Published on : Nov 14, 2016
ALBANY, NY, Nov 14, 2016: The report estimates the market to expand at a healthy CAGR of 4.61% during the forecast period of 2016 to 2016.
According to the report, titled “The Global Body Armor and Personal Protection Market 2016-2026,” the market consists of five categories: soft armor, hard armor, protective clothing, protective headgear, and boots. The report finds that the soft armor segment dominates the market, followed by hard armor and protective headgear. Geographically, North America is analyzed as the leading market for body armor and personal protection and is expected to exponentially increase the demand, rising at a strong CAGR of 24.3% during the forecast period. The report observes that the Asia Pacific market for body armor and personal protection is dominated by China, India, and Australia whereas Russia and the U.K. occupy the most prominent share in the European region.
The report underlines that the demand for body armors and personal protection equipment is driven by modernized initiatives undertaken by several prominent defense spenders across the world. The global investment in R&D by the defense industry has led to the modernization of soldier equipment, including advanced combat clothing, boots, hard armor, eyewear, and helmets. This has enhanced survivability and sustainability capabilities.
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Emerging economies are rated as the most significant buyers of these body armor and personal protection equipment while North America is home to the key manufacturers. Countries with greater levels of defense spending are now focusing on building smaller infantries with enhanced survivability in order to derive maximum effectiveness from troop deployment. Moreover, internal security threats due to increased incidences of terrorism and organized crime as well as the modernization of police programs are identified as the driving factors in this market. The report finds that various countries are focusing on manufacturing better solutions such as ballistic inserts, lightweight under suits, advanced night vision equipment, and combat helmets that offer increased comfort, are lighter in weight, and enable enhanced protection to the ground forces.
Conversely, the report also highlights that most leading spenders in the world, including the U.K., the U.S., Germany, and France, have cut back on their budget for sectors such as space, aircraft, and vehicles. Nevertheless, the funds are now diverted towards technology development programs such as ISTAR and cyber warfare.
To provide a comprehensive assessment of the competitive landscape and strategic insights, the report profiles several key players in the existing market and includes vital information such as key alliances, their products and services, strategic initiatives, and financial analysis of aspects such as operating profits and net profits. The report is aimed at identifying the channels that are driving the global market for body armor and personal protection, providing a clear picture of future opportunities that can be tapped by existing players as well as new entrants.
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