Albany, NY -- (SBWire) -- 10/25/2017 --As per a new study by Transparency Market Research (TMR), mergers and acquisitions are becoming the key strategies used by major providers of explosive ordnance disposal equipment. Scanna Msc Ltd., Northrop Grumman Corporation, Safariland, LLC, and iRobot Corporation – the four top EOD equipment vendors – are following up on the increasing adoption of military ground robots and doing their best to help defense agencies fight terrorism with advanced technologies.
A large number of manufacturers already hold key positions in the global explosive ordnance disposal equipment sales in terms of revenue and niche provisions, making it difficult for new players to enter the market.
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However, in the light of the recent increase in terrorist activities, many regions have opted to improve their defenses and law enforcement agencies to maintain peace. Owing to the pattern of terrorist attacks, there has been a rapidly increasing demand for EOD equipment across the world. According to TMR, North America will continue dominating the demand for EOD equipment, while nations from Asia Pacific will show an exceptional increase in demand till 2023
"Ground robots allow for a much safer method of handling terrorist attacks," states a TMR analyst. "With manual EOD being the only other option, it makes sense for any region to invest heavily into EOD ground robots." Modern ground robots can be programed and reprogramed in very short times, making them useful even in highly dynamic situations.
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A large number of instances of ground robot usage for EOD have proven the effectiveness of these tactics to fight terrorism while maintaining as much of a protective layer between the terrorists and the defense personnel as possible.
Explosive ordnance disposal equipment, however, do need to manage through the major budget cuts made to the defense sector by most of the top countries in the market. The U.S. DOD, for example, cut back its defense budget by US$45 bn in 2015, creating a significant drop in government investments in EOD equipment. Similar steps have been taken by the U.K. government, showing that a shorter and more selective defense array will be employed in the near future.
The growing instances of terrorist attack across the world are the main reason for the high demand for EOD equipment by the defense sector. The military needs to respond to terrorist threats in the most efficient manner possible while causing the least possible collateral damage. Achieving this target is key for explosive ordnance disposal equipment players.
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The global explosive ordnance disposal (EOD) equipment market is therefore expected to be valued above US$8 bn by 2023, after being projected at a CAGR of 4.6% within a forecast period from 2015 to 2023. TMR has pegged this market to be at US$5.74 bn in 2014.
Explosive detectors, the equipment segment that was valued at US$1.51 bn in 2014, was already leading the market revenue charts at the time. It is expected to continue leading the market till 2023. The defense sector as an application segment of explosive ordnance disposal equipment is expected to show a revenue expansion at a CAGR of 4.7% between 2015 and 2023.
The above data was collated from a research report released by TMR, titled "Explosive Ordnance Disposal (EOD) Equipment Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023."
Explosive Ordnance Disposal (EOD) Equipment Market: Up-to-Date Analysis of Market Trends and Technological Improvements