Terrorism across the globe is rising at an alarming level and is supported by ease of ownership of military grade weapons. This has given a sudden rise in demand for effective body armors, which as a result is propelling the growth of global body armor market
Rising investments by governments worldwide to enhance their defenses is also a prominent factor that propels the growth of global body armor market during the tenure between 2019 and 2027
ALBANY, New York, March 5, 2020 /PRNewswire/ -- The colossal rise in terrorist attacks and demand for better security of the defense forces is the major factor that is propelling the growth of global body armor market during the tenure of 2019 to 2027, says a report by Transparency Market Research. Moreover, the threat of life in various civil riots has also become an eminent threat to the civilians as well as defense forces, which has stimulated the demand for efficient body armor these days. As a result of these demands the global body armor market is expected to witness a ~4% CAGR during the tenure.
"The global body armor market accounted for ~3,500 thousand units of body armors in terms of volume across the globe during 2018. This volume is equivalent to ~US$ 2.3 Bn of in terms of revenue for the market. Driven by persistent innovations to make body armors light weighted and comfortable the global body armor is projected to reach to the value of ~US$ 3.2 Bn by the end of 2027." –Transparency Market Research.
Key Findings in Global Body Armor Market Study
The report by Transparency Market Research offers a holistic view of the global body armor market for the tenure of 2019 to 2027. To offer 360 degrees of analysis to the reader, the report categorizes the market into various categories. These categories are further sectioned into various segments. With this level of categorization, the insights from the report can help the players to understand the dynamics of the global body armor market, which can further help them have a sustainable future in the market. Some of the key findings from the report are mentioned below:
In terms of applications, the defense sector is expected to hold the lion's share in the global body armor market. The segment is expected to account for ~80% of overall share of the market. This massive dominance of the segment is the result of investments in research and developments to improve the survivability of the soldiers who are at the frontlines of a battle. Owing to these research and development, the defense sector shall emerge as the largest customers of global body armor market during the tenure of 2019 to 2027.
The law enforcement sectors is expected to have second highest share in the global body armor market during the tenure of 2019 to 2027. The segment is projected to hold 16% of overall share of the market. The factors that are boosting the dominance of the segment is the increase in the civil riots in various countries and sense of security among the people across the globe.
The composite ceramic body armors are expected to dominate the type category of the global body armor market during the estimated time frame. The growth of the segment is the result of demand for light weighted, easy to carry, smooth to put on.
Explore the actionable insights from the report on global body armor market available under the title: Body Armor Market (Type: Level II-A, Level II, Level III-A, Level III, and Level IV; Material: Steel, UHMPWPE, Aramid, Composite Ceramics [Boron Carbide, Silicon Carbide, Aluminum Oxide, and Others], and Others; and Application: Defense, Law Enforcement, and Civilians) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019 – 2027 at https://www.transparencymarketresearch.com/body-armor-market.html
Major Drivers Mentioned in Global Body Armor Market
The information about the drivers from Transparency Market Research's report allows the readers to understand the momentum of the global body armor market. These insights help the players to know the precise reason that is propelling the growth of the market. With the help of these insights the players can capture lucrative opportunities that can help them have a successful future in the global body armor market during the tenure between 2019 and 2027. Some of the major drivers are:
The prime and foremost factor boosting the growth of global body armor market is the growth in terrorism in national and international level. These attacks are taking lives of people faster than any epidemic diseases across the globe. Owing to the need of standing against terrorists to keep the administration of a country smooth, military and other defense forces are investing massively in proving new body armors to the soldiers. These investments are expected to propel the growth of global body armor market from 2019 to 2027.
Investments in research and development is another factor that is propelling the growth of global body armor market. The businesses are investing a massive amount in developing new body armors for defense and law enforcement sectors. These investments are the result of demands for increasing the rate of survivability in case of any attack. Owing to these investments in research and development, the global body armor market shall witness a substantial growth during the duration of 2019 to 2027.
Key Impediments Mentioned in the Global Body Armor Market Study
The report by Transparency Market Research not just focuses on positive aspects of the global body armor market but also enlightens the readers with the roadblocks that might hamper the growth of global body armor market. The insights about these roadblocks can help the players to develop strategies that can overcome these roadblocks and have a successful career in global body armor market. Some of the major challenges mentioned in the report are:
Increasing demand-to-supply ratio for the raw materials for manufacturing the body armors is the major factor that propels the growth of the global body armor market. The shortage restricts the manufacturers to develop armors at full capacity, which impacts their profit margin. Owing to this restriction, the global body armor market might face a significant downfall during the tenure of 2019 to 2027.
Global Body Armor Market: Regional Analysis
North America is projected to hold a significant dominance in the regional sector global body armor market. The region led the market in 2018 and is expected to continue its prominence in the coming years. The growth of the region is attributed to the growth of defense equipment industry in the U.S. and Canada.
However, Asia Pacific is expected to hold the second largest share in global body armor market. Owing to political and international disputes in China, India, and Pakistan, the demand for body armors has grown significantly is past few years. As a result of this growth, Asia Pacific is projected to witness a substantial growth in regional domain of global body armor market from 2019 to 2027.
Analyze body armor market growth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea. Request a sample of the study.
The global body armor market is highly competitive and majorly fragmented. This scenario is the result of dominance of various players over the dynamics of the market. However, this scenario makes it difficult for the new players to enter the global body armor market. Therefore to overcome these roadblocks, the new players are merging and collaborating with other businesses to ensure a sustainable future in the global body armor market.
On the other hand, research and development is the major strategy that is implemented by various player across the market. This strategy help the businesses to come up with innovative products that might help them gain a significant hold over the global body armor market from 2019 to 2027.
The global body armor market is segmented on the basis of:
Ammunition Market– Global ammunition market is expected to reach US$ 16,468.2 Mn by 2026, expanding at a CAGR of 3.5% from 2018 to 2026. According to the report, the global market will continue to be influenced by a range of macroeconomic and industry-specific factors.
Military Personal Protective Equipment Market – Global military personal protective equipment market was valued at US$11.23 bn in 2015 and is expected to reach US$19.09 bn by the end of 2024. The overall market is projected to progress at a CAGR of 6.1% between 2016 and 2024.
Armor Protection Systems Market – Armor Protection Systems Market is rising rapidly as rising concern for terrorist activities in countries like Belgium, the U.S., and France among others has led to need for body armor and armor protection systems
Carbon Nanotubes Market – Carbon Nanotubes Market was valued at US$1.13 billion in 2014 and is anticipated to reach US$6.81 billion in 2023, expanding at a CAGR of 22.1% between 2015 and 2023.
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About Transparency Market Research
Transparency Market Research is a global market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. Our experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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