CBRN Security Market is Expected to Reach $28.69 Billion by 2030-Allied Market Research

According to a recent report published by Allied Market Research, titled, “CBRN Security Market by Type, Function, and Application: Global Opportunity Analysis and Industry Forecast, 2021–2030,” the global CBRN security market was valued at $16,727.4 million in 2020, and is projected to reach $28,687.1 million by 2030, registering a CAGR of 5.7%. North America was the highest revenue contributor, accounting for $5,628.8 million in 2020, and is estimated to reach $9,222.9 million by 2030, with a CAGR of 5.2%. Asia-Pacific is estimated to reach $7,200.5 million by 2030, at a significant CAGR of 7.0%.

The growth of the global CBRN security market is majorly driven by rise in concerns toward national security and political unrest in leading economies. On the basis of type, the market is fragmented into chemical security, biological security, radiological security, and nuclear security. The chemical security segment is anticipated to witness significant growth in the CBRN security market, owing to increase in usage of security solutions against the use of chemical-related threats. For instance, the recent instances of chemical threats across the globe include poisoning with Alexei Navalny in 2020, and Novichok of Sergei and Yulia Skripal in 2018 as well as the assassination of Kim Jong Nam with VX in 2017. By application, it is bifurcated into military and law enforcement. The military segment is expected to garner highest share in the global market, owing to increase in military expenditure and rise in training activities of the special forces to tackle possible CBRN threats.

Region wise, North America dominated the global CBRN security market. U.S. is expected to be a leader in the North America market CBRN during the forecast period. However, Asia-Pacific is expected to exhibit highest growth rate in the global market, owing to change in geopolitical situations and increase in cross-border disputes. India and China serve as the emerging market for CBRN security services & products, owing to rise in military expenditure and surge in adoption of technologically advanced ammunition.

The global CBRN security market is a fairly fragmented market with several number of players are operating in the global market. Majority of the market participants are strategically involved in contract, merger, and product launch activities.

For the CBRN security market, 2020 was witnessed as a negative performing year, owing to the negative demand and supply outlook from the COVID-19 crisis restrictions and supply chain disruptions. Limited allocated funds by the government and respective authorities for the CBRN threats and need for additional funds for healthcare sector hampered the growth of CBRN security market in 2020. Moreover, the agenda for market participants of CBRN security solutions is shifting toward workforce health & safety, global & domestic production capacity, liquidity & cash management, disruption of supply chain, delays & contractual risk, and logistical challenges. It has impacted the overall economy and contributors such as market participants formulating strategic cost-saving plans.

Key Findings Of The Study

• By application, the law enforcement segment is expected to register significant growth during the forecast period.
• On the basis of type, the chemical security segment is projected to lead the global market in terms of market share by the end of the forecast period.
• Depending on function, the protection segment is projected to lead the global market, in terms of market share, by the end of the forecast period.
• North America dominated the global CBRN security market in 2020 in terms of market share; however, Asia-Pacific is anticipated to lead the market growth in the coming years.

The key players profiled in the CBRN security market report are AirBoss of America Corp, Argon Electronics (UK) Ltd, Avon Rubber P.L.C., BioFire Defense, LLC, Blucher GMBH, Bruker Corporation, FLIR Systems, Inc., HDT Global, MSA Safety Incorporated, and Thales Group.