Global body armor market valuation is anticipated to surpass $4.83 billion by 2026, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2017-2026.
According to the report, increasing concerns of security and defense industry towards the survivability and safety of military personnel is fueling body armor demand across the world. A number of developing and developed countries are undertaking modernization initiatives focusing on offering security and military personnel with the finest quality protection products.
Consequently, defense department of these nations are spending heavily on body armors. In fact, developed countries such as Russia, UK, France, and U.S. are actively taking numerous initiatives to replace conventional armor systems with advanced body armor manufacturing technology.
A recent trend which is expected to influence market growth in forthcoming years is that of flexible and lightweight armor based on innovative nanotechnology fibers and materials. Apart from lightweight body armor, the advent of several other cutting-edge technologies such as dragon skin and liquid body armor are adding considerable value to the defense industry.
Escalating conflicts and frictions across regions such as the Middle East, Asia, Russia, Sub-Sahara, and others, a sharp rise has been witnessed in incidents related to piracy, exploitation, human and drugs trafficking, arms smuggling, and terrorism. Increasing occurrence of such activities are boosting demand for appropriate security procedures, thus supporting body armor market growth over the forecast timeframe.
From a regional perspective, the global body armor market was dominated by Europe and North America. This dominance can be attributed to the ongoing military personnel modernization programs that are being conducted throughout countries of these regions. Soldier safety is given top priority by the national defense agencies, quashing any notions that they would compromise on their troops’ safety.
Apart from the defense sector, the law enforcement sector is also a major revenue source for the global body armor industry. Law enforcement officers are constantly enhancing their protection gears owing to growing instances of riots and violence across numerous countries.
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Moreover, the growing threat of terrorism across such regions is also propelling body armor demand, and these regions are projected to continue their market dominance during the forecast timeframe.
The Asia Pacific, South America, and MEA body armor industry is expected to witness high growth in coming years. Growing demands in the APAC body armor market can be attributed to increasing investments by APAC governments in new technologies for defense sector. Owing to these factors the APAC body armor market is anticipated to depict the highest CAGR in forthcoming years.
Prominent companies profiled in the body armor market report include Honeywell International Inc., BAE Systems, Inc., DuPont Deenside Ltd., U.S. Armor Corporation, Sarkar Defense Solutions, Ceredyne (3M), Safariland, LLC, MKU Pvt. Ltd., Avon Protection Systems, Inc., Uvex group, and Blank Enterprises, Inc., among others.