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Ballistic Protection Market Global Analysis, Drivers, Restraint & Future Growth to 2024

Author : Rahul Varpe | Published Date : 2019-03-29 

Global ballistic protection market is consolidated in nature with the presence of few prominent players in the industry holding maximum share. Some of the key players operating in the ballistic protection market include DuoPont, 3M, Honeywell, BAE Systems and Royal Tencate. Other prominent players include Survitec Group, Point Blank Enterprises, Morgan Advanced Materials, Eagle Industries, Armor Works Enterprises, Ceradyne and Rheinmetall AG Australian Defence Apparel.

Ballistic Protection Market size will witness significant growth due to rising external and internal security threats among various countries. Increasing competition among various countries for showcasing their power is expected to fuel ballistic protection market growth.Increasing conflicts between various countries coupled with growing asymmetric warfare situations is projected to drive ballistic protection market. For instance, rise in global wars including, Lebanon, ISIS & Syrian civil wars, conflicts between the U.S. & North Korea and Indo-Pak conflict over Kashmir has increased the demand for such products for shield.

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Growing terrorist attack and increasing government spending for strengthening defence sector to safeguard borders are the key factors propelling the ballistic protection market. Further, rise in extremist activities, particularly in developing countries will provide lucrative opportunities for industry growth. Rising need for newer devices and gadgets with continuous technological advancement is likely to support the industry growth.

The need for providing better shield to armed forces with the development of newer and more damaging armaments has further supported the product scope. For this purpose, numerous fibers and advanced materials have been developed over time for increasing shield against the offensive weapons.

However, high price associated with the ballistic protection equipment is anticipated to hinder industry growth over forecast period. Moreover, high equipment weight affects mobility negatively that is projected to hamper the ballistic protection market growth. Growing usage of improved raw materials for reducing the product’s weight is likely to create new opportunities in the industry.

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North America, led by the U.S. for ballistic protection market is projected to remain largest industry due to high defence spending by the U.S. government. Besides, growing involvement of the U.S. military in the middle east regions including, Iraq & Syria and rising concern over the terrorist attacks are few of the key drivers for the industry growth in the region.
 
Asia-Pacific ballistic protection market is expected to exhibit substantial growth as countries are strengthening their defence system with continuously increment in the government spending. Hostile relations between some of the countries in Asia including, Korea, China, India and Pakistan, China, and Korea is the chief reason behind high investment on the ballistic protection equipment in the region.   

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Increase in research & development activities along with rapid technological advancements are the main trends observed among industry players over the past few years. This industry is highly competitive as vendors are competing based on reliability, product quality, cost and aftermarket services. For surviving and succeeding in this intensively competitive industry, it is crucial for the vendors to provide high-quality and cost-effective solutions with latest materials and technology to the end-users.
 

About Author

Rahul Varpe

Rahul Varpe

Rahul Varpe currently writes for fractovia. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products online. Apart from being an avid reader, his other hobbies include music and sketching. He can be contacted at- [email protected] | https://twitter.com/varperahul

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