The global market for explosive ordnance disposal equipment is predicted to witness a positive growth over the coming years. According to a report by Transparency Market Research (TMR), major industry players are indulging in strategic partnerships or mergers and acquisitions to upgrade their product offering and expand their sales. On account of the stronghold of established players such as iRobot Corporation, Scanna Msc Ltd., Safariland, LLC and Northrop Grumman Corporation, the competitive environment in the market is not exactly congenial for aspiring and new companies.
North America is predicted to lead the market with over 42% of the total share in revenue, due to region’s continuous preference given to law enforcement and defense activities. TMR predicts that global explosive ordnance disposal (EOD) equipment market will achieve avaluation of US$8 bn between 2015 and 2023, the forecast duration. The market, which stood a US$5.74 bn in 2015, is thus expected to exhibit a 4.6% CAGR over the mentioned period.
North America to Continue Leading EOD Equipment Market
Since the year 2014, the defense segment has been the top consumer of explosive ordnance disposal equipment. In that year, the defense segment held nearly 78.5% of the revenue of the global EOD equipment market. This market share is anticipated rise further by the end of the forecast duration. A number emerging countries now focus on programs for modernization of their soldiers and strategies utilizing EOD bots, leading to higher demand of EOD equipment. Defense applications employ EOD equipment in a number of warfare activities, especially urban warfare. This is attributed to the need for dealing with terror threats in these regions in an efficient and swift manner.
On a geographical basis, North America is anticipated to demonstrate high demand for equipment such as portable X-ray systems, EOD robots, and explosive detectors. Each of these equipment holds a distinctive use that can offer invaluable foundation and utility to different law enforcement and military bodies. Portable X-ray systems, for instance, are designed to be used for detecting hidden explosives. Thus, they find application in places of large civilian population such as train stations, airports and subways in the North American region for thwarting dangers.
Defense Sector to Offer Lucrative Growth Opportunities
A number of defense sectors all over the globe utilize all kinds of EOD equipment for the detection, location and disposal explosives with minimum damage to nearby pedestrians and property.
The rising number of investments in explosive disposals along with the surge in technical advances in armor and containment have resulted in a rise in popularity of EOD equipment over the world.
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While the defense segment is a dominant consumer of the EOD equipment market worldwide, the growing adoption of technically advanced equipment for law enforcement is slated to increase at a high rate. A number of developed regions such as the Western Europe and North America have introduced EOD equipment in a number of their state level and local agencies due to rising instances of terror threats.
However, high costs and budget cuts are anticipated to act as a major constraint for the global explosive ordnance disposal equipment industry. The heavy investments made by the leading governments may be not utilized to their full potential, which may act as a growth restraining factor.