The global ballistic protection market is expected to witness sustainable growth over the forecast period on account of growing external as well as internal security threats due to conflicts between countries along with increasing warfare situations. Increasing concerns towards improving soldier’s survivability is expected to have positive influence on the market growth. Increasing defense expenditure on account of growing regional economies along with increasing competition between countries to showcase their power is also expected to fuel the market growth. Increasing need for newer gadgets and devices on account of continuous technological advancement is also expected to drive the market over the forecast period. High cost associated with ballistic protection equipment is expected to hinder the market growth over the forecast period. High equipment weight affecting the mobility negatively is also expected to restrain the market growth. Increasing usage of improved raw materials in order to reduce ballistic protection equipment weight is expected to create new opportunities in the market.
Defense sector holds maximum share in the global ballistic securities market and is expected to witness remarkable growth rate over next seven years driven by increasing national conflicts. Ballistic protection market can be segmented into three categories that include soft armor, hard armor, and head gear. The soft armor segment has observed significant growth in the past and it is expected to witness the same trend over the next seven years. With increasing soft armor demand companies are opting for new and light materials to curb the challenges of ballistic protection market thus driving product development, an essential factor for competitiveness among market participants. Vehicular armors also significantly contribute towards the overall ballistic protection market and are expected to observe considerable growth rate over the forecast period on account of its excellent capability to withstand high piercing ballistic impact.
North America accounts for major share in the global ballistic protection market. Active involved of U.S. military in Middle Eastern conflicts in addition to increasing threat from terror attacks is expected to fuel the North America ballistic protection market. Increasing pressure on U.S. government to sustain itself as military superpower is also expected to drive the regional market. North America is followed by Europe and Asia Pacific. Asia Pacific is expected to witness significant growth on account of hostile political relations in South Asian countries such as China, India, Pakistan and Bangladesh. Increasing military spending by China and India as part of their geo-political strategies is expected to further complement Asia Pacific market growth.
Key players operating in the global ballistic protection market include Honeywell International, Teijin Limited, BAE Systems, E.L. Du pont DE Nemours & Co, Point Blank Enterprises , Morgan Advanced Materials PLC , Rheinmetall AG Australian Defence Apparel Pty Ltd., Ceradyne, Inc. Armorsource, LLC etc. Rapid technological advancements along with increasing R&D activities to reduce equipment weight are the major trends observed among the market players over past few years.
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