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Global counter IED market to decline at a CAGR of -5.59%

Industry Sector

Defence

Published

5 December 2012

Author

Matt Bodimeade

Type of News

Market

The global counter improvised explosive devices (IEDs) market has been forecast to fall at a negative compound annual growth rate (CAGR) of -5.59% over the next decade, decreasing from a value of US$6.4 billion in 2012, to hit a market value of US$3.6 billion by 2022.

IEDs have proven to be an effective and increasingly preferred weapon by insurgents, primarily in Iraq and later in Afghanistan, along with many other places in the world. Many of the world's leading armed forces have responded by spending heavily on equipment that will protect against IEDs, such as mine-resistant vehicles, jammers that block radio signals meant to detonate IEDs, detection and disposal systems, and robots and unmanned aerial vehicles (UAVs) intended to detect the deadly menace.

In 2011, commanders in Afghanistan decided that they wanted more troops to dismount from their vehicles and patrol on foot. This shift in strategy has however put human lives at risk and has therefore given rise to a demand for unmanned systems, such as ultra-light robots, that soldiers can carry with one hand and driverless trucks manned with the help of a remote control.

North America accounts for the highest spend in the global counter IED market and most of the expenditure can be attributed to the US, with Canada accounting for a small share.

Both the US and Canada have allocated major portion of their counter IED budget towards saving the lives of their soldiers deployed in Iraq and Afghanistan for peace keeping missions.

Major players currently dominating the global counter IED market include Lockheed Martin, Chemring Group, NIITEK, Iveco, Allen Vanguard, General Dynamics Land Systems, Navistar Defense, Force Protection, BAE Systems, L3 CyTerra, Northrop Grumman, iRobot Corporation, Thales, Qinetiq.

For more information on the global counter IED market, see the latest research: Global Counter IED Market

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