(I-BusinessNews.Com, July 17, 2021 ) According to the latest market research report the Global Ballistic Protection Market size is projected to grow from USD 12.6 billion in 2020 to USD 17.2 billion by 2025, at a CAGR of 6.4%. Increasing geopolitical tension is emerging economies, and massive spending on defense owing to internal conflicts & tensions in developing countries, such as Brazil, India, and Russia are expected to drive the ballistic protection industry growth.
Key Market Players
A few of the major players in the global ballistic protection market include BAE Systems (UK), 3M (US), Rheinmetall AG (Germany), Koninklijke Ten Cate bv (Netherlands), Point Blank Enterprises, Inc (US), Craig International Ballistics Pty Ltd. (Australia), MKU Limited (India), Elmon (Greece), FMS Enterprises Migun Ltd (Israel), Permali (UK), Revision Military (US), Saab AB(Sweden), and Survitec Group Limited(UK).
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By platform, the airborne segment is expected to be the largest contributor to the ballistic protection market during the forecast period.
By platform, the airborne segment is projected to grow at a higher CAGR during the forecast period. It includes fixed-wing aircraft & helicopters and unmanned aerial vehicles (UAV). There is an increasing demand for aircraft across various aviation platforms for military purposes. This demand is attributed to the rising military expenditure of multiple countries, such as China, Japan, South Korea, and the US. The UAV segment is expected to witness the highest CAGR for the forecast period, 2020-2025. The growth of the airborne segment is attributed mainly because of the changes in the dynamics of war, leading to the introduction of UAVs on the battlefield.
By application, homeland security segment is expected to grow at highest CAGR during the forecast period
The homeland security segment is projected to grow at a higher rate than the military segment during the forecast period. Ballistic-resistant body armor is worn by homeland security officers while in the field to protect against specific ballistic threats. Homeland security officers use personal protective equipment, including body vests, ballistic helmets, and gloves, to ensure safety during any mission. Ballistic helmets are intended to protect the wearer against small arms fire and fragmentation threats. The combat systems used by homeland security officers are ballistic resistant as ceramics and thermoplastics reinforce them.
Asia Pacific is projected to grow at the highest CAGR during the forecast period.
The ballistic protection market in Asia Pacific is anticipated to grow at the highest CAGR from 2020 to 2025. Asia Pacific is an emerging market for ballistic protection systems, owing to the economic growth of countries in this region and increased defense spending in countries such as India, China, Japan, South Korea, and Australia. The governments of these countries and local industries are also signing up with the contractors and supporting them through the procurement process by providing necessary financial and infrastructure aids. The increase in the number of insurgent groups entering the territories and using deadly explosives such as IEDs and bombs has further raised the need for ballistic protection systems.
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