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Explosive Ordnance Disposal Equipment Market Report 2024 - Explosive Ordnance Disposal Equipment Market Size, Share And Trends
Explosive Ordnance Disposal Equipment Market
According to The Business Research Company's, 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 growth in the historic period can be attributed to global security concerns, increasing ied threats, homeland security initiatives, humanitarian mine clearance, military modernization programs, improvements 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 growth in the forecast period can be attributed to multi-functional eod systems, focus on lightweight materials, global demining and clearance efforts, public safety applications, modular and interoperable system. Major trends in the forecast period include technological advancements in robotics, integration of artificial intelligence (ai), portable and lightweight equipment, detection and imaging technologies, remote sensing and reconnaissance.
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Market Drivers and Trends:
The increase in terrorist activity is expected to propel the growth of the explosive ordnance disposal equipment market going forward. Terrorism activity is the intentional use of violent means or threats to achieve political, religious, or ideological objectives by inducing fear or coercion among civilians. To counteract terrorist activity, specialists use explosive ordnance disposal (EOD) equipment for the safe detection, removal, and destruction of dangerous weapons like landmines and other explosive remnants. For instance, according to the Global Terrorism Index (GTI), which is published by the Institute for Economics and Peace (IEP), an Australia-based global think tank, terrorist attacks increased by 17% in 2021, with a total of 5,226 recorded attacks. Therefore, the increase in terrorist activity is driving the growth of the explosive ordnance disposal equipment market going forward.
Major companies operating in the explosive ordnance disposal equipment market are concentrating their efforts into developing innovative solutions such as chemical agent identifier. A chemical agent identifier refers to a device or instrument designed to detect and identify chemical agents or hazardous substances. For instance, in March 2023, Smiths Detection, a UK-based global leader in screening technologies announced the launch of 'Lightweight Chemical Detector (LCD) 4'. It is the latest body worn toxic chemical detector that allows to identify traces of super toxic chemical agents. It is designed to enables the mobile detection of explosives, narcotics, and highly toxic chemicals.
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• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
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
Explosive Ordnance Disposal Equipment Market 2024 Key Insights:
• The explosive ordnance disposal equipment market size will grow to $7.31 billion in 2028 at a compound annual growth rate (CAGR) of 4.5%.
• Surge In Terrorism Drives Growth In Explosive Ordnance Disposal Equipment Market
• Innovations In Chemical Agent Identifiers Transform Explosive Ordnance Disposal Equipment Market
• North America was the largest region in the explosive ordnance disposal equipment market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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