New York, June 14, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Ballistic Protection Global Market Report 2023" - https://www.reportlinker.com/p06466603/?utm_source=GNW
, ArmorWorks, Revision Military, ArmorSource LLC, and Southern States LLC, MKU Limited.
The global ballistic protection market is expected to grow from $12.60 billion in 2022 to $13.43 billion in 2023 at a compound annual growth rate (CAGR) of 6.60%.The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, and affecting many every markets across the globe. The ballistic protection market is expected to reach $16.79 billion in 2027 at a CAGR of 5.75%.
The ballistic protection market consists of sales of body armor, vest, and shield.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Ballistic protection refers to body armor that serves to protect against all types of assault or defense. It shields the body and eyes from threats of all sizes, shapes, and impact velocities.
North America was the largest region in the ballistic protection market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the ballistic protection market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main product types in ballistic protection are personal protection equipment, vehicle protection equipment.Personal protective equipment refers to clothing and accessories worn to reduce exposure to risks that can result in severe workplace diseases and injuries.
The material used are aramid, carbon fiber composites, glass fiber and thermoplastic, ceramic, and others. The ballistic protection is used on land, airborne, and marine for defense, homeland security, commercial, and others.
Increasing terrorist activities are expected to propel the ballistic protection market going forward.Terrorist activities refer to actions taken or threats made with the purpose to advance a political, religious, or ideological cause or to coerce or influence the government through threats or intimidation.
Ballistic protection allows one to safely and securely apprehend a suspect and provides protection from terrorist activities, so the rise in terrorist activities propels the market growth.For instance, in March 2022, according to ReliefWeb, a US-based humanitarian information portal, the global terrorist attacks increased by 17% to reach 5,226 terrorist attacks in 2021, and Sub-Saharan Africa accounted for 48% of global terrorism deaths.
Therefore, the increasing terrorist activities are driving the ballistic protection market.
Product innovations are the key trends gaining popularity in the ballistic protection market.Major companies operating in the ballistic protection market are focused on developing new, innovative products to strengthen their position.
For instance, in February 2022, Schuberth GmbH, a Germany-based manufacturer of safety helmets, protective headgear, and combat helmets, launched SCHUBERTH B.Ko.S., a ballistic head protection system. It is uniquely designed with SCHUBERTH universal clips that can adapt to a large number of slots provided, including the night vision shroud. The system has a rear rail that can be utilized to accommodate battery packs to increase power supply security and ensure the optimal balance of the helmet.
In March 2023, Iten Defense LLC, a US-based manufacturer of advanced composite armor products, acquired Transparent Armor Solutions for an undisclosed amount.Through this acquisition, combined resources are expected to strengthen and expand Iten’s product offering to include transparent armor for both ground vehicles and infrastructure markets.
Transparent Armor Solutions is a US-based manufacturer and developer of ballistic glass and transparent armor.
The countries covered in the ballistic protection market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Read the full report: https://www.reportlinker.com/p06466603/?utm_source=GNW
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