North America is expected to hold the largest mine countermeasures market share during the forecast period due to its large military budget. For instance, in 2022, the Department of Defense was allotted a budget of USD 705.4 billion. Expenditure in the military is augmenting growth for such systems to conduct regular and intelligence machines.
Asia-pacific is predicted to be the fastest-growing region with China developing advanced systems. The penetration of China in the research and development of such systems along with its large territory is expected to generate high consumption and profits.
The global mine countermeasures market size is expected to grow in the forthcoming years. This information is published by Fortune Business Insights in its report, titled “Mine Counter Measures Market, 2022-2029“.
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The decline in Demand Owing to Lockdown Norms
During the outbreak of coronavirus, most of the shipping industry was under lockdown. Border closures across the globe did not allow shipments to either enter or leave the region. This resulted in a gradual decline of mine countermeasures across the globe which is anticipated to normalize when the situation improves. Many regions have already seen improvement in dealing with the outbreak and have uplifted lockdown norms. This has resulted in the reopening of trade in various regions. It is expected that the product demand will normalize once the global trade starts functioning at full capacity.
List of Key Players Profiled in the Market for Mine Counter Measures:
- Armada International (The U.S.)
- ASV Global (The U.K.)
- Eca Group (France)
- Lurssen Werft GmbH & Co. KG. (Germany)
- General Dynamics Corporation. (The U.S.)
- Harris Corporation (The U.S.)
- HEINEN & HOPMAN (Netherland)
- Navy.mil (The U.S.)
- Hydro Group plc (The U.K.)
Mine Counter Measures Market to Gain Traction; Rising Adoption in Navy to Surge Demand: Fortune Business Insights™
On the basis of type, the market for mine countermeasures is segmented into landmines and sea mines. Based on the countermeasure technique, the market is bifurcated into manual and automated. Additionally, the application is classified into identifying & sensing and disposing of & destroying. On the basis of geography, the market is divided into North America, Europe, Asia Pacific, and the Rest of the World.
What Does the Report Contain?
The mine counter measures report has an in-depth analysis of the various market dynamics affecting growth. Thorough research on the primary and secondary sources has been done to ensure that our experts are able to provide authentic inferences on the market. Market projections are also enlisted to help the client make decisions regarding their business. Moreover, all the market segments, regional analysis, pricing, competitive landscape, and more nitty-gritty of the market are discussed in detail in this report. This will provide the client with an all-around comprehensive.
Maritime Regulation Mandates to Drive Product Demand
The presence of land mines across several regions requires the need of efficient systems to diffuse mines. These systems are intensively used in regions where a significant number of old landmines are still active. In the shipping industry, such measures are integrated into the ships due to maritime rules and regulations implemented by several governments. These measures are useful in detecting mines that are not always visible due to physical conditions.
Furthermore, the development of the military requires such systems to conduct various military operations. The US Navy is a prominent user of such systems and is aiding research for mine countermeasures market growth.
Mine Counter Measures Industry to Experience Growth Backed by Maritime Regulations for Shipping Vessels
Prominent Players Invest in Advanced Technology to Intensify Market Competition
The fragmented structure of companies in the market results in only a few prominent players. These players are focusing on business expansion at the regional and global levels. Some of them are investing in advancements in production technology to increase production efficiency. Product launches, expansion, acquisition, partnership, technological advancement, and others are the key trends of the market. The growing demand from end-use industries for more efficient varieties is an excellent opportunity for the new entrants of the market to make their mark in this industry.
- July 2020: Belgium Naval and ECA group signed a contract according to which Belgium Naval will receive UAV SKELDAR V-200. This is a part of the naval mine countermeasures capability replacement program managed by the Belgium Naval Group.
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