(MENAFN- Comserve) New York, United States, Oct 21, 2020, 15:02 /Comserve / -- The market for ballistic protection is anticipated to record a notable CAGR of around 5.5% over the forecast period 2020-2028. The key factors driving the growth of the market are rising warfare situations along with increasing security threats.
Research Nester published a report titled 'Ballistic protection market- Global Demand Analysis and Opportunity Outlook 2020-2028 which delivers detailed overview of the ballistic protection market in terms of market segmentation by material type, by threat level, by application type, by technology type, by equipment type, by end users and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter's five force model.
The market for ballistic protection is anticipated to record a notable CAGR of around 5.5% over the forecast period 2020-2028. The key factors driving the growth of the market are rising warfare situations along with increasing security threats. Further, the demand for ballistics protection is rising at rapid rate on the back of increased focus of research & development for lightweight armours in order to reduce the weight on soldier. Additionally, rising spending of defense for technologically advanced gadgets and devices along with strict government regulations to improve the survivability of soldiers will foster the market growth. Based on application type, the market is segmented into defense, homeland security, commercial and others. The market for defense is anticipated to foresee maximum share owing to rising number of conflicts at national level along with the increase in the count of terror attacks. Moreover, significant performance of armours to support high ballistic impact along with their enhanced capability is estimated to accelerate the growth of the market during the forecast period.
'The Final Report will cover the impact analysis of COVID-19 on this industry.
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Based on the regional analysis, the market for ballistic protection is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa. In order to sustain the military superpower, the US government is taking various initiatives related to the protection & safety of military forces. Further, rising defense budget in military forces by the government is anticipated to account for maximum share for ballistic protection in North America region. The market in Asia Pacific is anticipated to witness fastest growth rate on the account of rising economic growth in major economies leading to the increased investment for advanced weapons and supportive infrastructural aids. Additionally, emerging countries such as India, Japan and China are introducing logical support equipments, which in turn, will propel the market growth over the forecast period.
Rising Safety & Security Awareness
The rising concerns related to protection and security of military, police forces and citizens is leading to the increased demand for ballistics protection. In addition, strengthening of the military capabilities in order to counter criminals with latest weapons is driving the growth of the market. Further, increasing government initiatives owing to the rapid changes in the dynamics of war for the protection of forces against explosive chemicals and other dangerous materials anticipated to fuel the market growth over the forecast period.
However, higher cost of ballistic protection equipments owing to the usage advanced materials along with stringent regulations from different regulatory agencies is expected to operate as key restraint into the growth of ballistic protection market over the forecast period.
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This report also provides the existing competitive scenario of some of the key players of the ballistic protection market which includes company profiling of BAE Systems (LON:BA), Craig International Ballistics Pty Ltd., Honeywell International Inc. (NYSE:HON), TEIJIN LIMITED (TYO:3401), Point Blank Enterprises Inc., Rheinmetall AG (ETR:RHM), DuPont, MKU Limited, Koninklijke Ten Cate BV and ELMON. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the ballistic protection market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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