Global Mine Countermeasures Market Overview:
Mine countermeasures are specially designed gadgets and systems that facilitate detecting and subsequently take corrective measures to counteract threats to commercial and military vessels. Mine countermeasures work on the guideline of sonar system which is capable of recognizing and navigating through the target. Mine countermeasures play a vital part in keeping the maritime vessel and army vehicles secure by finding and detonating the mines.
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Forecast Period | 2023-2028 |
Historical Period | 2018-2022 |
Unit | Value (USD Million) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
Influencing Trend:
increasing R&D investment in the Sector
Market Growth Drivers:
Increasing Maritime Threats, Advancements in Autonomous Platforms and Ongoing Military Modernization Programs
Challenges:
Heavy Equipment Parts are Difficult to Handle During the Operation and Nations With No Coastline
Restraints:
High Cost of the Equipment
Opportunities:
Increasing Demand for Advanced Technologies to Counter Mines
Competitive Landscape:
The companies are exploring the market by adopting expansions, investments, and technological advancement, and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions across the globe to gain a competitive advantage through combined collaborations.
Some of the key players profiled in the report are ASV Global (United Kingdom), Eca Group (France), Hydro Group plc. (United Kingdom), Fr. Lürssen Werft GmbH & Co. KG (Germany), Public.Navy.mil (United States), Armada International (Thailand), Harris Corporation (United States), HEINEN & HOPMAN (Netherland) and General Dynamics Corporation (United States). Analyst at AMA Research see United States Manufacturers to retain maximum share of Global Mine Countermeasures market by 2028. Considering Market by Equipment, the sub-segment i.e. Manned will boost the Mine Countermeasures market. Considering Market by Approach, the sub-segment i.e. Sweeping will boost the Mine Countermeasures market. Considering Market by Mines, the sub-segment i.e. Land Mines will boost the Mine Countermeasures market.
Latest Market Insights:
The European Commission has approved, under the EU Merger Regulation, the proposed acquisition of L3 Technologies by Harris Corporation, both aerospace and defence companies based in the US. The approval is conditional on the divestiture of Harris Corporation's global night vision business.
In May 2021, General Dynamics Mission Systems Inc. of Quincy, Massachusetts, has been awarded a contract by US Navy for the conversion of five Surface Mine Countermeasure Unmanned Undersea Vehicle systems to the Block I configuration and engineering support services.
The Indian Ministry of Defence (MoD) issued a request for information (RFI) intending to lease or procure three to four Mine Countermeasure Vessels (MMCV) from a foreign government for the Indian Navy.
Analyst View
North America is dominating the market because of increasing R&D and APAC is expected to be the second-largest market because of rising tensions between nations like India, China, Pakistan and others.
What Can be Explored with the Mine Countermeasures Market Study
Gain Market Understanding
Identify Growth Opportunities
Analyze and Measure the Global Mine Countermeasures Market by Identifying Investment across various Industry Verticals
Understand the Trends that will drive Future Changes in Mine Countermeasures
Understand the Competitive Scenario
- Track Right Markets
- Identify the Right Verticals
Research Methodology:
The top-down and bottom-up approaches are used to estimate and validate the size of the Global Mine Countermeasures market.
In order to reach an exhaustive list of functional and relevant players various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in Mine Countermeasures market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment by targeting key target audience that includes Naval Authorities, Naval Technology Manufacturing Companies, Component Providers, Regulatory bodies, Government authorities, Research institutes and Regulatory bodies.
This helps us to gather the data related to players revenue, operating cycle and expense, profit along with product or service growth etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, USPTO, EPO, Annual reports, press releases etc.