PUBLISHER: Grand View Research | PRODUCT CODE: 1133307
PUBLISHER: Grand View Research | PRODUCT CODE: 1133307
The global body armor market size is expected to reach USD 4.1 billion by 2030, according to a new report by Grand View Research, Inc. The market is anticipated to expand at a CAGR of 6.6% from 2022 to 2030. Increasing demand for enhancing soldier safety and ensuring survivability across various end users is expected to drive the growth of the industry.
Technological advancements are reshaping the market for body armor consistently. In recent years, the need for novel approaches has steadily increased. For instance, in May 2022, Ordnance Clothing Factory announced working with DRDO on the development of lightweight bulletproof vests. Technological advancements and the rising availability of lightweight body armor are anticipated to fuel industry expansion.
The demand for body armor and personal protection equipment is expected to increase as initiatives toward modernization and technological innovations prompt military forces and security agencies to opt for the latest equipment. External security threats, internal security threats, and territorial disputes are also expected to drive product demand over the forecast period.
The increase in military spending by established and emerging countries throughout the world is expected to be the key factor driving the development of the industry. For instance, as reported in March 2021, Sao Paulo military police initiated a tender for around 15,000 ballistic vests, which was based on the latest NIJ 0101.06 standard. Furthermore, increased terrorism in various nations such as the Asia Pacific and South America prompts governments to focus on increasing reinforcement of personal safety.
Rising domestic concerns like political violence and economic sabotage, as well as exterior perils like terrorist attacks and illegal trafficking, are expected to increase the demand for the global body armor market.Consequently, rising geopolitical tension and a surge in military conflicts between powerful nations worldwide are likely to increase the demand for this product to protect military troops.
Vendors active in the market are aggressively focusing on expanding their customer base and gaining a competitive edge over their competitors. For instance, in Jan 2020, 3M announced the completion of the sale of the company's advanced-ballistic protection business for USD 91 Mn to Avon Rubber p.l.c., before closing and other adjustments.