Market Forecast
Ballistic Protection Market Size is projected to grow USD 19.56 Billion at a CAGR 6.31% by during the forecast period.
Rapidly increasing geopolitical tension and incidences of external internal threats have significantly contributed to the expansion of the Ballistic Protection Market Size. Furthermore, increasing investments made by the US Army in ballistic protection equipment to offer enhanced safety to army personnel is expected to drive the growth of the market. For example, in March 2018, the US Army signed a contract with Ceradyne, Inc., a subsidiary of 3M, to procure ballistic helmets.
However, issues related to heavy equipment weight affecting the mobility of security forces and high development costs are expected to hinder the growth of the market.
Advancements in technology and the growing use of advanced materials for manufacturing ballistic protection equipment is projected to propel the growth of the segment.
Key Players:
BAE Systems (UK),3M (US), Rheinmetall AG (Germany), Koninklijke Ten Cate bv (Netherlands), FMS Enterprises Migun LTD. (Israel), Point Blank Enterprises, Inc. (US), DuPont (US), ADA (Australia), Survitec Group Limited (UK), ArmorWorks (US)
Revision Military (US), ArmorSource, LLC (US), Southern States, LLC (US), Craig International Ballistics Pty Ltd. (Australia), Teijin Limited (Japan), Saab AB (Sweden), MKU Limited (India), Morgan Advanced Materials plc (UK), ELMON (Greece), Honeywell International, Inc. (US), Permali (UK)
Market Segmentation:
The Airborne Segment to Register the Highest Growth Rate: The airborne segment is projected to register the highest CAGR during the forecast period. It includes fixed-wing aircraft helicopters and unmanned aerial vehicles (UAV). The increasing adoption of UAVs in battlefield operations is expected to drive the growth of the segment.
The Soft Armor Segment Dominated the Market in 2019: The soft armor segment dominated the market in 2019. The increasing demand for various lightweight equipment by the military and various security sectors is expected to drive the growth of the segment. On exposure to higher impacts, the high modulus of elasticity of the soft armor allows the energy generated through impact to dissipate over as large an area as possible, which is expected to drive the growth of the segment.
The Composites Segment Dominated the Market in 2019: Composites offer benefits such as high strength-to-weight ratio and rigidity. Moreover, composite materials offer advantages such as corrosion resistance and excellent fatigue. Additionally, the growing use of composites for manufacturing aerospace components is also expected to drive the growth of the segment.
Regional Analysis:
The Homeland Security Segment Expected to Register the Higher CAGR The homeland security segment is projected to grow at the higher CAGR during the forecast period. Increasing instances of terrorism across the globe and rising territorial conflicts are driving the growth of this segment.
Full report @ https://www.marketresearchfuture.com/reports/ballistic-protection-market-9625
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