The ballistic protection equipment market was valued at US$9.935 billion in 2018 and is projected to grow at a CAGR of 4.16% during the forecast period to reach US$12.688 billion in 2024. Rising government budget to boost the defense sector is the major driver of Ballistic Protection Equipment market. Growing conflicts among different countries and rising threat of terrorist attacks is pressurizing governments to strengthen their defense sector, thus positively impacting the growth of ballistic protection equipment market. Rising investments in R&D to develop advanced ballistic protection equipment will further propel the growth of ballistic protection equipment market during the forecast period.
Increasing defense budget
High cost of ballistic protection equipment
Avon Rubber has recently signed an agreement to acquire 3M’s Ballistic Protection Equipment business and the rights to the Ceradyne brand for approximately $91 million.
In July 2019, the leading Australian defense company XTEK entered into a binding agreement to acquire HighCom Armor Solutions.
The major players profiled in the Ballistic Protection Equipment market include BAE Systems, Point Blank Enterprises, Inc., Morgan Advanced Materials, Mile Dragic Production, Combat Protective Equipment (CPE), Safariland, LLC, Bennett Safetywear, Teijin, HighCom, and Kanas Group.
The ballistic protection equipment market has been analyzed through the following segments:
• By Equipment
o Protective Vests and Jackets
• By End Use
o Law enforcement and security
• By Geography
o North America
o South America
o Middle East and Africa
o Asia Pacific