Body Armor Market Poised to Register 4.0% CAGR through 2021
Added: (Tue Dec 11 2018)
Research and Development in Manufacturing Technology of Body Armor Drives Market
The ongoing soldier modernization programs initiated by several governments across the globe are augmenting the sale of body armor. Organizations are also investing in state-of-art armor as they come with enhanced mobility, lethality, sustainability, and survivability, states Research Report Insights. The increasing investments in research and development activities to develop light-weight materials and to incorporate technical precision in manufacturing body armor suits is likely to drive the growth of the market in the near future. The rising threats of terrorism due to political instability are also expected to boost the demand for body armor in the near future.
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The report states that the opportunity in the global body armor market was worth US$3.30 bn in 2014 and is expected to reach US$4.33 bn by the end of 2021. Between 2015 and 2021, the overall market is projected to expand at a CAGR of 4.0%. The global market will also receive an impetus from laws mandating use of body armor among law enforcement and military personnel, as is seen across the U.A.E. Furthermore, the investments made by Brazil, Russia, the U.S., and India to develop sophisticated materials will also enhance the quality of body armor in the near future, thereby propelling their demand.
Demand for Type IV Body Armor Projected to Remain High
The types of body armor available in the global market include type I, type II-A, type II, type III-A, type III, and type IV. The type IV body armor is being widely adopted by militaries across the world as they lend among the highest levels of protection. This armor claims to protect against .30 caliber armor piercing bullets along with single-hit protection from the type I, type II-A, type II, and type III threats. Replacement of obsolete armor with advanced versions will also propel the sale of type IV body armor in the coming years. Owing to these reasons, the type IV body armor segment is expected to expand at a CAGR of 3.6% between 2015 and 2021 in terms of revenue.
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High Incidence of Handgun Crimes Attributable to North America’s Leading Position
North America, Europe, the Middle East and Africa, Latin America, and Asia Pacific are the key regional segments of the global body armor market. Of these, North America held a leading share of 50.3% in the global market in terms of revenue. By the end of 2021, this share will rise marginally to 50.4%. The persistent acquisition of advanced equipment by military organizations in the U.S. is the primary growth driver for the body armor market. Furthermore, the high incidence of handgun crimes is also likely to spur the demand for body armor during the forecast period.
Some of the leading players in the global body armor market are Honeywell International Inc., Point Blank Enterprises, Inc., BAE Systems, Inc., Sarkar Defense Solutions, MKU Pvt. Ltd., and Safariland, LLC. Companies will have to focus on achieving technological precision to add features to body armor that not only prevent injury but also reduce the level of trauma. In the near future, players focusing on research and development are likely to garner the biggest shares in the overall market.
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Submitted by:Vikas Bahurupi