Violence and its growing threats are not new to the world. This rising threats of violence have increased the requirement of ballistic protection. Manufacturers are keen on creating strong and more protective materials and techniques. As a result, stronger materials and products are being used during the production procedures. Rising demand for technological advancements and changing nature of warfare are expected to influence the overall growth of the ballistic protection market. The industry is also expected to witness steady growth across the developing parts of the world, including Middle East, Asia Pacific and Latin America. As a result, established players are looking for healthy investments across these regions.
Segmentation in Ballistic Protection Industry
Researchers segment the global market on the basis of the types and sub-types of the products, materials, and their basic applications and demand from different geographic regions. The basic types of products are categorized into vehicle armor and personal protective equipment. The sub-types of the products are divided into personal protective headgear, hand armor, soft armor, and such other products. The types of materials are categorized into ballistic vest, lexan, bomb suit, plastic, glass, and carbon fiber composite, Kevlar and so on. The basic application segments of the market are divided into homeland security, defense, and commercial security. Basic geographic regions of the market include North America, Europe, Asia Pacific and rest of the world.
Drivers, Restraints and Growth Trends
According to the reports, rising demand for technological advancements and asymmetric nature of warfare are some of the major driving factors for the ballistic protection market. Apart from that, rising need to improve solid survivability, commercial security and demand are also expected to drive the overall growth of this market. Growth of the regional economies and rising security threats from internal and external issues are also expected to contribute to the rising demand for the overall market. Major restraining factors for this market include high unit costs of equipment and decreased mobility due to the heavy weight of the products. Economic crisis across Europe and America is also expected to restrain the growth of the market.
However, rising demand for light body armor, advancing technology and soldier modernization programs around the world are expected to create potential growth opportunities for the overall market. According to the reports, the ballistic protection market is expected to grow at a steady CAGR of over 5% by the end of 2020. At the forecasted growth rate, the market is estimated to become worth $11.03 billion by 2020. North America is estimated to hold the largest market share. While, emerging markets are expected to witness strongest growth opportunities in the years to come.