Players in the body armor market are focusing on developing lightweight, high-performance body armors to sustain the positive growth trajectory
DUBAI, UAE / ACCESSWIRE / March 24, 2020 / The body armor market is projected to grow at a steady CAGR of 5.2% during the forecast period (2029-2029). A significant escalation on the borderline - ensuring soldier survivability and cross border terrorist insurgencies - is the predominant factor driving the sales of body armor products in the market. Technological innovations and modernization initiatives will continue to propel demand from security agencies and military forces, reveals Future Market Insights (FMI), in its new study.
Body Armor Market - Key Takeaways
- East Asia will emerge as a lucrative market, owing to the increasing focus on the defense and safety of soldiers.
- North America is expected to reign regional supremacy backed by a major presence of manufacturers. Further bolstering the sales in North America is the usage of body by police force, in addition to the defense and security sector.
- Level II segment body armors will witness a surge in sales owing to demand in the law enforcement application segment.
- Body armors made of composite ceramics will remarkably contribute to overall sales
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Body Armor Market - Key Driving Factors
- Technological advancements and growing security concerns for defense personnel are driving manufacturers to develop distinct body armors as per the needs of end uses.
- Increasing military spending in emerging economies such as China, India and other East Asian countries is creating substantial growth opportunities for body armor manufacturers.
Body Armor Market - Key Constraint
The shortage of body armors and personal protection equipment continues to hinder the growth of the market.
Competition Landscape
Some of the leading players in the body armor market are BAE Systems; Aegis Engineering Ltd., AR500 Armor, Craig International Ballistics Pty Ltd., Ceradyne, Inc., Hellweg International, Point Blank Enterprises Inc., Kejo Limited Company, Ballistic Body Armor Pty, Pacific Safety Products, and Safariland, LLC, among others. The players are focusing on expanding their product portfolio with product innovation. Furthermore, mergers and acquisitions continue shaping the competitive landscape.
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More About the Report
FMI's 300-page study divulges compelling insights on the body armor market based on product type (hard, soft, accessories), material type (steel, UHMWPE, aramid, composite, ceramic, others), application (defense & security personnel, law enforcement officers, and civilians), level (level i, level ii a, level iii a, level iii, level iv), region (North America, Latin America, Europe, East Asia, South Asia, Oceania, Middle East & Africa).
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in London, the global financial capital, and has delivery centers in the U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and take critical decisions with confidence and clarity amidst breakneck competition.
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SOURCE: Future Market Insights