Albany, NY -- (SBWIRE) -- 01/26/2018 -- Explosive Ordnance Disposal Equipment Market Overview
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% 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.
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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.
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.
Similar to the global demand for EOD equipment, North America holds a high demand for explosive detectors, portable X-ray systems, and EOD robots. Each equipment type holds a special utility that can provide invaluable support to military and law enforcement bodies to fight crime and terrorist activities.