Global Explosive ordnance disposal (EOD) equipment Market Report, published by Variant Market Research, forecast that the global market is expected to reach $8.8 billion by 2024 from $6.1 billion in 2016, growing at a CAGR of 4.6% from 2016 to 2024. By geography, Asia-Pacific and Rest of the World (RoW) are expected to grow at a CAGR of 5.4% and 5.1%, respectively, during the forecast period.Explosive ordnance disposal is the detection, access, identification, on-site evaluation, render safe, recovery, and final disposal of unexploded ordnance.Rising geopolitical tensions in Asia-Pacific, Middle East and other regions have boosted the market growth.
“Explosive Ordnance Disposal Equipment Market (By Equipment Type: Portable X-Ray Systems, Bomb Containment Chamber, Projected Water Disruptors, Explosive Detectors, EOD Suits and Blankets, EOD Robots, Search Mirrors and Others; By Application: Defense and Law Enforcement; By Geography: North America, Europe, Asia-Pacific, and RoW) Global Scenario, Market Size, Outlook, Trend and Forecast, 2015-2024”
The global explosive ordnance disposal (EOD) equipment market is primarily driven by rise in military expenditure
Rise in military expenditure, and increase in terrorist attack are the major factors driving the global explosive ordnance disposal equipment market. However, high cost of these equipment may hinder the market growth in the coming years.Military enhancement activities globally would provide several growth opportunities for the market in the coming years.
The global explosive ordnance disposal equipment marketis segmented into of equipment type and application.Byequipment type, the market is further segmented into portable X-ray systems, bomb containment chamber, projected water disruptors, explosive detectors, EOD suits and blankets, EOD robots, search mirrors and other equipment types. By application, the market is classified into defense and law enforcement.
The country wise analysis has been also covered under the scope of the report. North America covers the U.S., Canada, and Mexico. Russia, Germany, Italy, France, UK, and Rest of Europe are analysed under the European market. China, Japan, India, South Korea, and Rest of Asia-Pacific are included under the Asia-Pacific market. While RoW is bifurcated into South America, Middle East, and Africa.
Explosive detectors, by equipment type held for the largest market share in 2016
Global Explosive Ordnance Disposal (EOD) Equipment Market, by Equipment Type (2016)
By equipment type, explosive detectors accounted for the largest market share in 2016, driven by its extensive usage in detection of bombs. However, the bomb containment chamber segment is expected to grow at the fastest CAGR during the forecast period 2016-2024.
Defense dominated the application segment in the year 2016
Global Explosive Ordnance Disposal (EOD) Equipment Market, by Application
Defense dominated the application segment accounting for around two-third of the global market share in 2016.The growth is driven by its huge demand among military forces globally.
North America led the global market with highest share in 2016
GLOBAL EXPLOSIVE ORDNANCE DISPOSAL (EOD) EQUIPMENT MARKET SHARE BY GEOGRAPHY, 2016 (%)
North America accounted for the largest market share of 42.4% in 2016, owing to huge investment in defense and law enforcement activities in countries such as the U.S. Europeaccounted for thesecond largest market share due to increased security in the region. In terms of growth, Asia-Pacific is expected to attain the fastest CAGR of 5.4% during the forecast period 2016-2024, as the countries such as India is targeted by many terrorist organizations which would supplement the growth of the market in the region.
The major players in the explosive ordnance disposal equipmentmarket include,Northrop Grumman Corporation, Reamda Ltd., ScannaMsc Ltd., NABCO Inc., United Shield International Ltd., API Technologies Corp., Du Pont (E.I.) De Nemours, Cobham plc, iRobot Corporation, and Safariland, LLC., among others.