PUBLISHER: The Business Research Company | PRODUCT CODE: 1414202
PUBLISHER: The Business Research Company | PRODUCT CODE: 1414202
“Explosive Ordnance Disposal Equipment Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on explosive ordnance disposal equipment market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for explosive ordnance disposal equipment? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The explosive ordnance disposal equipment market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Explosive ordnance disposal equipment encompasses military ammunition used by armies, navies, and air forces, facilitating successful operations and the elimination of real threats.
The primary types of explosive ordnance disposal equipment include portable X-ray systems, projected water disrupters, bomb containment chambers, EOD suits and blankets, EOD robots, explosive detectors, search mirrors, and others. A portable X-ray machine is a compact X-ray equipment variant designed to be more lightweight and smaller than a fixed unit, allowing easy transport and relocation as necessary. A reliable X-ray system is crucial for bomb squads, military forces, and special forces, enabling them to swiftly assess the potential threat level posed by suspicious objects and make prompt and informed decisions. Various technologies, including trace and bulk applications, are employed in defense and law enforcement.
The explosive ordnance disposal equipment market research report is one of a series of new reports from The Business Research Company that provides explosive ordnance disposal equipment market statistics, including explosive ordnance disposal equipment industry global market size, regional shares, competitors with an explosive ordnance disposal equipment market share, detailed explosive ordnance disposal equipment market segments, market trends and opportunities, and any further data you may need to thrive in the explosive ordnance disposal equipment industry. This explosive ordnance disposal equipment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The explosive ordnance disposal equipment market size has grown steadily in recent years. It will grow from $5.85 billion in 2023 to $6.13 billion in 2024 at a compound annual growth rate (CAGR) of 4.7%. The historical period's expansion can be ascribed to heightened worldwide security apprehensions, a rise in IED threats, efforts in homeland security, humanitarian mine clearance, military modernization initiatives, and enhancements in training programs.
The explosive ordnance disposal equipment market size is expected to see steady growth in the next few years. It will grow to $7.31 billion in 2028 at a compound annual growth rate (CAGR) of 4.5%. The anticipated expansion in the forecast period can be ascribed to multi-functional EOD systems, a concentration on lightweight materials, worldwide demining and clearance endeavors, applications for public safety, and the development of modular and interoperable systems. Key trends during the forecast period encompass technological progress in robotics, the incorporation of artificial intelligence (AI), portable and lightweight equipment, advancements in detection and imaging technologies, as well as remote sensing and reconnaissance.
The anticipated rise in terrorist activity is expected to drive the future growth of the explosive ordnance disposal equipment market. Terrorism activity involves the deliberate use of violent means or threats to achieve political, religious, or ideological objectives, instilling fear or coercion among civilians. To counteract such activities, experts utilize explosive ordnance disposal (EOD) equipment to safely detect, remove, and destroy hazardous weapons, including landmines and other explosive remnants. Notably, the Global Terrorism Index (GTI), published by the Institute for Economics and Peace (IEP), revealed a 17% increase in terrorist attacks in 2021, totaling 5,226 recorded incidents. Consequently, the surge in terrorist activity is a key driver for the anticipated growth of the explosive ordnance disposal equipment market.
The expected growth of the explosive ordnance disposal equipment market is also attributed to the increase in defense budgets. Defense budgets represent the financial allocations and expenditures designated by a government or nation specifically for defense and military purposes. Allocations for explosive ordnance disposal (EOD) equipment within defense budgets play a crucial role in enhancing a nation's capability to effectively address explosive threats. As of April 2023, according to the Stockholm International Peace Research Institute (SIPRI), global military expenditure witnessed a 3.7% growth in 2022, reaching $2240 billion. Notably, military spending in Europe saw its most significant annual increase since the post-Cold War era, with a notable rise of 13% in 2022. Therefore, the upward trend in defense budgets is a driving force behind the anticipated growth of the explosive ordnance disposal equipment market.
Prominent companies in the explosive ordnance disposal equipment market are directing their focus towards the development of innovative solutions, including chemical agent identifiers. A chemical agent identifier is a device or instrument designed to detect and identify chemical agents or hazardous substances. For example, in March 2023, Smiths Detection, a leading global provider of screening technologies based in the UK, announced the introduction of the 'Lightweight Chemical Detector (LCD) 4.' This state-of-the-art body-worn toxic chemical detector facilitates the identification of traces of super-toxic chemical agents, enabling mobile detection of explosives, narcotics, and highly toxic chemicals.
Major players in the explosive ordnance disposal equipment market are emphasizing the launch of advanced products such as bomb disposal suits. A bomb disposal suit is a specialized protective ensemble designed to protect individuals, typically bomb disposal technicians or EOD personnel, from the potential hazards of explosive devices. For instance, in March 2022, 3DX-Ray Ltd., a UK-based manufacturer of line-scan x-ray imaging systems, introduced the '3DX-EOD Bomb Disposal Suit.' This suit, designed based on the 3E (Economic, Efficient & Effective) compliance, offers the highest level of protection compared to any comparable bomb suit. The 3DX-Search Suit is specifically crafted for individuals involved in the search and clearance of suspected explosive devices associated with terrorist activities.
In May 2022, Cadre Holdings Inc., a US-based provider of safety and survivability equipment for first responders, completed the acquisition of Cyalume Technologies for $35.0 million. This acquisition expands its product portfolio and strengthens its overall business. Cyalume Technologies, a US-based manufacturer, specializes in chemical light products for military and various industries.
Major companies operating in the explosive ordnance disposal equipment market report are Northrop Grumman Corporation, Reamda Limited, NABCO Incorporated, Scanna MSC Limited, iRobot Corporation, API Technologies Corp., E. I. du Pont de Nemours and Company (DuPont), Cobham Plc., Chemring Group plc, United Shield International Limited, Armtrac Limited, Med-Eng. Holdings ULC, Westminster International Limited, ALCOR System Inc., API Microelectronics Limited, L3Harris Technologies Inc., FLIR Systems Inc., Safariland LLC, Allen Vanguard Corporation, Avon Protection Systems Inc., BBI Detection Systems Ltd., Bruker Detection Corporation, Brogan Industries Inc., Recon Instruments Inc., Novatel Inc., Beijing Huaxin Kangbao Technology Co. Ltd., Nanjing Qiaohua Robotics Technology Co. Ltd., Hangzhou Qiandong Special Machinery Co. Ltd., Changsha JingAn Jian'an Technology Co.Ltd., General Electric Company
North America was the largest region in the explosive ordnance disposal equipment market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global explosive ordnance disposal equipment market during the forecast period. The regions covered in the explosive ordnance disposal equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the explosive ordnance disposal equipment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
The explosive ordnance disposal equipment market consists of sales of equipment used to neutralize explosive threats including blast containers, and hook and line kits. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.