Explosive Ordnance Disposal Suit Market Demand Triggered by Growing Concerns Pertaining to Bomb Attacks
In the wake of the perpetually proliferating global terrorism, civil safety best practices have become a matter of priority for various countries across the globe, and it is improving the scenario of security worldwide. The deaths due to terrorist attacks fell by 27% and 94 countries are improving when it comes to the terrorism threat. Despite this improvement, the threat pertaining to terrorist activities such as bomb attacks remains constant which makes it imperative for governments to procure the best security equipment for defense and law enforcement agencies. This makes a lucrative regime for the sales of security equipment, which is incrementing the explosive ordnance disposal Explosive Ordnance Disposal Suit Market size that was evaluated at $1.4 billion as of 2018. The rising sales of the blast suits are evident in the transformative programs in army and law enforcement agencies that are bringing up hefty investments that are utilized to equip these defense bodies with the most advanced safety equipment such as advanced bomb suit, body armor, and chemical protective undergarment. For instance, the growing arsenal of nuclear weapons and ballistic missiles are making North Korea a major threat for the US; however, the allied forces lack satisfactory answers which is leading to transformations in the US military. Therefore, the government is investment handsome amount of money to equip the army with the necessary precautions, which is creating lucrative prospects in the EOD suit market.
With the growing emphasis on cross-border safety, the prospects are abundant for companies to increase their EOD suit market share, and the players are experiencing opportunities. For instance, in February 2019, Med-Eng received a four-year IDIQ contract for the supply of its second generation Advanced Bomb Suit (ABS II) to the US army. The contract has the maximum value of $47 million and will allow the US army to purchase 1,641 bomb suits. The upcoming years are poised to foresee exuded security practices, and owing to more investments by governments and the subsequent growth in the military infrastructure in various countries, the EOD suit market size will grow at a healthy CAGR of 8.38% during the forecast period 2019-2025, according to the explosive ordnance disposal suit market research report. This report will provide information about the EOD suit market size by type and applications along with the detailed profiling of the EOD suit market share by top 5 companies and startups that are striving to rise ahead of the curve in this niche market.
North America Explosive Ordnance Disposal Suit Market & the Opportunities for the Companies:
The security industry has observed a discernible growth after the disquieting 9/11 attacks North America, especially in the US. The industry continues to grow for better civil safety, and there is a positive impact of the same on the North America EOD suit market size. In 2018, North America dominated the bomb suit domain with the maximum EOD suit market share of 41.13%. This is predominantly attributable to the advanced infrastructure in the US military and the increasing investments of the government into the sector. On March 2019, President Donald Trump sent Congress a proposal for budget request worth $750 billion for national security in the FY2020. $703 billion of this amount will be provided to the Department of Defense (DOD). A significant part of this amount is attributable to the procurement of security equipment in order to strengthen the defense department of the US. This will prove to be determining factor for the EOD suit market growth in the US.
· The Vulnerability Towards Airport Attacks Supporting the EOD Suit Market –
More often than not, airports are the prime targets of terrorists because of the footage such kind of attacks gain. This makes security an imperative aspect of the airports, and this is succeeded by the necessity of precautionary equipment such as EOD suits at airports. The US has 19,636 number of airports that create a lucrative EOD suit marketplace in the country.
· The Growing Investments for Nuclear Weapon Creating the EOD Suit Market Demand –
The US is projected to invest as much as $1.7 trillion between 2017 and 2047, which is 6% of the total investment for national defense. Now, this will lead to a gamut of research on nuclear weapons followed by nuclear testing. The professionals or nuclear scientists engaged in nuclear weapon testing will be required to wear a bomb suit. Henceforth, the growing investment for nuclear weapons by the US government will propel the EOD suit market growth.
The growth of the North America EOD suit market can be seen in the growing import of entities belonging to the parent industries in of the countries the region. Here’s the table that showcases the import values corresponding to the parent industry –
Table 1 – Import Values of the Entities Including Bomb Suit
Data Source – International Trade Centre
Conspicuously, the FY2018 witnessed a rise in the import of entities belonging to the parent industry which evinces the North America EOD suit market scope
Explosive Ordnance Disposal Suit Market – Global Scenario and Growth Drivers:
While the North American countries witnessed a greater import of entities belonging to the parent industry, the trade across the world was evaluated at $9.46 billion in 2018 wherein it witnessed a year on year growth of 6%. Here are some factors that are attributable to the EOD suit market growth –
· EOD Suit Market Key Application: Law Enforcements –
The most lucrative application segment for the EOD suit market vendors is found to be law enforcement, and it is projected to grow at a profitable CAGR of 12.19% over the forecast period. This is most attributable to the growth of the domestic terrorist activities, and the domestic territories come in the immediate control of the law enforcement agencies. With the growing concern pertaining to the terror attacks and bomb blasts, there will be an increase in the procurement of precautionary security equipment, and therefore the EOD suit market will be benefitted by the demand influx caused by the law enforcement agencies.
· The Global Scenario of Nuclear Weapons: A Profitable EOD Suit Marketplace –
The private sector has invested $748 billion in nuclear weapon producers between January 2017 and January 2019. Now, this is propelling the research on nuclear weapon which will be succeeded by nuclear testing during the upcoming years. The growing research and development of nuclear weapons is augmenting the EOD suit market demand.
· The Prospects in the Ballistic Composites Market Evincing the EOD Suit Market Growth –
Due to the growth in the demand for armor and other security equipment that involve EOD suit, the ballistic composites market was evaluated at $1.51 billion in 2018. Furthermore, the market is estimated to grow at a CAGR of 7.58% during the forecast period 2019-2025. Bomb suits are made of ballistic composites, and so, the aforementioned growth of the ballistic composites market shows a discernible demand influx from the end-use industries such as EOD suit market. This largely evinces the EOD suit market growth because of which the companies producing bomb suits will be benefitted.
Explosive Ordnance Disposal Suit Market Top 15 Companies:
15 companies with the greatest EOD suit market share that are capitalizing to the generated demand are E. I. du Pont de Nemours and Company, Northrop Grumman Corporation, NP Aerospace Limited, NABCO, API Technologies, Cobham plc, Scanna MSC, United Shield International, Chemring Group, Westminster International Limited, Holdfast Systems, Med-Eng, KEJO Ltd., The 3M Company, and G&H Aerospace Inc.
Talk to one of our sales representative about the full report by providing your details in the link below:
Explosion Proof Equipment Market
Mr. Venkat Reddy
Contact Sales: +1-614-588-8538 (Ext-101)
About IndustryARC: IndustryARC is a Research and Consulting Firm that publishes more than 500 reports annually, in various industries such as Agriculture, Automotive, Automation & Instrumentation, Chemicals and Materials, Energy and Power, Electronics, Food and Beverages, Information Technology, and Life sciences and Healthcare.