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The overall advanced protective gear and armor market opportunity is determined by understanding profitable trends to gain a stronger foothold.
The global advanced protective gear and armor market size was valued at $12,136.54 million in 2020 and is projected to reach $26,548.16 million in 2030, registering a CAGR of 7.4%.” - Allied Market ResearchWILMINGTON, DE, UNITED STATES, December 16, 2024 /EINPresswire / -- Allied Market Research recently published a report, titled, "Advanced Protective Gear and Armor Market by End-use
industry (Industrial, Oil & Gas, Law Enforcement, Healthcare, Construction, and Other), User (Industrial and Personal), and Type (Thermal, Chemical or Biological, Ballistic, and Other): Global Opportunity Analysis and Industry Forecast, 2021–2030". As per the report, the global advanced protective gear and armor industry was pegged at $12.13 billion in 2020, and is expected to reach $26.54 billion by 2030, growing at a CAGR of 7.4% from 2021 to 2030.
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Drivers, restraints, and opportunities
Rise in terrorist activities and warfare situations across the world and strict laws & regulations about work environment safety have boosted the growth of the global advanced protective gear and armor market. However, low safety compliance in the construction industry and availability of poor quality and low-cost products hinder the market growth. On the contrary, surge in military expenditure to acquire body armor and technological advancements in protective gear and armor products are expected to open new opportunities for the market players in the future.
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The oil and gas segment held the lion's share
By end-use industry, the oil and gas segment held the largest share in 2020, accounting for nearly one-fourth of the market, due to high demand for advanced protective gear in the oil & gas industry. However, the healthcare segment is expected to showcase the highest CAGR of 9.0% during the forecast period, owing to surge in demand for protective equipment in the healthcare sector across the globe.
The chemical or biological segment to portray the highest CAGR through 2030
By type, the chemical or biological segment is projected to register the highest CAGR of 8.0% during the forecast period. Moreover, the segment dominated the market in terms of revenue, contributing to around two-fifths of the total market share in 2020, due to high chances of exposure to harmful chemical or biological substances. The report includes analysis on other segments such as thermal, ballistic, and other.
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Asia-Pacific, followed by North America, held the largest share
By region, the market across Asia-Pacific, followed by North America, held the lion's share in 2020, contributing to around one-third of the market. Moreover, the region is anticipated to showcase the highest CAGR of 9.1% from 2021 to 2030, due to rise in investments to ensure high safety of the industrial workforce across several countries in the region.
Major market players
ArmorSource LLC
BAE Systems plc
Avon Rubber P.L.C.
DuPont De Nemours, Inc.
Bolle Safety Standard Issue
Honeywell International Inc.
Galls, LLC
Northrop Grumman Corporation
MSA Safety Incorporated
Point Black Enterprises Inc.
Key Benefits For Stakeholders
This study presents analytical depiction of the global advanced protective gear and armor market analysis along with current trends and future estimations to depict imminent investment pockets.
The overall advanced protective gear and armor market opportunity is determined by understanding profitable trends to gain a stronger foothold.
The report presents information related to key drivers, restraints, and opportunities of the global advanced protective gear and armor market with a detailed impact analysis.
The current advanced protective gear and armor market is quantitatively analyzed from 2020 to 2030 to benchmark the financial competency.
Porter's five forces analysis illustrates the potency of the buyers and suppliers in the industry.
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David Correa
Allied Market Research
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