Ballistic Protection Market Insights
The global ballistic protection market is projected to grow significantly during the forecast period [2020-2026]. Rising terrorism and thereby increasing geopolitical tension between countries across different parts of the globe is a major factor driving the growth of the ballistic protection market. The ballistic protection materials provide safety and protection against bullets, falling glass materials, explosive chemicals, and other hazardous materials. Rising concerns towards improving soldier’s survivability, increasing defense expenditure, and growing need for new gadgets and devices are expected to fuel the ballistic protection market growth. However, the high cost of ballistic protection equipment and high equipment weight are hindering the market growth.
Ballistic Protection Market: By Material
On the basis of material, the ballistic protection market is segmented into aramid, carbon fiber composites, glass fiber & thermoplastic, and ceramic among others. Aramid is anticipated to hold the largest market share of the global ballistic protection market over the forecast period. Aramid possess various properties such as high strength, lightweight, and flexible nature and therefore it is the most preferred material for ballistic protection.
Ballistic Protection Market: By Platform
On the basis of platform, the ballistic protection market is classified into land, airborne, and marine. The airborne segment is expected to grow at a high CAGR during the forecast period. The airborne segment consists of fixed-wing aircraft & helicopters and unmanned aerial vehicles (UAV). The increasing demand for aircrafts, rising military expenditure, and changes in the dynamics of war, are the major factors driving the market for airborne segment. Introduction of UAVs on the battlefield is also boosting the market growth.
Ballistic Protection Market: By Application
On the basis of application, the ballistic protection market is segmented into defense, homeland security, and commercial among others. The defense segment is projected to dominate the market during the forecast period attributing to the increasing national conflicts and rising defense spending. In defense, several ballistic protection equipment such as protective vest & jacket, helmet, shield, gloves, and shoes are used to protect against chemical explosion. These are some of the major factors driving the market growth for defence segment.
Ballistic Protection Market: By Region
North America is estimated to hold the largest market share of the overall ballistic protection market during the forecast period. High awareness about the safety of security forces is driving the growth of the market in this region. Furthermore, the Asia Pacific region is also expected to witness considerable growth owing to the economic growth of countries in this region, rising awareness about the safety of the military, and increasing defense expenditure in countries such as India, China, Australia, Japan, and South Korea.
Ballistic Protection Market Share & Competitor Analysis
Some of the key players operating in the global ballistic protection market are Saab AB (Sweden), MKU Limited (India), BAE Systems (UK), 3M (US), Koninklijke Ten Cate bv (Netherlands), FMS Enterprises Migun Ltd. (Israel), Elmon (Greece), and Craig International Ballistics Pty Ltd (Australia) among others.
Please note: This is not an exhaustive list of companies profiled in the report.
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