PUBLISHER: The Business Research Company | PRODUCT CODE: 1414039
PUBLISHER: The Business Research Company | PRODUCT CODE: 1414039
“Ballistic Protection Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on ballistic protection market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for ballistic protection? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The ballistic protection market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Ballistic protection encompasses body armor designed to defend against various forms of attack or defense, providing shielding for the body and eyes against threats of diverse sizes, shapes, and impact velocities.
Within ballistic protection, the primary product categories include personal protection equipment and vehicle protection equipment. Personal protective equipment encompasses attire and accessories worn to minimize exposure to workplace hazards that could lead to severe illnesses or injuries. Materials commonly employed in this field include aramid, carbon fiber composites, glass fiber and thermoplastic, ceramic, among others. Ballistic protection finds application across land, airborne, and marine domains, serving purposes in defense, homeland security, commercial sectors, and other diverse areas.
The ballistic protection market research report is one of a series of new reports from The Business Research Company that provides ballistic protection market statistics, including ballistic protection industry global market size, regional shares, competitors with a ballistic protection market share, detailed ballistic protection market segments, market trends and opportunities, and any further data you may need to thrive in the aballistic protection industry. This ballistic protection market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The ballistic protection market size has grown strongly in recent years. It will grow from $13.43 billion in 2023 to $14.29 billion in 2024 at a compound annual growth rate (CAGR) of 6.4%. The expansion observed in the historical period can be credited to initiatives in military modernization, increased global conflict and instances of terrorism, augmented investment in law enforcement, and a heightened emphasis on enhancing soldier survivability.
The ballistic protection market size is expected to see strong growth in the next few years. The projected growth anticipates reaching $17.84 billion by 2028, reflecting a compound annual growth rate (CAGR) of 5.7%. This expansion in the forecasted period is driven by escalating concerns regarding asymmetric warfare, the imperative for readiness in urban warfare scenarios, an emphasis on enhancing comfort and mobility, the integration of cybersecurity measures, and the expanding scope of commercial applications.
The rising occurrences of terrorist activities are anticipated to be a driving force behind the ballistic protection market's growth. These activities encompass actions or threats aimed at advancing political, religious, or ideological causes, instigating coercion or intimidation. Ballistic protection serves as a critical means to secure individuals from such threats, thereby contributing to market expansion. Statistics from ReliefWeb in March 2022 revealed a 17% increase in global terrorist attacks, reaching 5,226 in 2021, with Sub-Saharan Africa accounting for nearly half of global terrorism-related fatalities. This surge underscores the imperative role of ballistic protection in combating escalating threats.
The escalation in defense expenditure is poised to fuel the ballistic protection market's advancement. This refers to the allocation of government funds toward military purposes, encompassing the enhancement and maintenance of armed forces, technological advancements, and operational expenses. Heightened defense spending facilitates the development of lightweight, durable materials crucial for creating effective ballistic protection equipment. The Stockholm International Peace Research Institute reported a 3.7% real-term increase in global military expenditure in 2022, reaching a historic high of $2240 billion. This upswing substantiates the correlation between increased defense spending and the growth of the ballistic protection sector.
Innovative product development, exemplified by the introduction of Kevlar EXO, is pivotal in meeting the escalating demand for advanced protection gear in the ballistic protection market. Kevlar EXO, a cutting-edge aramid fiber unveiled by DuPont de Nemours, Inc. in April 2023, offers unparalleled protection, lightness, and flexibility. Specifically designed to enhance user comfort, Kevlar EXO serves as a prime material for body armor vests, ensuring peak flexibility and superior ballistics performance among aramid fibers. Its introduction underscores a commitment to meeting evolving market demands through groundbreaking technological advancements.
The emergence of product innovation stands as a prominent trend in the ballistic protection market, with major companies spearheading developments to fortify their market positions. In February 2022, Schuberth GmbH, a German manufacturer specializing in safety helmets and protective gear, unveiled the SCHUBERTH B.Ko.S., a revolutionary ballistic head protection system. This innovative system integrates universal clips adaptable to numerous slots, including night vision shrouds, and incorporates a rear rail for accommodating battery packs, ensuring optimal helmet balance and enhancing power supply security. This exemplifies a strategic focus on pioneering products to bolster market competitiveness and address evolving industry needs.
In March 2023, Iten Defense LLC, a prominent U.S. manufacturer specializing in advanced composite armor, successfully acquired Transparent Armor Solutions. The acquisition, conducted for an undisclosed sum, aims to leverage the collective resources, enhancing Iten's capabilities by integrating Transparent Armor Solutions' expertise. This strategic move is anticipated to broaden Iten's product portfolio, incorporating transparent armor solutions catering to ground vehicles and infrastructure markets. Transparent Armor Solutions, known for its proficiency in manufacturing ballistic glass and transparent armor, serves as a valuable addition to Iten's strategic growth plans.
Major companies operating in the ballistic protection market report are Avon Protection plc ., BAE Systems plc, DuPont de Nemours Inc., Honeywell International Inc., Point Blank Enterprises Inc., Rheinmetall AG, Saab AB, Koninklijke Ten Cate BV, Teijin Limited, Survitec Group Limited, ArmorWorks Enterprises LLC, Revision Military Inc., ArmorSource LLC, Southern States LLC, MKU Limited, GENTEX Corporation, Tencate Advanced Armor, Ceradyne Inc., Craig International Ballistics Pty Ltd., EnGarde Body Armor, Safariland LLC, Blackhawk Industries Inc., Armor Express, Ballistic Body Armor Pty Ltd., BBI Detection, C.P.E. Production Oy, CQC Limited, DMS Group, Eagle Industries SAS, Hellweg International, HighCom Security Inc., International Armored Group
North America was the largest region in the ballistic protection market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global ballistic protection market report during the forecast period. The regions covered in the ballistic protection market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the ballistic protection market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
The ballistic protection market consists of sales of body armor, vest, and shield. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.