Report : South and Central America Mine Detection System Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Deployment (Vehicle Mounted and Handheld), Detection Capability (Above Surface and Underground), and End User (Defense and Homeland Security)
Hand Held Segment has the Largest Share of Size Type in the South and Central America Mine Detection System Market during 2021–2028
According to our latest study on “South and Central America Mine Detection System Market Forecast to 2028 – COVID-19 Impact and Analysis – by Deployment, Detection Capability and End User,” the market is projected to reach US$ 252.78 million by 2028 from US$ 185.78 million in 2021; it is expected to grow at a CAGR of 4.5% from 2021 to 2028. The report highlights trends prevailing in the market, and the drivers and restraints pertaining to the market growth. The growth of this market is estimated to grow owing to key driving factors such as the new product development and rise in procurement of mine detection systems. However, low adoption across developing countries and false alarm hampers the market growth.
Based on deployment, the mine detection system market is into bifurcated vehicle mounted and handheld. In 2020, the handheld segment dominated the share in the South and Central America mine detection system market. Moreover, it is expected to account for the fastest growth over forecast period. The demand for vehicle mounted system is increasing at a high rate because of the growing demand from defense forces.
BAE Systems; Israel Aerospace Industries Ltd.; Northrop Grumman Corporation; and Raytheon Technologies Corporation are among the leading companies in the South and Central America mine detection system market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market.
The South & Central America mine detection system market is segmented into deployment, detection capability and end user. Based on deployment, the market is bifurcated into vehicle mounted and handheld. Based on detection capability, the South & Central America mine detection system market is bifurcated into above surface and underground. Based on end user, the market is divided into defense and homeland security. By country, the South & Central America mine detection system market is bifurcated into Brazil and the Rest of SAM
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