In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
On February 06, 2018, Craig International Ballistics acquired advanced robotic equipment for Non Destructive Testing (NDT) on body armour plates. The equipment is used to detect internal breakage in ceramic composite and ensures product integrity.
Ballistic protection protects the body and eyes from various projectiles of different shapes, sizes and velocities. Ballistic protection includes ballistic helmets, body armour and hand-held armour. Ballistic helmet protects the security personnel from antipersonnel fragments. Body armour come up with the protection against low and high energy bullets or even stab from knives. Hand held armour helps to defeat low energy bullets and generally consists of ballistic shields. Different designs, materials and structures are used for ballistic protection owing to the type and level of threat. The selection of material for ballistic protection is made on the back of its efficiency and ability to absorb energy.
The ballistic protection market is estimated to record a notable CAGR of around 5.5% during the forecast period, 2020-2028. The rise in the spending of defense in order to avoid warfare situations among emerging economies along with increasing internal as well as external security threats are anticipated to drive the growth of the market. Further, surge in technological advancements for latest gadgets and devices for personal protection is leading to increased demand for the product. Strong government regulations for the protection of soldiers in order to improve their survivability are propelling the market growth. Moreover, carrying heavy equipments, kits and weapons to wars increases the weight on soldier, therefore, research & development has increased focus for making lightweight armour. Hence, these factors will account for the growth in the market over the forecast period.
On the basis of application type, the ballistic protection market is segmented into homeland security, defense, commercial and others, out of which, defense segment is estimated to account for maximum share in the market on the back of rising counter insurgeries and surge in the number of terror attacks. In addition, the enhanced capability of armours to bear high ballistic impact and its significant performance will generate healthy demand for ballistic protection. CLICK TO DOWNLOAD SAMPLE REPORT
Rising Awareness Regarding Security
The rising security and protection awareness is the major key factor driving the growth of the market. The growing changes in the dynamics of war is resulting into surge in concerns among governments of various nations for safety measures against conflicts to ensure protection of military, police forces and citizens. The ballistic protection offers safety against mines, explosive chemicals and other hazardous materials. Various manufacturers are working on protection equipments owing to their durability and strength. Further, rising awareness for the enhancement of military capabilities and defense forces in order to counter criminals who are now more equipped will accelerate the growth of ballistic protection over the forecast period.
High Cost of the Products and Stringent Regulations
The increased cost associated with ballistic protection equipments is expected to act as a major restraint for the growth of the market. The usage of advanced and high performance materials in the manufacturing of ballistic protection equipments is leading to the increased cost of final product. Further, the necessity of technical expertise for the development of equipments is adding up to the cost of product. Moreover, stringent regulations by different regulatory agencies in opposition to the emission of volatile organic compounds are further hampering the growth of the market.
Our in-depth analysis on ballistic protection market includes the following segments:
By Material Type
By Threat Level
By Application Type
By Technology Type
By Equipment Type
By End Users
Geographically, the ballistic protection market is segmented into five major region including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in North America is anticipated to account for the maximum share on the back of rising initiatives from US government in order to sustain as a military superpower along with increasing concerns related to the safety & protection of security forces. Further, heavy defense budget proposed by government for military will fuel the market growth. The Asia Pacific region is estimated to grow at fastest rate owing to the huge investments for advanced weapons and support through necessary infrastructure aids. In addition, the introduction of logistical support equipments in emerging economies such as China, India and Japan are fostering the demand for ballistic protection. Hence, with the rising economic growth of countries in the region, the market for ballistic protection will witness surge in demand for the product.
The ballistic protection market is further classified on the basis of region as follows: