Global Handheld Counter IED Market is expected to reach USD 334.5 Million by 2025 at a CAGR of 2.74% during the forecast period.
Countries around the world are focusing on enhancing counterterrorism measures to protect lives and ensure safety. Hence, equipment such as counter IED systems is vital in detecting the IEDs implanted by the terrorists.
Global Handheld Counter IED Market has been segmented based on End Use.
Based on end use, the handheld counter IED market 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.
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The homeland security segment is expected to exhibit the highest CAGR of 2.29% during the forecast period.
The regional analysis of the global handheld counter IED market covers North America, Europe, Asia-Pacific, the Middle East & Africa, and Latin America.
North America led the market with a valuation of USD 89.2 million in 2019, and the regional market is expected to reach USD 105.9 million by 2025 at a CAGR of 2.91% during the forecast period. Military modernization programs and rising military expenditure are driving market growth in the US. According to the SIPRI, military expenditure in the US increased from USD 610 billion in 2017 to USD 649 billion in 2018. The presence of prominent handheld counter IED providers such as Rapiscan Systems and counter IED providers, such as Lockheed Martin Corporation and Northrop Grumman Corporation, are also bolstering market growth in North America.
Europe was the second-largest market with a valuation of USD 64.6 million in 2019. The European market is projected to exceed USD 75 million by 2025 at 2.52% CAGR during the review period. This can be attributed to the presence of major manufacturers, such as Chemring Group PLC, PKI Electronic Intelligence GmbH, and Guartel Technologies Ltd, in the region.
The key players in the global handheld counter IED market are Chemring Group PLC (UK), Rapiscan Systems (US), PKI Electronic Intelligence GmbH (Germany), and Guartel Technologies Ltd (UK).
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