Counter IED Market Size

Counter IED Market size was valued at USD 2.53 billion in 2023 and is likely to reach USD 3.62 billion by 2036, registering around 2.8% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of counter IED is estimated at USD 2.59 billion.

The key drivers behind the growth of the market are internal and external security threats, technological innovations, modernization initiatives and territorial innovations for detection of improvised explosive devices (IEDs). Some other major forces which are expected to boost the counter IED market growth in the coming years are allocation of military expenditure for the equipment which help to combat the threat from IEDs and increasing attacks of improvised explosive devices. According to a report by the United Nations, in the recent years more than 4300 improvised explosive devices events have resulted to an evaluated 65,400 casualties. In the last decade, more than 360 humanitarian workers have been injured by IEDs. Moreover, IEDs are relatively cheaper as they are made of the materials which are commonly available. These devices are predicted to be heavily used in future encounters, which in turn is expected to raise the government expenditure on counter IED systems. This in turn is estimated to expand the market in the upcoming years.