Global Explosive Ordnance Disposal (EOD) Equipment Market is Estimated to Reach $8.8 Billion by 2024, Says Accurize Market Research. By geography, Asia Pacific and North America are expected to grow at a fast CAGR during the forecast period.
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Elevated military expenditure to drive the market
Hike in military expenditure, and the increase in terrorist attack are the prime reasons driving the global explosive ordnance disposal equipment market. However, the high expense of this equipment may hamper the market growth in the upcoming years. Military enhancement activities worldwide would offer several growth opportunities for the market in the future.
Global explosive ordnance disposal equipment market is segmented based on the equipment type and application. By equipment type segment, the market is segregated into portable X-ray systems, bomb containment chamber, projected water disruptors, explosive detectors, EOD suits and blankets and search mirrors, among others. By application, the market is divided into defense and law enforcement.
Geographically, global explosive ordnance disposal equipment market has been segmented into North America, Europe, Asia-Pacific and (RoW). The U.S., Mexico, and Canada are countries under North America wherein Europe covers UK, France, Germany, Russia, and Rest of Europe. Asia-Pacific covers China, India, Japan, and Rest of Asia-Pacific. Rest of the World (RoW) covers South America, the Middle East, and Africa.
"Explosive detectors accounted for the largest market share in the equipment type segment", says Accurize Market Research
By equipment type, explosive detectors accounted for the largest market share in 2017, driven by its extensive usage in the detection of bombs. However, the bomb containment chamber segment is expected to grow at the fastest CAGR during the forecast period 2017-2025 respectively, in the year 2017. Defense dominated the application segment accounting for around two-thirds of the global market share in 2017. The growth is driven by its huge demand among military forces globally.
"North America dominated the global market with the highest market share over the forecast period", says Accurize Market Research
North America accounted for the largest market share of 42.4% in 2017, due to a huge investment in defense and law enforcement activities in countries such as the U.S. Europe accounted for the second 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 2017-2025.
Top players in the market
Major companies operating in the explosive ordnance disposal equipment market 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.
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