Body Armor Market Revenue To Be Worth $5,661.0 Million By 2024
The global Body Armor Market size is expected to reach USD 5,661.0 million by 2024 according to a new study by Grand View Research, Inc. The evolution of modern day warfare has largely become asymmetric in nature and includes counter-terrorism, counter-insurgency, and guerrilla warfare operations. Similar scenarios exist in the law enforcement sectors wherein felons, criminals, and law offenders are capable of fatally injuring responding officers, thus necessitating the demand for body armor equipment.
The rise in military warfare is propelling the need for ballistic protection equipment in order to safeguard the armed forces. Emerging economies, such as India, South Korea, and China, are persistently focusing on the replacement of legacy military equipment and are subsequently increasing their spending in the defense sector. Modernization activities are creating several opportunities for the vendors of body armor, which, in turn, are trying to obtain a competitive edge by collaborating with the military agencies through a contractual process.
The defense agencies in developed countries, such as the U.S., Canada, and France, are laying high emphasis on enhancing personal protection for armed forces & ground troops and are, thus, focusing on upgrading the conventional protective headgears and body armor capabilities.
Technological advances are the key instruments in accelerating the market growth as innovative techniques, such as liquid body armor and dragon skin, are gaining momentum. In addition to this, the demand for modular tactical vests and double-sided combat uniforms is on a rise due to its features offering enhanced protection and ensuring soldier survivability.Prominent manufacturers of personal protection suits are increasingly investing on R&D activities for the development of advanced fibers, fabrics, and nanotechnology materials to improve the effectiveness of the body armor. The use of modular tactical vests is gaining momentum and is rapidly replacing the conventional Outer Tactical Vest (OTV), which limits the soldier’s efficiency of carrying additional assault load such as magazine (firearms) and grenades.
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Further key findings from the study suggest:
• The type 3A segment accounted for 21.8% of the overall market share (in terms of revenue) in 2015. The body suit offers protection against the type 1, type 2A, type 3, and most handgun threats. Furthermore, the armor is suitable for the full-time wear in several warfare and combat situations.
• The civilian demand for personal body suits accounted for 7.4%of the total market share (in terms of revenue) in 2015 and is anticipated to reach 7.7% by 2024. The demand is particularly high in the U.S. A significant rise in the crime rates and incidents of mass shooting in the U.S. is driving the demand for armor vests among civilians.
• The ‘other’ materials segment is presumed to witness an upsurge in the demand owing to the wide-scale adoption of nanotechnology materials fibers and fabrics, such as Kevlar and STF, among others, for manufacturing breathable and light-weight body protection suits. The ‘other’ materials segment accounted for 14.2% of the global market share(in terms of revenue) in 2015 and is projected to account14.9% by 2024.
• The North American regional market accounted for 49.5% of the global revenue share in 2015. Government initiatives, such as the U.S. Army Equipment Modernization Strategy and Soldier Protection System (SPS), are remarkably contributing to the industry expansion in the North American region.
• Prominent players operating in the market include AR500 Armor, Ballistic Body Armor (Pty) Ltd., Aegis Engineering Ltd., BAE Systems, Craig International Ballistics Pty Ltd., Kejo Ltd., Hellweg International, Point Blank Enterprises Inc., Pacific Safety Products Inc., and Safariland LLC.
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Grand View Research has segmented the global body armor market on the basis of type, application, material, and geography:
Body Armor Type Outlook (Revenue, USD Million, 2014 – 2024)
• Type 1
• Type 2A
• Type 2
• Type 3A
• Type 3
• Type 4
Body Armor Application Outlook (Revenue, USD Million, 2014 – 2024)
• Law enforcement protection
Body Armor Material Outlook (Revenue, USD Million, 2014 – 2024)
• Composite ceramics
Body Armor Regional Outlook (Revenue, USD Million, 2014 – 2024)
• North America
• Asia Pacific
• Latin America
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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