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Mine Detection System Market Size Worth USD 7.09 Billion by 2028 | Mine Detection System Industry Expected CAGR 5.9% | Vantage Market Research

Vantage Market Research
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Vantage Market Research, The North Star for the Working World
Vantage Market Research, The North Star for the Working World

WASHINGTON, May 22, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research’s recent analysis of the Global Mine Detection System Market finds that the increasing terrorist activities across the globe, is expediting market growth. Primarily driven by growing advancements in mine detection system, the total Global Mine Detection System Market is estimated to reach USD 7.09 Billion by the year 2028.

The Global Mine Detection System Market revenue stood at a value USD 5.02 Billion in the year 2021 and the Market is forecasted to grow exhibiting a Compound Annual Growth Rate (CAGR) of 5.9%.

Furthermore, the increasing defense-related expenditure is also anticipated to augment the growth of the Global Mine Detection System Market, states Vantage Market Research, in a report, titled “Mine Detection System Market Size, Share & Trends Analysis Report by Deployment (Vehicle Mounted, Ship Mounted, Airborne Mounted, Handheld), by Application (Defense, Homeland Security), by Technology (Radar Based, Laser Based, Sonar Based), by Upgrade (OEMs, MROs), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.

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Market Dynamics:

Increasing Terrorist Activities Worldwide to Drive the Market Growth

The increasing terrorist activities across the globe are anticipated to augment the growth of the Mine Detection System Market within the estimated period. Terrorists have killed an average of 21,000 people a year for the past decade, according to Our World in Data. Over the last decade, the global death toll from terrorism has ranged from 8,000 in 2010 to 44,000 in 2014. Terrorism was responsible for 0.05% of all deaths worldwide in 2017. Terrorism has a strong geographic concentration; in 2017, 95% of terrorist killings occurred in the Middle East, Africa, or South Asia. As a result, there has been an increase in terrorism in few regions of the world, as evidenced by the data. This is attributable to the rising geopolitical tensions along with conflicts between the nations. This in turn is driving the demand for development and deployment of mine detection systems for military applications in order to protect borders from high-tech weaponry that are being employed by terrorist organizations.

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