Automated data-collection techniques coupled with considerable research being carried out on data integration methods from various sources into a single interface structure is further expected to provide a considerable push to the growth of the counter-IED market in the forthcoming years. The growing requirement to assess the IED threats, mainly in the law enforcement and military sector is anticipated to propel the growth of the market for counter-IED.
At the back of these factors, the global counter-IED market is expected to attain a market value of US$ 2.9 Bn by the end of 2030.
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Growing Demand to Identify Potential IED Threat Events to Drive Market
Due to a surge in the number of IED threat events across the world, particularly in the conflict zones, including Iraq, Afghanistan, and other regions of the Middle East, the demand for counter-IED solutions has witnessed steady growth. In addition, the defense sector around the world is increasingly investing resources to identify the various types of IED threats to minimize losses. Data collection requirements continue to evolve with the emergence of new classes of IED threats– a factor that is projected to accelerate the development of models and relationships between actionable information and potential threat events. Another area of research that is likely to gain ground across the counter-IED market during the assessment period includes defining various requirements for ancillary data and sensor types. At present, behavioral and computational scientists, along with military and law enforcement communities, are collaborating with each other in research projects that are currently evaluating the various counter-IED measures and solutions.
Innovations in IED Detection and Advancements in Technology Likely to Boost Market Growth
The defense sector around the world continues to mitigate various IED threats by primarily focusing on three parameters, including detection, protection, and neutralization. The considerable progress in the development of military vehicles is largely driven by the growing need to address the looming IED challenge. Due to the hostile ground conditions and uncertainty, traditional defense vehicles gradually paved the way for modified infantry fighting vehicles (IFVs) and armored personnel carriers (APCs). The changing nature of the IEDs used by terrorist organizations has compelled players in the counter-IED market to constantly focus on innovation and rolling out effective counter-IED measures and solutions. For instance, in a newly developed IED detection kit, ground-penetrating radar systems were deployed in various vehicles in Afghanistan to detect and identify metallic, buried objects, etc. Over the past few years, research and development activities across the defense sector have gained considerable momentum, mainly to roll out second-generation detection technology.
Demand to Remain Sluggish amid COVID-19 Pandemic
The onset of the novel COVID-19 pandemic is projected to have a short-term impact on the overall growth of the global counter-IED market. Restrictions on trade and transportation are likely to pose a major barrier in the procurement of raw materials required to develop counter-IED kits and solutions. In addition, as governments across the world continue to place the fight against novel coronavirus on the top of the priority list, the demand for counter-IED solutions could possibly witness a minor dent, particularly in 2020. However, innovations and research activities are projected to continue at a consistent pace in 2020 due to which, new concepts and IED countermeasures are likely to be introduced in the upcoming years.
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Counter-IED Market: Overview
- According to Transparency Market Research’s latest research report on the global counter-IED market for the historical period 2018–2019 and the forecast period 2020–2030, rise in adoption of counter-IEDs in military and law enforcement applications for evaluating and adjusting measures to discover, prevent, mitigate, and recover from IED incidents and their consequences is anticipated to drive the growth of the global counter-IED market
- In terms of revenue, the global counter-IED market is estimated to reach value of US$ 2.9 Bn by 2030, expanding at a CAGR of ~3% during the forecast period
Increasing Focus on Counter-IED Developments: Key Drivers
- The importance of improving IED detection and prevention has been gaining importance for security forces, as terrorists prefer to plant IEDs, cause casualties, and escape
- Security forces across the globe are carrying out a large number of changes and modifications in order to contain such IED activities. These changes and modifications include bringing new counter-IED (Improvised Explosive Devices) equipment, improve field-test IED detection capabilities, and provide training to troops as well as conduct mock drills for bomb disposal squads, and provide training to dogs to detect IEDs.
- Thus, an increase in the demand for improved counter-IED systems in the military and homeland security field across the globe is projected to boost the global counter-IED market during the forecast period