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(Transportation-News.com, September 09, 2022 ) This report provides an analysis of the ballistic protection market from 2018 to 2027. It discusses industry and technological trends that are currently prevailing in the market. It analyses factors driving and restraining the growth of this market, as well as the challenges faced it. The market is estimated to be USD 13.4 billion in 2022 and is projected to reach USD 16.9 billion by 2027, at a CAGR of 4.7% during the forecast period. Key factors fueling the growth of this market include rising political unrest in emerging economies, need for upgrades in battlefield scenarios, development of lightweight, comfortable, and high-strength materials and demand for protection by VVIPs.
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Key Market Players
Some of the key players profiled in the ballistic protection market report include BAE Systems (UK), Avon Protection (US), Rheinmetall AG (US), Tencate Advanced Armor (Netherlands), Point Blank Enterprises (US), SAAB AB (Sweden) among others, are prominent players operating in the ballistic protection market.
On the basis of technology, the ballistic protection market has been segmented into hard armor and soft armor. , the hard armor segment is estimated to account for a larger share (70.4%) of the ballistic protection market in 2022. The demand for hard armor is expected to increase due to growing investments in combat armored vehicles, as well as an increase in demand for personal protective equipment that can resist up to level IV threats.
On the basis of material, the ballistic protection market has been segmented into metals & alloys, ceramics, composites, bulletproof glass and fabric. The composites segment is estimated to account for the largest share (35.8%) of the ballistic protection market in 2022. There is a growing need for lightweight, comfortable, and high-strength material to protect military and homeland security personnel from external threats. Hence, there is an increasing demand for lightweight armor, which is driving the growth of the material segment.
On the basis of product, the ballistic protection market has been segmented into hull & body, personal protective equipment, weapon stations & optronics, ballistic containers & portable shelters, ballistic windows, ballistic doors, ballistic blocks, barrier systems, engine protection, fuel drop tanks & ammunition storage, ballistic floors, cockpit ballistic protection and pilot seat protection. The personal protective equipment segment is estimated to account for a 27.0% share of the ballistic protection market in 2022. The increase in geopolitical tension in emerging economies has driven the growth of the personal protective equipment segment.
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