Lucintel anticipates that Asia Pacific will be the fastest growing regions for the global ballistic protection market
According to a new market report published by Lucintel, the future of the global ballistic protection market looks good with opportunities in the defense, commercial, and homeland security market. The global ballistic protection market is expected to reach an estimated $9.0 billion by 2022 and is forecast to grow at a CAGR of 3.5% from 2017 to 2022.
The major drivers of growth for this market are increasing defense budget in developing countries and increasing terror activities leading to growth in demand for ballistic protection equipment.
In this market, body armor and vehicle armor are the segment by ballistic protection equipment type.Lucintel forecasts that the vehicle armor segment is expected to remain the largest segment by value due to increase in demand of vehicle armor from developing countries.
On the basis of its comprehensive research, Lucintel forecasts that body armor segment is expected to show above average growth during the forecast period.
Within the global ballistic protection market, defense segment is expected to remain the largest segment. Increasing defense budgets in the Asian region and upgradation of equipment in North America are the major drivers, which would spur growth for this segment over the forecast period.
North America is expected to remain the largest region during the forecast period due to highest procurement of military vehicles and body armors in this region.
APAC is expected to witness highest growth over the forecast period due to the increasing defense budget and developing countries in this region
For business expansion, the report suggests new product development to reduce weight of body armor and technical advancements on ballistic protection equipment. The report further suggests the development of partnerships with customers to create win-win situations and the development of low-cost solutions for customers.
Emerging trends, which have a direct impact on the dynamics of the industry, include increase in protection level though advancements of armors and increase in usage of lightweight materials. BAE Systems PLC, Point Blank Enterprises, Rheinmetall AG, Royal TenCate, and Ceradyne, Inc.
are among the major manufacturers of body armor and vehicle armor.
Lucintel, a leading global strategic consulting and market research firm, has analyzed growth opportunities in the global ballistic protection market by type, end-use, sub-type (body armor), and region, and has come up with a comprehensive research report entitled, “Growth Opportunities in the Global Ballistic Protection Market 2017-2022: Trends, Forecast, and Market Analysis” This Lucintel report serves as a spring board for growth strategy, as it provides a comprehensive data and analysis on trends, key drivers, and directions. The study includes a forecast for the global ballistic protection market by type, subtype (body armor), end-use, and region as follows:
By type (Value ($ million) from 2011 to 2022):
· Body Armor
· Vehicle Armor
By Subtype (Body Armor) (Value ($ million) for 2016)
· Soft body armor
· Hard body armor
· Protective headgear
By End-Use (Value ($ million) from 2011 to 2022):
· Homeland Security
By Region (Value ($ million) from 2011 to 2022):
· North America
· Asia Pacific
· The Rest of the World
This 100 - page research report will enable you to make confident business decisions in this globally competitive marketplace.
For more information:Make an Inquiry about this report HERE!