The ballistic protection market was valued at $14 billion in 2021, and is estimated to reach $26.1 billion by 2031, growing at a CAGR of 6.8% from 2022 to 2031.
By application type, the airborne segment is projected to dominate the global ballistic protection market in terms of growth rate.
โ
WILMINGTON, DE, UNITED STATES, October 31, 2024 /EINPresswire.com/ -- According to a new report published by Allied Market Research, titled, โBallistic Protection Market," The ballistic protection market was valued at $14 billion in 2021, and is estimated to reach $26.1 billion by 2031, growing at a CAGR of 6.8% from 2022 to 2031.โ Allied Market Research
North America dominates the market, in terms of revenue, followed by Asia Pacific, Europe and LAMEA. In addition, Europe is expected to grow at a highest growth rate over the forecast period, owing to the rising demand for protection of soldiers.
๐ ๐๐จ๐ง'๐ญ ๐ฆ๐ข๐ฌ๐ฌ ๐จ๐ฎ๐ญ ๐จ๐ง ๐ฒ๐จ๐ฎ๐ซ ๐๐๐ฆ๐ฉ๐ฅ๐ ๐๐จ๐ฉ๐ฒ: https://www.alliedmarketresearch.com/request-sample/A09053
At present, army engineers and market scientists are tackling the ever-rising demand for increasing the abilities of the frontline warriors and soldiers that are on the combat zone. As there has been a key degree of improvement for the powerful and versatile weapons, the modern systems and gadgets in military shield are being progressively added to the ballistic protection market. Likewise, more developments will be needed to safeguard the soldiers. This is possible because of technological innovations. The innovation like the mixture of SRP (self-reinforced polymer) composites and lightweight ceramics, the wearable type of ballistic protection will be devised to shield against a range of threats, from improvised explosive devices to light firearms.
The geopolitical tensions between India and its neighboring countries and the terrorism threat have pushed the region beyond to reinforce its perimeter security and airborne and naval capabilities. The country has continuously been increasing its defense expenditure over the years. The budget for 2022, valued at $70.6 bn, correspond to an increase of 10% compared to the allocation of previous year and the sharpest increase in the defense budget in recent years. This growth is expected to positively impact in ballistic protection market.
In the recent past, there has been a good amount of demand for the ballistic protection as it has bolstered its position due to the conflict situation in some of the terror-prone countries like Libya, Serbia, Iraq, and Afghanistan. Moreover, Iranโs intensifying nuclear creation has been observed to be improved and intensified the military tensions among Israel, the US, and Iran. The market leaders and governments around the globe are constructing their sources to enhance and improve the production scale so that they are presented whenever needed and hence, the investments donโt go useless. The birth of technology is establishing to be beneficial for the ballistic protection market revenue.
Also, the militaries of GCC countries have arrived at third phase of innovation and have transferred from subcontracted, and usually maintenance, onshore to offshore MRO contractors. Similarly, the militaries in the Middle East region are becoming more modern in their demands., They are buying operating time for platforms of armed forces, rather than ordering individual services or spare parts which is expected to fuel the demand for ballistic protection. South Korea is booming, driven by the ambition to make the region one of the top defense exporters of the world and by the need to counter growing military threats. The country defense sector is expected become a strategic industrialization, by participating into the list of the global top four supplier of defense equipment after the U.S., Russia, and France, which will directly impact confidently to ballistic protection market.
๐๐จ ๐๐ฎ๐ซ๐๐ก๐๐ฌ๐ ๐๐ง๐ช๐ฎ๐ข๐ซ๐ฒ ๐๐๐๐จ๐ซ๐ ๐๐ฎ๐ฒ๐ข๐ง๐ https://www.alliedmarketresearch.com/purchase-enquiry/A09053
KEY FINDINGS OF THE STUDY
By product type, the vehicle protection equipment segment is projected to dominate the global ballistic protection market in terms of growth rate.
By material type, the others segment is projected to dominate the global ballistic protection market in terms of growth rate.
By application type, the airborne segment is projected to dominate the global ballistic protection market in terms of growth rate.
By technology, the hard armor segment is projected to dominate the global ballistic protection market in terms of growth rate.
The key players operating in the ballistic protection market are
Avon Protection plc
BAE Systems
DuPont de Nemours, Inc.
GENTEX Corporation
Honeywell International Inc.
Point Blank Enterprises, Inc.
Rheinmetall AG
SAAB AB
Survitec Group Limited
Tencate Advanced Armor
๐๐ข๐ฆ๐ข๐ฅ๐๐ซ ๐๐๐ฉ๐จ๐ซ๐ญ๐ฌ ๐ข๐ง ๐๐๐ซ๐จ๐ฌ๐ฉ๐๐๐ ๐๐ง๐ ๐๐๐๐๐ง๐๐ ๐๐ง๐๐ฎ๐ฌ๐ญ๐ซ๐ฒ
๐๐ฎ๐๐ฆ๐๐ซ๐ข๐ง๐ ๐๐๐ซ๐ค๐๐ญ https://www.alliedmarketresearch.com/submarine-market-A10675
๐๐จ๐ฆ๐ฆ๐๐ซ๐๐ข๐๐ฅ ๐๐ฏ๐ข๐จ๐ง๐ข๐๐ฌ ๐๐ฒ๐ฌ๐ญ๐๐ฆ๐ฌ ๐๐๐ซ๐ค๐๐ญ https://www.alliedmarketresearch.com/commercial-avionics-systems-market
๐๐๐ซ๐จ๐ฌ๐ฉ๐๐๐ ๐๐ฒ๐๐๐ซ ๐๐๐๐ฎ๐ซ๐ข๐ญ๐ฒ ๐๐๐ซ๐ค๐๐ญ https://www.alliedmarketresearch.com/aerospace-cyber-security-market-A09068
David Correa
Allied Market Research
+1 800-792-5285
email us here
Visit us on social media:
Facebook
X
Legal Disclaimer:
EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.