CBRNE defense market size is projected to hit USD 24.25 billion by 2028 and exhibit a CAGR of 6.39% between 2021 and 2028. The international agreements and favorable regulations for CBRNE solution’s development are likely to boost the growth of the market. Fortune Business Insights™ has provided this information in its report titled, “CBRNE Defense Market, 2021-2028”. The market size stood at USD 15.18 billion. The market’s growth is also ascribable to the increasing technological innovations by key players. The growing demand for safety measures and the rising geopolitical unrest amongst several countries is likely to uptick technological innovations in CBRNE defense weapons and favor the market growth.
Competitive Landscape-
Key Players Adopt Ingenious Growth Strategies to Accumulate Growth
The market is dominated by Teledyne FLIR Systems, a worldwide pioneer in advanced sensing technologies for industrial and defense applications. The company emphasizes acquisitions, mergers, and other growth strategies to improve its market reach. The key players in the market emphasize on research and development to introduce advanced solutions. They adopt growth strategies such as partnerships, mergers, new product launches, technological advancements, and others. For instance, Teledyne FLIR Systems Inc. acquired Endeavor Robotic Holdings Inc. in March 2019 to strengthen its CBRNE portfolio.
List of Key Players in the Global CBRNE Defense Market:
- Argon Electronics (U.K.)
- Avon protection Plc (U.K.)
- Battelle (U.S.)
- Blucher Gmbh (U.S.)
- Teledyne FLIR Systems, Inc. (U.S.)
- Nexter NBC sys (Germany)
- Karcher Futuretech Gmbh (Germany)
- Murtech, Inc. (U.S.)
- HDT Global (U.S.)
- Saab Ab (Sweden)
- CQC (U.K.)
- Leidos Holding Plc (U.S.)
- QinetiQ (U.K.)
Drivers & Restraints-
International Agreements and Favorable Regulations to Boost Market Growth
The dynamic warfare nature development and the use of CBRNE threats by terrorist groups are likely to amplify the market growth. As per the United Nations Office of Counter-Terrorism (UNOCT), the prospects of accessibility to CRBNE materials by terrorists and their supporters greatly threaten global security and peace. This emphasizes governments to invest and upscale research and development of CBRNE defense systems, which is expected to aid market growth. The international agreements and favorable regulations for CRBNE defense solutions’ development are likely to boost the global CBRNE defense market growth. Furthermore, the demand for CBRN defense specialist schools is expected to complement the market’s growth. However, the lack of strict production standards and low investments may hamper the market’s growth in the forthcoming years.
Regional Insights-
High Military Budgets to Fuel Growth in North America
North America is projected to dominate the global CBRNE defense market share during the forecast period. High military budgets and the rising safety measure adoption to protect armed forces is the key factors driving the region’s growth.
Latin America is projected to experience significant growth due to the growing focus on the fortification of border security in Mexico. For instance, the Mexican government deployed 27,000 security and military forces in 2019.
Asia Pacific is estimated to register the highest CAGR in the coming years. The increasing geopolitical unrest between neighboring countries is likely to force governments to tighten their national security. This is anticipated to drive the market growth significantly. Additionally, the increasing defense budgets of India and China to fortify their national security will stimulate market growth.
Europe is expected to witness substantial growth in the coming years due to the presence of CBRNE defense solution manufacturers including Avon Protection Plc and Argon Electronics.
Information Source and Report-
https://www.fortunebusinessinsights.com/cbrne-defense-market-106142
