CHICAGO, Sept. 8, 2022 /PRNewswire/ — Ballistic protection market is projected to grow from USD 13.4 billion in 2022 to USD 16.9 billion by 2027, at a CAGR of 4.7% from 2022 to 2027, according to a new report by MarketsandMarkets™. Rising political unrest in emerging economies is one of the major driving factor for the demand of the ballistic protection market.
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By threat level, IV and above segment is expected to lead the market during the forecast period
On the basis of threat level, the ballistic protection market has been segmented into II and IIA, III and IIIA and IV and above. A level IV hard plate is designed to defeat armor-piercing projectiles. It is tested with a single impact of test calibers specified in the NIJ standard, which represent common threats to the law enforcement and security community, especially in the US. Other countries may have different threat levels to defeat. Level IV ballistic armors are designed to offer protection against large, high-velocity bullets. These armors can stop rounds fired by rifles and submachine guns and are mostly used by tactical police teams and the military.
By application, homeland security segment is expected to grow at highest CAGR during the forecast period
During the forecast period, the homeland security segment is projected to grow at a higher rate than the military segment. Homeland security personnel that are deployed wear ballistic-resistant body armor to safeguard against specific ballistic threats. To maintain safety during any mission, homeland security professionals wear personal protection equipment, such as body vests, ballistic helmets, and gloves. Ballistic helmets are designed to shield the wearer against fragmentation and small-arms threats. Because they are reinforced by ceramics and thermoplastics, the fighting systems employed by homeland security officers are ballistic resistant.
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Asia Pacific is projected to grow at the highest CAGR during the forecast period.
Ballistic protection systems are seeing growth in the Asia Pacific region as a result of rising defence spending in nations like Australia, India, China, Japan, South Korea, and the United States as well as the regions expanding economy. Additionally partnering with the contractors and assisting them through the procurement process by providing the required financial and infrastructure supports are the governments of these nations and the local industries. Ballistic protection systems are becoming even more necessary since more insurgent organisations are invading the country and utilising lethal weapons like IEDs and bombs.
Key players in the ballistic protection market include BAE Systems (UK), Avon Protection (US), Rheinmetall AG (US), Tencate Advanced Armor (Netherlands), Point Blank Enterprises (US) and SAAB AB (Sweden). The players are largely focused on contracts and having a strong global presence will help them gain a competitive advantage in the ballistic protection industry. These companies are concentrating their efforts on breaking into new markets by launching technologically superior platforms. These companies, in addition to new product releases and advances, have adopted contracts as strategy.
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