Global Explosive Ordnance Disposal Equipment Market Report 2024: Trends, Strategies, And Opportunities

The Business Research Company's Global Explosive Ordnance Disposal Equipment Market Report 2024: Trends, Strategies, And Opportunities

LONDON, GREATER LONDON, UK, August 26, 2024 /EINPresswire.com/ -- The global explosive ordnance disposal (EOD) equipment market is set to experience steady growth, expanding from $5.85 billion in 2023 to $6.13 billion in 2024, reflecting a compound annual growth rate (CAGR) of 4.7%. Despite historical challenges, the market is projected to reach $7.31 billion by 2028, with a CAGR of 4.5%. This growth is fueled by increasing global security concerns, rising improvised explosive device (IED) threats, enhanced homeland security initiatives, and advancements in military modernization and training programs.

Rising Defense Budgets Propel Market Growth
The expansion of defense budgets is a key driver for the explosive ordnance disposal equipment market. Governments globally are increasing their defense spending to address explosive threats effectively. In April 2023, the Stockholm International Peace Research Institute (SIPRI) reported a 3.7% rise in global military expenditure for 2022, reaching $2240 billion. Europe saw its largest annual increase in military spending since the Cold War, with a 13% rise. Such investments are crucial for developing and deploying advanced EOD systems, supporting market growth.

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Major Players and Market Trends
Leading companies in the EOD equipment market include Northrop Grumman Corporation, Reamda Limited, NABCO Incorporated, Scanna MSC Limited, iRobot Corporation, and others. These players are focusing on innovation, such as the launch of advanced bomb disposal suits. For instance, 3DX-Ray Ltd. introduced the ‘3DX-EOD Bomb Disposal Suit’ in March 2022, designed for maximum protection and efficiency in bomb disposal operations.
Key trends shaping the market include:
• Technological advancements in robotics
• Integration of artificial intelligence (AI)
• Development of portable and lightweight equipment
• Innovations in detection and imaging technologies
• Advances in remote sensing and reconnaissance

Market Segmentation
The explosive ordnance disposal equipment market is segmented as follows:
• By Equipment Type: Portable X-Ray Systems, Projected Water Disrupters, Bomb Containment Chambers, EOD Suits and Blankets, EOD Robots, Explosive Detectors, Search Mirrors, Other Equipment Types
• By Technology: Trace, Bulk
• By Application: Defense, Law Enforcement

Regional Insights: North America Leading the Market
North America was the largest market for EOD equipment in 2023. However, Asia-Pacific is expected to be the fastest-growing region during the forecast period. The region’s rapid development and increasing defense expenditure are driving market growth.

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Explosive Ordnance Disposal Equipment Global Market Report 2024 from TBRC covers the following information:
• Market size data for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.
The Explosive Ordnance Disposal Equipment Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on explosive ordnance disposal equipment market size, explosive ordnance disposal equipment market drivers and trends, explosive ordnance disposal equipment market major players, competitors' revenues, market positioning, and market growth across geographies. The explosive ordnance disposal equipment market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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