by The global Body Armor Market, valued at USD 2.1 billion in 2021, is poised for impressive growth with a projected Compound Annual Growth Rate (CAGR) of 6.3% during the forecast period. Body armor, traditionally associated with military personnel, is now increasingly utilized by security personnel, law enforcement agencies, and other sectors to reduce traumatic injuries and shield against unforeseen deadly attacks.
Enhanced Protection Initiatives
In a significant development, the UK military unveiled advanced body armor upgrades specifically designed for women serving in its armed forces in March 2022. This breakthrough protective gear, known as the Virtus Scalable Tactical Vest (STV), was collaboratively developed by the Defense Science and Technology Laboratory (DSTL), Defence Equipment and Support (DE&S), and Source Tactical Gear.
Growing Demand in the United States
The United States is witnessing a surge in demand for body armor due to heightened security concerns across various sectors, including retail, healthcare, and transportation. The need for personal body armor is also on the rise in law enforcement agencies, as modern warfare tactics and criminal activities pose potential threats to officers safety.
Technological Advancements Drive Market Growth
One of the driving factors behind the markets growth is the continual advancement in body armor materials. Manufacturers are responding to the evolving needs of military personnel and law enforcement by introducing flexible and lightweight body armor solutions. Body mapping technology is being integrated into ballistic protection suits to ensure an optimal fit, freedom of movement, and weight distribution, ultimately enhancing wearer safety.
Geopolitical Tensions Fuel Demand
Escalating geopolitical conflicts and an increase in violent and terrorist acts worldwide have led both military and law enforcement organizations to prioritize the safety of their personnel. This has triggered a surge in acquisitions of body armor, boosting overall market demand.
Regulatory Challenges
The Body Armor Market operates within a framework of stringent regulations and standards, including oversight from organizations such as the National Institute of Justice and the United States Department of Defense. Adhering to these regulations presents challenges to manufacturers, potentially impeding market growth.
Segment Highlights
In 2021, the defense sector dominated the market, contributing 58.9% of total revenue. Level III protection, accounting for 25.0% of global revenue, is the most widely used body armor for council employees, policemen, and civilians.
Regional Dominance
The Asia-Pacific region leads the market, driven by geopolitical tensions, border conflicts, and the need to protect troops. India, a significant exporter of bulletproof vests and helmets, plays a pivotal role in meeting the growing demand for advanced body armor.
Competitive Landscape
Key players in the Body Armor Market include Safariland, LLC; Point Blank Enterprises, Inc.; Elmon SA; Pacific Safety Products Inc.; Ballistic Body Armor Pty; Craig International Ballistics Pty Ltd.; EnGarde Body Armor; BAE Systems plc; Hellweg International Pty Ltd.; Ceradyne Inc.; Avon Protection plc; Sarkar Tactical Ltd.; and Armored Republic LLC.
Despite global challenges, the Body Armor Market remains resilient and primed for substantial growth, driven by technological innovation, rising security concerns, and increased demand from various sectors.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/body-armor-market
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This press release first seen on Brilad
COMTEX_442430639/2840/2023-10-25T09:54:54
Julian Lopez is professor emeritus of finance, served as the founding academic affairs dean and founding chair of the finance department.
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