PORTLAND, Ore., Aug. 23, 2021 /PRNewswire/ — Allied Market Research recently published a report, titled, “Advanced Protective Gear and Armor Market by End-use Industry (Industrial, Oil & Gas, Law Enforcement, Healthcare, Construction, and Other), User (Industrial and Personal), and Type (Thermal, Chemical or Biological, Ballistic, and Other): Global Opportunity Analysis and Industry Forecast, 2021–2030″. As per the report, the global advanced protective gear and armor industry was pegged at $12.13 billion in 2020, and is expected to reach $26.54 billion by 2030, growing at a CAGR of 7.4% from 2021 to 2030.
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Drivers, restraints, and opportunities
Rise in terrorist activities and warfare situations across the world and strict laws & regulations about work environment safety have boosted the growth of the global advanced protective gear and armor market. However, low safety compliance in the construction industry and availability of poor quality and low-cost products hinder the market growth. On the contrary, surge in military expenditure to acquire body armor and technological advancements in protective gear and armor products are expected to open new opportunities for the market players in the future.
Covid-19 scenario:
- Due to the Covid-19 outbreak, the governments imposed strict lockdown regulations and restricted number of personnel in factories. This resulted in decrease in demand for protective equipment and adoption of new technologies such as smart sensors in protective gears.
- The prolonged lockdown forced protective equipment manufacturing facilities to shut down their operations. Moreover, the lockdown resulted in the disruption of the supply chain and increased raw material prices.
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The oil and gas segment held the lion’s share
By end-use industry, the oil and gas segment held the largest share in 2020, accounting for nearly one-fourth of the market, due to high demand for advanced protective gear in the oil & gas industry. However, the healthcare segment is expected to showcase the highest CAGR of 9.0% during the forecast period, owing to surge in demand for protective equipment in the healthcare sector across the globe.
The chemical or biological segment to portray the highest CAGR through 2030
By type, the chemical or biological segment is projected to register the highest CAGR of 8.0% during the forecast period. Moreover, the segment dominated the market in terms of revenue, contributing to around two-fifths of the total market share in 2020, due to high chances of exposure to harmful chemical or biological substances. The report includes analysis on other segments such as thermal, ballistic, and other.
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Asia-Pacific, followed by North America, held the largest share
By region, the market across Asia-Pacific, followed by North America, held the lion’s share in 2020, contributing to around one-third of the market. Moreover, the region is anticipated to showcase the highest CAGR of 9.1% from 2021 to 2030, due to rise in investments to ensure high safety of the industrial workforce across several countries in the region.
Major market players
- ArmorSource LLC
- BAE Systems plc
- Avon Rubber P.L.C.
- DuPont De Nemours, Inc.
- Bolle Safety Standard Issue
- Honeywell International Inc.
- Galls, LLC
- Northrop Grumman Corporation
- MSA Safety Incorporated
- Point Black Enterprises Inc.
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