Ballistic protection: Key market research findings
- The Americas dominate the market geographically
- Defense segment accounts for a majority of the market’s revenue
- Key vendors – BAE, 3M, DuoPont, Honeywell, and Royal Tencate
Technavio’s market research analysts predict the global market for ballistic protection to grow at a CAGR of more than 5% between 2016 and 2020. The growth of this market can be accredited to the recent rise in asymmetric warfare. Increasing tensions across borders and between countries have led to an increase in the demand for ballistic protection products such as bulletproof vests, headgear, eyewear, armored car, missiles, and shields among different end-users. During 2015, the global ballistic protection market was dominated by the Americas with a market share of around 44%. Continuous internal and external threats and the resultant pressure to sustain itself as a super power will fuel the prospects for growth in the market during the forecast period.
The new market research report from Technavio presents a breakdown and analysis of the ballistic protection market based on the application.
“Soft body armor is becoming increasingly popular in the market. Soft body armor is a type of ballistic protection armor, such as bulletproof vests, designed to protect army personnel and special police task forces. Initially, materials such steel, iron, fiberglass, and ballistic nylon were used to manufacture them. However, in order to address the growing concerns about reduced mobility and flexibility, manufacturers have started using materials like ceramic, titanium, aluminum, and aramid fibers,” says Abhay Kumar Singh, Lead Analyst, Aerospace & Defense, Technavio Research.
By 220, the defense segment will retain its position as a key revenue generator in the global market by accounting for a market share of around 74%. Increasing violence and the growing number of terrorist attacks and disputes across the world are leading to the high demand for ballistic protection equipment as it protects both the soldiers and vehicles against lethal and non-lethal weapons like bullets, falling glass materials, explosive materials, mortar, and mines. They also protect soldiers from electric shocks and heat, chemicals, biohazards, and physical hazards.
The key vendors in the global ballistic protection market include BAE, 3M, DuoPont, Honeywell, and Royal Tencate. Many armored vehicle manufacturers and component suppliers are planning to expand their global operations by setting up a strong base in new and emerging markets.
A more detailed analysis is available in the Technavio report, Global Ballistic Protection Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
Other related reports:
