EOD Equipment Market is driven by defense forces modernization programs
Albany, NY -- (SBWIRE) -- 11/19/2018 -- The growing demand for military ground robots has added a major revenue stream for the explosive ordnance disposal equipment to look into. Military and law enforcements bodies all over the world are showing a high interest in implementing programmable EOD robots, as they are much safer than manually defusing bombs and other explosives. The second factor driving the explosive ordnance disposal equipment demand is therefore the increase in terrorist attacks. With the high proportion of militant groups performing organized and unorganized terror attacks, defense agencies are required to ramp up their efforts to keep civilian areas safe from attacks.
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Owing to these factors, the global explosive ordnance disposal (EOD) equipment market is expanding at a CAGR of 4.6% between 2015 and 2023. This market was valued at US$5.74 bn in 2014 and is expected to cross US$8 bn by the end of 2023. Key EOD equipment vendors include Scanna Msc Ltd., Northrop Grumman Corporation, Safariland, LLC, and iRobot Corporation.
North America Leads EOD Equipment Consumption
North America contributed to 42.63% of the total revenue generated by explosive ordnance disposal equipment players in 2014, making it the leading region in terms of revenue share. It is expected to retain its top position till 2023, owing to a high importance given to defense and law enforcement activities by the U.S. government. North America has invested heavily in soldier modernization, including through warfare training and the provision of advanced equipment, including explosive ordnance disposal equipment.
Among various EOD equipment, North America is showing a particularly high growth in demand for bomb containment and explosive detectors. The latter was already the leading equipment segment in 2014 and is expected to generate a higher demand due to its growing use in malls and airports.
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Defense EOD Equipment Demand at All-time High
The defense sector has consistently been the top consumer of EOD equipment. In 2014, the defense sector contributed to 78.5% of the total revenue generated by EOD equipment players. This market share is expected to increase even further by 2023. A large number of countries, especially from developed economic regions, are pushing for soldier modernization programs that employ EOD robots as well as the use of other counter-terrorism equipment and strategies. The defense sector's use for EOD equipment is especially high in urban warfare, where terrorist attacks need to be dealt with swiftly and efficiently.