Yahoo Finance Global CBRN Defence Market is projected to reach a market value of US$30,311 Million by 2032: Exclusive Report by Visiongain Reports Ltd
Visiongain has published a new report on Global CBRN Defense Market Report Forecast from 2022 to 2032. Forecasts by Type (Chemical, Biological, Nuclear, and Radiological), By End Use (Commercial and Government), By Equipment (Detection, Protection, Respiratory Systems, Contamination, Simulation & Training, and Information Management Software). PLUS, Regional Market Analysis and Leading National Market Analysis PLUS Analysis of Leading CBRN defense and COVID-19 Recovery Scenarios.
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Global CBRN defense market was valued at US$16,984 million in 2021 and is projected to reach at a market value of US$30,311 million by 2032. This is attributed to the rising trend of investments in CBRN defense systems by developed as well as developing nations. Such countries allocate significant share of their annual budget for defense organizations for developing and producing an advanced military & systems to achieve their missions with modern equipment for the armies. In addition to this, increasing demand for CBRN Defense protective suits, CBRN defense vehicles, contamination meters, and containment capsules in the developing countries boosts growth of the market.
COVID-19 Impact on CBRN defense Market
CBRN defense industry has considerably been impacted during COVID-19 scenario as the pandemic has forced countries to reconsider government spending; hence, they are reallocating funds from defense and security sectors to priority areas such as public health and economic fronts to contain the spread of the pandemic.
Furthermore, defense sector has seen postponement as well as the temporary suspension of various military operations. Also, the defense companies have faced a number of challenges in getting components and parts from countries that have temporarily closed and/or reduced their defense industry operations.
Market Drivers
Rise in defense spending of the countries and alarming terrorism activities are the key factors fueling growth of the market.
In addition to this, increasing number of defense organizations around the globe are introducing CBRN defense projects, creating significant growth in the CBRN defense market. For instance, in January 2021, the European Defence Agency (EDA) initiated its Chemical, Biological, Radiological Nuclear Surveillance as Service (CBRN SaaS) project which was aimed at the development of a rapidly deployable 24/7 CBRN surveillance capability.
Market Opportunities
The key opportunities for growth of the market includes ongoing defense modernization initiatives; technological advancements and emergence of innovative products in CBRN defense sector; and collaboration agreement among the defense agencies as a countermeasure against CBRN threats. The introduction of next generation CBRN defense systems to generate new revenue streams and to augment their portfolio. For instance, in May 2021, BioFlyte, the bio detection company and one of the leading CBRN defense market players launched the Sentinel Airborne COVID-19 Detection System for surveillance of airborne coronavirus as well as other respiratory pathogens.
Furthermore, recent developments in the field of CBRN systems for commercial applications is being observed creating lucrative growth opportunities for the market. For instance, in March 2021, Bruker Corporation introduced permanent-magnet Fourier 80 system. It is new magnetic resonance systems that are intended for chemical, pharma, and food research & analysis, as well as for chemistry research and teaching in university department, academic lab, or college.
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Competitive Landscape
The CBRN defense market is a highly competitive market with several global and local players. Some of the major players operating in the market are AirBoss of America Corporation, Argon Electronics, Avon Rubber, BioFire Defense, Bioquell, Bruker Corporation, Chemring Group PLC, CNIM Group, FLIR Systems, Leidos, Environics Oy, Smiths Group plc, Thermo Fisher Scientific, Kärcher Futuretech GmbH, MSA Safety, 3M Scott Fire & Safety, Thales Group, and HDT Global.
All above mentioned market player have adopted various strategies comprising M&A, regional expansion, R&D investment, collaborations, and new product launches. For instance, in October 2020, Bruker Corporation launched the Vutara VXL Super-Resolution Fluorescence Microscope for nanoscale biological imaging.
Further, in October 2018, FLIR Systems, Inc. launched the FLIR Black Hornet® Vehicle Reconnaissance System (VRS), featuring the Black Hornet 3 nano-unmanned aerial vehicle (UAV) designed for global military, government agency, and first responder vehicle-mounted operations.
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