Ballistic Protection Market to Reach $26.1 Billion by 2031 at 6.8% CAGR: Allied Market Research
The rise in defense threats such as cross-border conflicts, political unrest, and terrorist activities across the world is expected to boost the demand for the ballistic protection market.
PORTLAND, Ore., Jan. 27, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “Ballistic protection Market by Product Type (Personal Protection Equipment and Vehicle Protection Equipment), Material Type (Bulletproof Glass, Composites, Ceramics, Metal Alloys, Fabric, and Others), Application Type (Military, Airborne, and Marine), and Technology type (Soft Armor and Hard Armor): Global Opportunity Analysis and Industry Forecast, 2021- 2031″. According to the report, the global ballistic protection industry generated $14 billion in 2021 and is anticipated to generate $26.1 billion by 2031, witnessing a CAGR of 6.8% from 2022 to 2031.
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Prime determinants of growth
The increase in territorial and political conflicts, the rise in the defense budget of emerging economies, and technological advancements are expected to drive the growth of the global ballistic protection market. However, the inaccuracy of the protection level and high production cost of armor materials, and the occurrence of mechanical failure restrict the market growth. Moreover, growth in demand for multipurpose ballistic protection equipment and a rise in demand for lightweight body armor to present new opportunities in the coming years.
- The outbreak of the COVID-19 pandemic has affected badly to the ballistic protection industry. The OEMs (original equipment manufacturers) had encountered major issues such as cuts in the defense budget in some countries, delayed deliveries, production halts, and disruptions in supply chains.
- The restriction during lockdown has impacted the international as well as domestic production of ballistic protection, which, in turn, troubled the growth of the overall market.
- The supply chain was disturbed due to export & import restrictions. The manufacturing companies faced the unavailability of raw materials and labor shortages.
- The ballistic protection market has a high scope of growth prospects in the upcoming years due to factors such as high demand for military vehicles equipped with safety features and larger adoption of driver assistance systems.
The personal protection equipment segment is expected to be lucrative for the ballistic protection market.
Based on product type, personal protection equipment is the leading segment in the base year, accounting for more than half of the global ballistic protection market, and is expected to be lucrative over the period of the next ten years. The rise in the need for armed forces to offer better requirements for combat safety and security functions propels the sales of personal protective equipment in the military. The rise in defense threats, such as political unrest, cross-border conflicts, and terrorist activities among different regions, is expected to boost the sales of the market. The leading companies in the market focus more on creating combat helmets, technically innovative protective eyewear, lightweight fireproof body armor, and others. The innovative combat helmets are consistent with the night vision goggles.
The composite segment by material type to maintain its leadership status throughout the forecast period
Based on material type, the composites segment accounted for the highest market share in 2021, contributing around one-fourth of the global ballistic protection market. It is expected to continue its growth in revenue over the forecast period. The demand for different types of composites, such as glass fiber and carbon fiber, is widely used in military forces and transportation due to the robust demand for low-cost carriers. There has been a launching of several research projects which involves glass fiber and carbon fiber composites, and its fast industrialization is expected to increase sales.
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The military segment is exhibited to grow rapidly over the forecast period
Based on application type, the military segment is leading among other applications in 2021, holding more than 50% of the market share in the global ballistic protection market, and is expected to continue the growth during the forecast period. The plans of military forces to modernize the soldier is likely to drive the sales of ballistic protection for the military. Modern warfare is taking place in densely populated urban areas and is posturing challenges of rising grievances, compelling departments of defense around the world to invest provocatively in the procurement of ballistic helmets, bulletproof vests, ballistic plates, and night vision systems. This boosts the demand for body armor and personal protection for the military.
The soft armor segment is expected to hold the top spot position over the forecast period.
Based on technology, the soft armor segment was the highest contributor in terms of revenue to the market in 2021, holding more than half of the market share of the global ballistic protection market, and is expected to continue the growth over the forecast period. The soft armor in the military perceives positive growth attributed to the surge in cross-border activities, territorial disputes & attacks, and high demand for personnel protection in defense. Such factors affect defense agencies around the world, accentuating the financing in the production or purchase of soft body armor for their military.
North America to maintain its dominance by 2031
Based on region, North America holds the largest market share in 2021, contributing to around half of the global ballistic protection market share, and is expected to keep its dominance in terms of revenue in 2031. The expansion of ballistic protection equipment in the North American region can be recognized in the enhanced purchasing of personal protective equipment and extremely advanced armored vehicles by the military forces. The rise in terror threats is the major reason for buying ballistic protection equipment for military, airborne, and marine platforms.
Leading Market Players: –
- 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
- Tencate Advanced Armor
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