The global bulletproof helmet market is likely to experience steady growth at a CAGR of almost 6% to surpass USD3 billion in revenue by 2020, says Technavio.
Technavio has announced its latest market research report on bulletproof helmets for the forecast period, 2016-2020. This market analysis discusses the major drivers and key emerging trends that will influence the growth of the global bulletproof helmet market during the forecast period. Some of the top vendors listed in this industry analysis include BAE Systems, 3M, MKU, and ArmorSource.
In terms of geographical analysis, North America is likely to continue its dominance over the global bulletproof helmet market and is expected to reach around USD1,100 million in revenue by 2020. The US will emerge as the key revenue-generator.
“Modernization of force equipment is a trend that is gaining traction in the global market currently. Defense industries, especially in developed regions, are undertaking continuous soldier modernization programs that have contributed to an increase in consumption of ballistic protection products such as bulletproof helmets. The US is the current market leader in terms of expenditure,” says Abhay Sinha, a lead analyst at Technavio.
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The new industry research report from Technavio analyzes some of the key drivers and trends responsible for the growth of this market and its sub-segments.
Rise in cross-border terrorism
The rise in cross-border terrorism on a global scale is propelling the demand for effective force equipment in the market. Countries around the world face different types of security threats: China faces narcotics trafficking; Japan faces issues such as maritime piracy; Russia faces terrorism at a higher rate; India faces smuggling, trafficking, and militancy, especially in the states of Punjab and Jammu and Kashmir; Pakistan faces significant illegal immigration and terrorism. The Southeast Asian countries like Philippines and Thailand face major concerns such as drug trafficking. As a result, several nations across the globe are making large investments in the development and procurement of such equipment to prepare their defense sector for any sort of terrorist activities. Such initiatives will include the replacement of old equipment with new advanced ballistic protective equipment such as bulletproof helmets.
Increase in defense expenditure
The defense expenses of nations across the globe are currently on the rise as each country is determining its military and defense expenses based on its political and social environment. The US allocated over $500 billion on defense spending in 2015. The other countries with substantial budgets for the armed forces are China, Saudi Arabia, Russia, the UK, India, France, and Japan. A rise in defense budget translates to a rise in demand for ballistic protective products such as bulletproof helmets.
Demand from law enforcement
An ongoing rise in the demand for law enforcement is a key incentive for growth of the global bulletproof helmet market. The demand for law enforcement is determined by factors such as political, social, and socio-cultural scenarios of a region. India, for instance, is focusing on closer security cooperation and economic integration within APAC region. The government of India is also focusing on the modernization of police forces through the Modernization of State Police Forces (MPF) Scheme.
Some of the other prominent vendors identified in this report are Aegis Engineering, Argun, Hard Shell, Ningbo Chihan Protection, Point Blank Enterprises, Protection Group Danmark, Rabintex, Sarkar Defence Solutions, Sinoarmor, and Ulbrichts Protection.
This research report includes an in-depth analysis, market shares, and sizes of the sub-segments and geography. It provides a comprehensive analysis of the key companies, including their market shares, business overview, and key financials. The market study also offers a detailed analysis of key drivers, challenges, and opportunities influencing this market.
A more detailed analysis is available in the Technavio report titled, ‘Global Bulletproof Helmet Market 2016-2020’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Advanced Combat Helmet Market 2016-2020
- Global Motorcycle Connected Helmet Market 2016-2020
- Global Safety Goggles and Glasses Market 2016-2020
- Global Motorcycle Side View Assist System Market 2016-2020
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