PUBLISHER: Allied Market Research | PRODUCT CODE: 1239475
PUBLISHER: Allied Market Research | PRODUCT CODE: 1239475
The report incorporates the study of the global ballistic protection market which are carried or worn over the body to give protection to an individual from vitality. In the law-enforcement and military environment, this vitality is predominantly in the form of influence by penetrating missiles, blast waves from explosions, blows, and projectiles. Different ballistic protection equipment like ballistic helmets offer an extra shield from low-energy bullets or antipersonnel fragments fired from pistols and revolvers. Though, body armor offers protection from high & low energy bullets, fragments, or even stab & slash from knives. LAMEA region is efficiently expanding its demography and resources and is a favorable market for ballistic protection. The LAMEA defense expenditure is around double that of its overall defense spending as the countries purchase modern protecting equipment that require high level of armor content. The LAMEA region has observed major terrorist activity in the recent years. The unending Yemen conflict and growth of terrorism activity has presented challenges in security in the region. This has led to increased expenditure by government on the military, in turn, improving the sales for ballistic protection market.
Brazil in Latin America region holds the highest market share for defense spending. Brazil is the largest spender in defense in Latin America region and is accounting for more than 40% of total expenditure of Latin America on ballistic protection over the past few years. In 2019, defense expenditure of Brazil was around $26.9 billion, which was the highest in the Latin American region. The country has also announced an investment of $300 billion for a 20-year equipment plan in recent past. The three main countries from which Latin America majorly imports military weapon arms and systems are the U.K., the U.S., and France with mass imports of armored vehicles, ships, aircraft, missiles, and sensors. Such heavy imports by the region are expected to grow ballistic protection market in Latin America region. Moreover, vehicle protection equipment are usually armed combat vehicles which are shielded by armor for safeguarding against weapon systems, shrapnel, weapons, missiles, projectiles, and bullets. The rising development in vehicle protection technologies blended with improvements in material science, electronics, automotive, and weaponry is expected to improve the growth of the market. The release of next-generation military vehicles with advanced autoloaders, programmable ammunition, reactive armor technology, active protection systems, and others is a dominating the trend in the market.
Factors such as increase in territorial and political conflicts, rise in defense budget of emerging economies, technological advancements are acting as a driver for ballistic protection market. Moreover, the factors such as inaccuracy of protection level, high production cost of armor materials and occurrence of mechanical failure are restraining the growth of market. Furthermore, factors like growing demand for multipurpose ballistic protection equipment, rising demand for lightweight body armor to create lucrative opportunities for leading players of ballistic protection products operating in the market.
The global ballistic protection market is segmented on the basis of product type, material type, application type, technology, and region. By product type, it is divided into personal protection equipment and vehicle protection equipment. By material type, it is classified into bulletproof glass, composites, ceramics, metal alloys, fabric, and others. By application type, it is classified into military, airborne, and marine. Based on the technology the market is segmented into soft armor and hard armor. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Growth drivers, restraints, and opportunities are explained in the study to better understand the market dynamics. This study further highlights key areas of investment. In addition, it includes Porter's five forces analysis to understand the competitive scenario of the industry and the role of each stakeholder. The study features strategies adopted by key market players to maintain their foothold in the market.
Companies have adopted product development and product launch as their key development strategies in the ballistic protection market. The key players operating in this market are Avon Protection plc, BAE Systems, DuPont de Nemours, Inc., GENTEX Corporation, Honeywell International Inc., Point Blank Enterprises, Inc., Rheinmetall AG, SAAB AB, Survitec Group Limited, and Tencate Advanced Armor.