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Market Overview:The global mine countermeasures market could attain a remarkable CAGR of 10% during the forecast period (2018-2023), reports Market Research Future (MRFR).
Overview:
The defense industry as a whole, has been noted to be sluggish in recent times; however the mine countermeasures markets is witnessing the highest degree of interest as well as activity. This is more impressive given the non-wartime environment currently prevalent across the globe. This interest and activity arise from two disparate sources, namely the consistent proliferation and rising use of mines by multiple countries across the globe. The second source includes the emergence of non-governmental organizations that aim to remove mines for humanitarian purposes.
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Market Boosters and Key Barriers:
Mine countermeasures are devices as well as systems that help detect and subsequently undertake corrective measures to protect against the threats to military and commercial vessels. Mine countermeasures’ primary principle is that of sonar system, which has the ability to detect and navigate through the target. These devices and systems play a critical role when it comes to ensuring the safety of naval vessel and army vehicles by finding and detonating the mines.
The mine countermeasures market experiences strong demand for highly-advanced systems owing to rising transportation via ships. Government, as well as other defense bodies, are making heavy investments in the development of latest technologies to handle threats from enemies.
Altogether, rising transportation through ships and strict rules and regulations with regard to national safety and development of latest technologies are expected to do wonders for the mine countermeasures market in the near future. But the high cost of deployment could slow the market growth during the forecast period.
Market Segmentation:
The worldwide mine countermeasures market has been segmented with respect to the type, equipment and approach.
As per the type, the market covers land mines and sea mines.
Equipment-wise, the market is considered for manned and unmanned. The unmanned equipment segment is predicted to demonstrate a high CAGR during the review period, owing to surge in military procurement reform.
Depending on the approach, the market includes sweeping and hunting. Mine sweeping segment could demonstrate a striking CAGR during the evaluation period on account of steady development as well as the emergence of humanitarian and non-governmental organizations being the end-users of mine countermeasures equipment.
Regional Insight:
The mine countermeasures market is spread across the regions of Middle East and Africa, Europe, Asia Pacific, Latin America, and North America.
North America, in terms of value and volume, is expected to hold the largest share of the worldwide market. Market growth in the region is the result of highly-developed defense infrastructure, surge in vehicle sales, and rise in government operations that protecting against threats from landmines or sea mines.
Europe is poised to gain at the highest rate during the evaluation period with solid backing from developed countries like Sweden, Belgium, Russia, Germany and Britain. Also, the presence of renowned manufacturers along with increased defense expenses are expected to be instrumental in the market growth.
The Asia Pacific market could benefit from the low number of manufacturing companies that offers a host of opportunities to both new and established market players from overseas.
Prominent Players:
Prominent companies that are adopting effective strategies to expand their business in the worldwide mine countermeasures market are Eca Group (France), Hydro Group plc. (U.K), HEINEN & HOPMAN (Netherland), ASV Global (U.K), Fr. Lürssen Werft GmbH & Co. KG (Germany), Armada International (Thailand), Harris Corporation (U.S.), Public.Navy.mil (U.S.), General Dynamics Corporation (U.S.) among others.
Recent News:
August 2019
Hydroid Inc. has been asked by the Navy to upgrade the MK 18 Kingfish series of unmanned submersibles, with the cost valued at USD 15.8 million. The MK 18 offers a host of benefits which involves mine countermeasures, providing low-visible observation for amphibious landings along with hydrographic mapping.
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