Body Armor Market To Grow, Study Finds.
The size of the global body armor market is poised to increase by 5.2 percent over the next decade, according to a new study.
The "Analysis and Review of Body Armor Market by Application - Defence & Security Personnel, Law Enforcement Officers, and Civilians" report by Future Market Insights, forecasts a $1.3 billion increase over the next 10 years.
Many factors are driving that growth, said Sneha Varghese, a senior analyst at the market research firm.
A number of countries are increasing their military budgets to fund protective gear, Varghese noted. Vendors are also investing in body armor systems with lightweight, high-tech body suits.
Among specific materials, composite ceramics are slated to lead in the market, she said. They offer ballistic efficiency and higher performance compared to other materials. Additionally, their lightweight characteristics give users flexibility which is beneficial in combat environments.
Meanwhile, soft body armor is forecasted to increase in sales, according to the report.
The technology is highly preferred in the private sector among security companies and police departments. The push for more advanced lightweight body armor by these customers will help propel the expansion of the market, the report said.
"Technological innovations and modernization initiatives [will] prompt security agencies and military forces to opt for the latest equipment," the study said.
North America dominates the global body armor market. However, the report predicted East Asia will emerge as a key market as it focuses on defense and soldier safety.
Some of the leading players in the industry include BAE Systems and Aegis Engineering Ltd. The increasing competition is also leading to an expansion of the industry, according to the report.
"In addition to this, mergers and acquisitions remains a popular strategy among market players," the report said. "Companies intend to expand their regional footprint through strategic collaborations."
However, despite projected growth, the global COVID-19 pandemic could blunt it, Varghese said. The crisis could lead to a sustained economic slowdown, which could have a direct impact on the body armor industry if organizations cut back on spending, she noted.
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|Date:||May 1, 2020|
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