Albany, NY , Feb. 24, 2016 (GLOBE NEWSWIRE) -- According to a new market report published by Transparency Market Research “The explosive ordnance disposal equipment market was valued at USD 5.74 billion in 2014 and is expected to reach USD 8.56 billion by 2023 growing at a CAGR of 4.6% from 2015 to 2023.
Defense forces modernization programs is one of the major factors responsible for the growth of the EOD equipment Market. The governments across various countries are opting for EOD equipment as a result of the increasing bomb attacks. Moreover, defense organizations across the globe are focusing on providing defense forces with modern equipment so as to counter any form of intrusion. In addition, modernization of police forces is also expected to have a positive impact on the demand for explosive ordnance disposal equipment during the forecast period. In addition, increasing number of instances of terrorist attacks is also expected to boost the demand for explosive modernization disposal equipment globally. Africa and the Middle East have experienced a number of terrorist attacks in the recent past especially from the terrorist outfits such as Boko Haram and ISIS. These factors in combination are expected to impact the growth of EOD equipment market positively during the forecast period from 2015 to 2023.
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However, defense budget cut across various countries is one of the major factors restraining the demand for explosive ordnance disposal equipment. As per recent trends, it has been observed that major manufacturers of EOD equipment are constantly engaged in research and development activities in order to gain competitive advantage. New products are being developed by the manufacturers and advancements and modifications are also brought into the existing products in order to strengthen their market presence.
By equipment type, the EOD equipment market has been segmented into portable X-ray systems, projected water disruptors, bomb containment chamber, EOD suits and blankets, EOD robots, explosive detectors and search mirrors among others. By applications, the market has been categorized into two segments, namely defense and law enforcement. The defense segment held the largest market share and accounted for more than 70% in 2014.
By Geography, the global EOD equipment market has been segmented into five regions; North America, Europe, Asia Pacific, Middle East and Latin America. A cross segmentation analysis is also provided for each of the countries covered within the scope of research. In 2014, North America was the largest market for EOD equipment and accounted for more than 40% of market share followed by Europe.
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Some of the major players operating in explosive ordnance disposal equipment market include iRobot Corporation, Safariland, LLC, Northrop Grumman Corporation, Scanna Msc Ltd., NABCO, Inc., United Shield International Ltd, Reamda Ltd., API Technologies Corp., Du Pont (E.I.) De Nemours and Cobham plc among others.
This report provides a comprehensive highlight of the global EOD equipment market along with the market values, in terms of revenue for the forecast period from 2015-2023. Additionally, the market has also been segmented on the basis of equipment type and application. The cross sectional analysis of EOD equipment market across five geographical regions has also been covered under the purview of the report.
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The global Explosive Ordnance Disposal (EOD) Equipment market has been segmented into:
Global Explosive Ordnance Disposal (EOD) Equipment market, by Equipment Type
- Portable X-ray Systems
- Projected Water Disruptors
- Bomb containment chambers
- EOD Suits and Blankets
- EOD Robots
- Explosive Detectors
- Search mirrors
Global Explosive Ordnance Disposal (EOD) Equipment market, by Application:
- Law Enforcement
Global Explosive Ordnance Disposal (EOD) Equipment market, by Geography: The market is broadly segmented on the basis of geography into:
- United Kingdom
Middle East and Africa
- United Arab Emirates
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Source:Transparency Market Research