The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Explosive Ordnance Disposal (EOD) Equipment Market.
It was estimated prior to this unanticipated outbreak that the Explosive Ordnance Disposal (EOD) Equipment Market is likely to witness an impressive CAGR of 4.1% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Explosive Ordnance Disposal (EOD) Equipment Market Segment Insights:
By Equipment Type:
Based on the equipment type, the explosive ordnance disposal equipment market is segmented as portable X-ray systems, projected water disrupters, bomb containment chambers, EOD suits and blankets, EOD robots, Explosive Detectors, search mirrors, and others. The explosive detector segment is estimated to grow with the highest CAGR during the forecast period. Growing use of explosive detectors in public places such as malls and airports due to safety concerns with increasing threats from terrorists and militants across the globe is resulting into high growth in demand for EOD explosive detectors during the forecast period.
By Application Type:
Based on the application type, the explosive ordnance disposal equipment market is segmented as defense and law enforcement. The defense industry segment is expected to remain the largest segment by application over the forecast period, owing to increasing deployment of soldier modernization programs that employ EOD robots as well as the use of other counter-terrorism equipment and strategies.
By Region:
In terms of regions, North America is estimated to be the largest market for explosive ordnance disposal equipment during the forecast period due to huge investment in soldier modernization through warfare training and advanced defense equipment.