(MENAFN- GlobeNewsWire - Nasdaq) Pune, India, Aug. 16, 2023 (GLOBE NEWSWIRE) -- The global chemical, biological, radiological, nuclear, and explosives or cbrne defense market is anticipated to achieve a valuation of USD 24.25 billion by 2028, displaying a Compound Annual Growth Rate (CAGR) of 6.39% within the period from 2021 to 2028. The market's expansion is expected to be propelled by international agreements and favorable regulations that promote the development of CBRNE solutions. These insights are presented in the report titled "CBRNE Defense Market, 2021-2028" by Fortune Business InsightsTM. Notably, the market was valued at USD 15.18 billion initially. 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.
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List of Key Players Profiled in the CBRNE Defense Market Report:
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.)
Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2021-2028 |
| Forecast CAGR | 6.39% |
| 2028 Value Projection | USD 24.25 Billion |
| Market Size in 2021 | USD 15.78 Billion |
| Historical Data | 2017-2019 |
| No. of Pages | 150 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered | By Purpose Analysis By Application Analysis |
| Regions Covered | North America Europe Asia Pacific South America Middle East and Africa |
| CBRNE Defense Market Growth Drivers | Dynamic Development in the Nature of Warfare, and Utility of CBRNE Threats by Terrorist Groups to Propel the Market Growth |
| Favorable Regulations and International Agreements for the Development of CBRNE Solutions to Drive the Market Growth |
Browse Detailed Summary of Research Report with TOC:
CBRNE defense market pertains to safeguarding against chemical, biological, radiological, nuclear, and explosive threats, encompassing strategies and technologies to mitigate risks posed by these hazards. This field focuses on developing solutions that can effectively counter and manage potential incidents involving such hazardous materials.
Segmentation-
On the basis of purpose, the market is segmented into simulation & training, decontamination, protection, and detection. On the basis of application, the market is bifurcated into military and civil and law enforcement. Geographically, the market is categorized into Latin America, Asia Pacific, North America, Europe, and the Middle East & Africa.
COVID-19 Impact-
The market has experienced a limited impact of the coronavirus outbreak. It was expected that the countries such as India, China, Russia, the U.S., and the U.K. will cut defense budgets to curb the spiraling effect of the COVID-19 pandemic on their national economic structures. However, the defense budgets have increased significantly during the pandemic, as reported by the Stockholm International Peace Research Institute (SIPRI). The institution estimated a collective expenditure of more than USD 2 trillion in 2021 on defense by the governments globally. Hence, the market is likely to prosper in the coming years.
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Report Coverage-
It incorporates Porters' Five Forces Analysis and SWOT analysis for accurate market prediction. It includes the list of key players profiled in the market. It highlights key trends of the market. It showcases information on different market segments such as purpose, application, and others. It describes the impact of the coronavirus pandemic.
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.
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.
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Detailed Table of Content:
Introduction Research Scope Market Segmentation Research Methodology Definitions and Assumptions
Executive Summary Market Dynamics Market Drivers Market Restraints Market Opportunities
Key Insights Key Industry Developments – Mergers, Acquisitions and Partnerships Latest Technological Trends Porters Five Forces Analysis
Quantitative Insights- Impact of COVID-19 Pandemic on CBRNE Defense Market Impact of COVID-19 on Global CBRNE Defense Market Steps Taken by Industry/Companies/Governments to Overcome the Impact Potential Opportunities Due to COVID-19 Outbreak
Global CBRNE Defense Market Analysis, Insights and Forecast, 2017-2028 Market Analysis, Insights and Forecast – By Purpose Detection Protection Decontamination Simulation and Training
Market Analysis, Insights and Forecast – By Application Military Civil and Law Enforcement
Market Analysis, Insights and Forecast – By Region North America Latin America Asia pacific Europe The Middle East & Africa
North America CBRNE Defense Market Analysis, Insights and Forecast, 2017-2028 Market Analysis, Insights and Forecast – By Purpose Detection Protection Decontamination Simulation and Training
Market Analysis, Insights and Forecast – By Application Military Civil and Law Enforcement
Market Analysis – By Country
Latin America CBRNE Defense Market Analysis, Insights and Forecast, 2017-2028 Market Analysis, Insights and Forecast – By Purpose Detection Protection Decontamination Simulation and Training
Market Analysis, Insights and Forecast – By Application Military Civil and Law Enforcement
Market Analysis – By Country Mexico Brazil Rest of Latin America
Asia Pacific CBRNE Defense Market Analysis, Insights and Forecast, 2017-2028 Market Analysis, Insights and Forecast – By Purpose Detection Protection Decontamination Simulation and Training
Market Analysis, Insights, and Forecast – By Application Military Civil and Law Enforcement
TOC Continued...!
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Industry Developments-
October 2020: The U.S. Army and Teledyne FLIR Systems Inc. signed a contract worth USD 36 million for the modification in support of the Nuclear, Biological and Chemical Reconnaissance Vehicle Sensor Suite Upgrade (NBCRV SSU) program.
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