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Body Armor Market Size is Forecast to Reach $3.1 Billion by 2026, at a CAGR of 6.7% During 2021-2026
HYDERABAD, TELANGANA, INDIA , September 23, 2022 /EINPresswire.com / -- IndustryARC, in its latest report, predicts that Body Armor Market Size is forecast to reach $3.1 billion by 2026, at a CAGR of 6.7% during 2021-2026. The U.S. National Institute of Justice has established minimum performance stands for soft body armor such as Level IIA a typically soft body armor is designed to stop a .9mm FMJ (Full Metal Jacket) round at a speed of 1165 feet per second ft/s and a .40 S&W FMJ at 1065 ft/s. Level IV ballistic plates are the highest rated hard armor plates under NIJ 101.06 standards, it is tested to defeat 7.62MM armor piercing bullets traveling at a velocity of 2880 ft/s. Accessories product type is witnessing fast growth rate with a CAGR of 7.4% during the forecast period 2021 – 2026 owing to the increase of riots and crime. The adoption of shield, helmet, and other protective gears by police, security guard and defense personnel has been increased. Thus, body armor accessories is expected to have high demand in the market.
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Key Takeaways:
This IndustryARC report on the Body Armor Market highlights the following areas -
1. Non-NATO Allies region is anticipated to witness the most significant market growth during the forecast period 2021-2026 with a CAGR of 8.2%.
2. The market growth in this region is mainly due to rising armed conflicts. For instance, In APAC, high-intensity border and subnational armed conflicts between India and Pakistan such as suicidal attack in Kashmir in 2019 has brought a major growth in safety concerns of armed personnel.
3. Persistent tensions between Russia and large parts of rest of Europe, long-standing conflicts post-Soviet space between Western Balkans and Cyprus will drive the market growth. These armed conflicts tend to drive the adoption of various body armors, further pacing its market growth.
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Segmental Analysis:
1. Soft Armor product type hold the highest market share accounting for $990.2 million in 2020 and $1388.92 M in 2026 with a CAGR of 6.3%.
2. Civilian sector is expected to witness a highest CAGR of 7.7% the forecast period. Majority of law-enforcement body armor and helmets are designed to defeat handgun threats and also provides additional protection during car accidents and other assaults in police officers.
3. Body Armor market in Asia-Pacific region held significant market share of 34.5% in 2020. According to SIPRI (Stockholm International Peace Research Institute) statistics, seven countries in APAC experienced active armed conflicts in 2019.
Competitive Landscape:
The top 5 players in the Body Armor industry are -
1. Safariland
2. DuPont
3. Point Blank Solutions, Inc.
4. KDH Defense Systems/Armor Express
5. Avon Rubber
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