Pune, India, Dec. 22, 2021 (GLOBE NEWSWIRE) -- The global military personal protective equipment market is set to gain impetus from the rising development of lightweight body armor by the defense forces of several countries. The U.S. Army, for instance, developed a new system called Torso and Extremity Protection (TEP) that consists of a blast pelvic protection system, a battle belt, a scalable vest, a modular, and a ballistic combat shirt.
The report states that the global military personal protective equipment market size was USD 16.61 billion in 2019 and is projected to reach USD 25.63 billion by 2027, thereby exhibiting a CAGR of 6.02% during the forecast period.
Fortune Business Insights™ lists out the names of all the military personal protective equipment manufacturers operating in the market. They are as follows:
- 3M (The U.S.)
- ArmorSource LLC (The U.S.)
- BAE Systems (The U.K)
- DuPont (The U.S.)
- Eagle Industries (The U.S.)
- GENTEX CORPORATION (The U.S.)
- Honeywell International Inc. (The U.S.)
- KDH Defense Systems, Inc. (The U.S.)
- MSA Safety Incorporated (The U.S.)
- Point Blank Enterprises Inc. (The U.S.)
- Revision Military (The U.S.)
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Drivers & Restraints-
Urgent Need to Provide Better Safety to Soldiers will Accelerate Growth
The defense forces worldwide are looking forward to offering better standards of combat tactical advantage and safety to the soldiers. Coupled with this, the increasing security threats, such as political unrest, terrorist activities, and cross border conflicts, especially in the Asian countries would contribute to the military PPE market growth during the forthcoming years. Prominent companies present in the market are aiming to develop technologically protective eyewear, advanced combat helmets, and fireproof body armors. However, in 2019, it was observed that several countries lowered their defense budgets. In addition to this, the rising number of malfunction issues associated with these military PPE kits may obstruct the market growth.
Report Aim & Scope:
- An overview of the market based on geographical scope, segmentation and financial performance of key players is presented in the report.
- The report presents the estimated market size by the end of forecast period. Additionally, the historical and current market size is also examined in the report.
- Based on various indicators, the Year on Year growth (%) and compound annual growth rate (CAGR) for the given forecast period is offered.
- The report presents current trends in the industry and future scope of the market in North America, Asia Pacific, Europe, Latin America and Europe.
- The various parameters accelerating the growth of the market are incorporated in the research report.
- The report analyzes growth rate, market size and valuation of the market during the forecast period.
Segment-
Airborne Segment to Grow Steadily Owing to High Demand for Helmets & Goggles
Based on application, the market is divided into naval, airborne, and ground. Out of these, the airborne segment held 28% in terms of military personal protective equipment market share in 2019. This growth is attributable to the increasing demand for innovative helmets and goggles. The ground segment is anticipated to dominate the market in the near future on account of the extensive utilization of military PPE from ground defense forces.
Regional Analysis-
North America to Remain at the Forefront Fueled by High Defense Expenditure
Geographically, North America procured USD 4.89 billion revenue in 2019 and is expected to lead the market throughout the forecast period. The main growth driver is the high defense budget of the U.S. In 2019, the U.S. Department of Defense (DoD) spent USD 732 billion in the country’s defense forces. That was the highest expenditure worldwide. Also, the rising investments in research and development activities, upgradation of military forces, and the rising procurement of latest equipment by signing contracts are some of the other factors responsible for the growth of the market in this region.
Asia Pacific, on the other hand, is likely to grow remarkably backed by the rising terrorist attacks and cross-border conflicts. These factors would propel the countries, such as South Korea, Australia, China, and India to strengthen their military forces. Europe would exhibit considerable growth because of the increasing expansion of the military forces in the developed countries, such as Russia, the U.K., and Germany.
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Competitive Landscape-
Key Players Focus on Bagging Orders from Defense Forces to Intensify Competition
The companies operating in the market are investing huge sums in the research and development activities to create unique military PPE kits. They are incorporating those with novel technologies, such as sensors, biometrics, and artificial intelligence (AI). Some of the reputed companies are also trying to receive new orders from the defense forces for their in-house products. Below are a couple of the latest industry developments:
March 2020: The U.S. Department of Defense awarded a contract worth USD 111.1 million to Ceradyne for delivering body protection plates to the U.S. Army and Air Force. These plates are majorly used in the tactical vests of military personnel.
March 2018: BAE Systems won two contracts from the U.S. Army worth USD 97 million to provide new thermal weapon sights and night vision goggles. These will help soldiers to covertly and efficiently acquire targets in all lighting and weather conditions.
Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments –Mergers, Acquisitions and Partnerships
- Latest technological Advancements
- Porters Five Forces Analysis
- Supply Chain Analysis
- Quantitative Insights- Impact of COVID-19 Pandemic on Global PPE Market
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- Impact of COVID-19 on Global Personal Protective Equipment Market
- Steps Taken by Industry/Companies/Governments to Overcome the Impact
- Key Developments In Response To COVD-19 Pandemic
- Potential Opportunities Due to COVID-19 Outbreak
TOC Continued…!
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