Copyright © 2024 Research Nester. All Rights Reserved
Ballistic Protection Market size was over USD 13.87 billion in 2023 and is poised to exceed USD 24.58 billion by 2036, witnessing over 4.5% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of ballistic protection is evaluated at USD 14.37 billion.
The rise in the spending of defense in order to avoid warfare situations among emerging economies along with increasing internal as well as external security threats are anticipated to drive the growth of the market. Further, surge in technological advancements for latest gadgets and devices for personal protection is leading to increased demand for the product. Strong government regulations for the protection of soldiers in order to improve their survivability are propelling the market growth. Moreover, carrying heavy equipments, kits and weapons to wars increases the weight on soldier, therefore, research & development has increased focus for making lightweight armour. Hence, these factors will account for the growth in the market over the forecast period.
Growth Drivers
Rising Awareness Regarding Security
The rising security and protection awareness is the major key factor driving the growth of the market. The growing changes in the dynamics of war is resulting into surge in concerns among governments of various nations for safety measures against conflicts to ensure protection of military, police forces and citizens. The ballistic protection offers safety against mines, explosive chemicals and other hazardous materials. Various manufacturers are working on protection equipments owing to their durability and strength. Further, rising awareness for the enhancement of military capabilities and defense forces in order to counter criminals who are now more equipped will accelerate the growth of ballistic protection over the forecast period.
Challenges
High Cost of the Products and Stringent Regulations
The increased cost associated with ballistic protection equipments is expected to act as a major restraint for the growth of the market. The usage of advanced and high performance materials in the manufacturing of ballistic protection equipments is leading to the increased cost of final product. Further, the necessity of technical expertise for the development of equipments is adding up to the cost of product. Moreover, stringent regulations by different regulatory agencies in opposition to the emission of volatile organic compounds are further hampering the growth of the market.
|
Base Year |
2023 |
|
Forecast Year |
2024-2036 |
|
CAGR |
4.5% |
|
Base Year Market Size (2023) |
USD 13.87 billion |
|
Forecast Year Market Size (2036) |
USD 24.58 billion |
|
Regional Scope |
|
On the basis of application type, the ballistic protection market is segmented into homeland security, defense, commercial and others, out of which, defense segment is estimated to account for maximum share in the market on the back of rising counter insurgeries and surge in the number of terror attacks. In addition, the enhanced capability of armours to bear high ballistic impact and its significant performance will generate healthy demand for ballistic protection.
Our in-depth analysis of the global market includes the following segments:
|
By Material Type |
|
|
By Threat Level |
|
|
By Application Type |
|
|
By Technology Type |
|
|
By Equipment Type
|
|
|
By End Users
|
|
Geographically, the ballistic protection market is segmented into five major region including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in North America industry is set to hold largest revenue share by 2036, attributed to rising initiatives from US government in order to sustain as a military superpower along with increasing concerns related to the safety & protection of security forces. Further, heavy defense budget proposed by government for military will fuel the market growth. The Asia Pacific region is estimated to grow at fastest rate owing to the huge investments for advanced weapons and support through necessary infrastructure aids. In addition, the introduction of logistical support equipments in emerging economies such as China, India and Japan are fostering the demand for ballistic protection. Hence, with the rising economic growth of countries in the region, the market for ballistic protection will witness surge in demand for the product.
On February 06, 2018, Craig International Ballistics acquired advanced robotic equipment for Non Destructive Testing (NDT) on body armour plates. The equipment is used to detect internal breakage in ceramic composite and ensures product integrity.
Author Credits: Dhruv Bhatia
Copyright © 2024 Research Nester. All Rights Reserved
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?