Srinagar Magazine

Explosive Ordnance Disposal (EOD) Equipment Market Ready to Experience Exponential Growth US$8 bn by 2023, How?

 Breaking News
  • No posts were found

Explosive Ordnance Disposal (EOD) Equipment Market Ready to Experience Exponential Growth US$8 bn by 2023, How?

November 16
03:56 2021
Explosive Ordnance Disposal (EOD) Equipment Market Ready to Experience Exponential Growth US$8 bn by 2023, How?
Explosive Ordnance Disposal (EOD) Equipment Market
Explosive Ordnance Disposal (EOD) Equipment Market is driven by defense forces modernization programs, EOD Equipment Market grows as there are rising number of instances of terrorist attacks, North America dominates EOD Equipment Market

Global Explosive Ordnance Disposal Equipment Market – An Overview

Expected to chart a positive growth curve of 4.6% over the period 2015 to 2023, the global explosive ordnance disposal equipment market is on an upward growth trajectory. As per Transparency Market Research, this growth would lead to a market worth of USD 8 billion from a mere USD 5.74 billion in the year 2015.

It is worth noting here that the global explosive ordnance disposal equipment market witnesses players entering mergers and collaboration and forging other alliances such as strategic and synergistic partnerships and collaborations.

Factors that are underscoring growth in the global explosive ordnance disposal equipment market are outlined below:

A number of nations are modernizing and upgrading their military. The reason can be partly attributed to growing need of strengthening borders due to perceived threat of military aggression, particularly in some of the countries facing tense relations with neighbors or trade competitors. A number of developing countries form a part of this list. It is pertinent to note here that a number of countries also need this upgrade to manage internal conflict and tensions well. This factor would help the global explosive ordnance disposal equipment market chart growth.

Request a sample report at https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=8947

Law enforcement and other such government authorities are adopting these due to high efficiency in certain activities like defusing a bomb. As terrorist attacks increase worldwide in general, and countries like in India in particular, the market for explosive ordnance disposal equipment will see a steep and upward facing slope over the forecast period. This also pushed governments to ramp up military.

X-ray systems, EOD robots, explosive detectors, and other such equipment are not noted commonly in a number of places such as airports, and sometimes crowded markets. This contributes positively to the growth of explosive ordnance disposal equipment market.

Global Explosive Ordnance Disposal (EOD) Equipment: Overview

The growing demand for military ground robots has added a major revenue stream for the explosive ordnance disposal equipment to look into. Military and law enforcements bodies all over the world are showing a high interest in implementing programmable EOD robots, as they are much safer than manually defusing bombs and other explosives. The second factor driving the explosive ordnance disposal equipment demand is therefore the increase in terrorist attacks. With the high proportion of militant groups performing organized and unorganized terror attacks, defense agencies are required to ramp up their efforts to keep civilian areas safe from attacks.

Owing to these factors, the global explosive ordnance disposal (EOD) equipment market is expanding at a CAGR of 4.6% between 2015 and 2023. This market was valued at US$5.74 bn in 2014 and is expected to cross US$8 bn by the end of 2023. Key EOD equipment vendors include Scanna Msc Ltd., Northrop Grumman Corporation, Safariland, LLC, and iRobot Corporation.

Ask for Special Discount on Report – https://www.transparencymarketresearch.com/sample/sample.php?flag=D&rep_id=8947

North America Leads EOD Equipment Consumption

North America contributed to 42.63% of the total revenue generated by explosive ordnance disposal equipment players in 2014, making it the leading region in terms of revenue share. It is expected to retain its top position till 2023, owing to a high importance given to defense and law enforcement activities by the U.S. government. North America has invested heavily in soldier modernization, including through warfare training and the provision of advanced equipment, including explosive ordnance disposal equipment.

Among various EOD equipment, North America is showing a particularly high growth in demand for bomb containment and explosive detectors. The latter was already the leading equipment segment in 2014 and is expected to generate a higher demand due to its growing use in malls and airports.

Defense EOD Equipment Demand at All-time High

The defense sector has consistently been the top consumer of EOD equipment. In 2014, the defense sector contributed to 78.5% of the total revenue generated by EOD equipment players. This market share is expected to increase even further by 2023. A large number of countries, especially from developed economic regions, are pushing for soldier modernization programs that employ EOD robots as well as the use of other counter-terrorism equipment and strategies. The defense sector’s use for EOD equipment is especially high in urban warfare, where terrorist attacks need to be dealt with swiftly and efficiently.

Similar to the global demand for EOD equipment, North America holds a high demand for explosive detectors, portable X-ray systems, and EOD robots. Each equipment type holds a special utility that can provide invaluable support to military and law enforcement bodies to fight crime and terrorist activities. For instance, portable X-ray systems are intended to be used for the detection of hidden explosive devices. Therefore, their main implementation lies in locations where a large number of civilian population moves in and out, such as airports, train stations and subways, and malls.

However, budget cuts are expected to be a major restraint on explosive ordnance disposal equipment players. It takes away the heavy investments made by national governments, especially the U.S. government, seeing that the U.S. is the top revenue generation avenue for explosive ordnance disposal equipment companies.

About Transparency Market Research

Transparency Market Research is a global market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. Our experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyse information.

Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.

Media Contact
Company Name: Transparency Market Research
Contact Person: Mr. Rohit Bhisey
Email: Send Email
Phone: 5186181030
Address:90 State Street, Suite 700,
City: Albany
State: New York
Country: United States
Website: https://www.transparencymarketresearch.com/

Related Articles