ID: MRFR/A&D/8147-HCR | 168 Pages | Published By Swapnil Palwe on April 2023
Ballistic Protection Market is projected to grow USD 19.56 Billion at a CAGR 6.31% by during the forecast period.
Global Ballistic Protection Market is projected to reach USD 19.560 Billion by 2030 and register a CAGR of 6.31%. Ballistic protection products serve the purpose of protecting homeland security & law enforcement forces, army vehicles, and soldiers from bullets, explosive materials, mortar, mines, electrical shocks, heat, chemicals, and biohazards.
Global Ballistic Protection Market is expected to register significant growth during the forecast period owing to factors such as rising political unrest and instability as well as increasing incidences of terrorism. Furthermore, growing domestic conflict is also expected to drive the growth of the market. Additionally, the increasing adoption of ballistic protection equipment by the armed forces of developed countries such as the UK to offer enhanced security to military personnel is also expected to drive the growth of the market. For example, in December 2019, Leonardo SpA signed a contract with Permali to acquire ballistic protection systems for the UK Royal Navy's new Commando Merlin Mk4 helicopters.
However, issues related to heavy equipment weight affecting the mobility of security forces and high development costs might hinder the market growth.
Advancements in technology and the growing use of advanced materials for manufacturing ballistic protection equipment is expected to drive the growth of the segment.
Other Prominent Players
|Market Size||USD 19,560 Million (2026)|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Platform, Technology, Application, Material, Product|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||BAE Systems (UK), 3M (US), Rheinmetall AG (Germany), Koninklijke Ten Cate bv (Netherlands), FMS Enterprises Migun LTD. (Israel), Point Blank Enterprises, Inc. (US), DuPont (US), ADA (Australia), Survitec Group Limited (UK) and ArmorWorks (US)|
|Key Market Opportunities||The Growing Use of Advanced Materials for Manufacturing Ballistic Protection Equipment.|
|Key Market Drivers||
The key materials listed in the Ballistic Protection Market study are Aramid, Glass Fiber, Composites, Fabric, Metals & Alloys and Ceramic.
Ballistic Protection Market can procure a CAGR of 6.31% during the evaluation period.
Ballistic Protection Market value by 2026 is expected to be USD 19,560 Million.
Surge in political unrest as well as instability and the rising incidences of terrorism ensure Ballistic Protection Market growth. The increasing domestic conflicts across the globe also benefit the Ballistic Protection Market.
A key deterrent in the Ballistic Protection Market growth can be the challenges posed by the use of heavy equipment that comprises the mobility of security forces.