Selbyville, Delaware, Oct. 06, 2021 (GLOBE NEWSWIRE) —
Body Armor Market revenue is anticipated to record a valuation of USD 2.5 billion by 2027, according to the most recent study by Global Market Insights Inc. The rising acts of terrorism have encouraged security personnel and civilians to use body armors for protection against firearms and weapon attacks. Expansion in the security industry for patrolling and rising crime rates will drive the body armor market growth.
The body armor market was affected mildly during the COVID-19 pandemic. The shortage of manpower, raw materials, and disruptions in supply chain management affected the body armor industry in the first half of 2020. The rise in military spending and body armor procurement by several countries has resulted in a surge in the market growth of body armors in the second half of 2020. According to a report published by the Stockholm International Peace Research Institute (SIPRI), it was reported that the UK became the fifth-largest military spender in 2020 with a total of USD 59.8 billion.
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The growing demand for body armors among civilians is creating growth opportunities in the body armor market. Rising crime rates, home invasion, burglaries, property crimes, homicides, and other similar activities are contributing to the higher demand for body armors among civilians. Increasing crime rates in countries including the U.S., Brazil, South Africa, Mexico are leading to higher procurement of civilian body armors.
Europe is anticipated to witness a high growth rate owing to a rising budget allocation by the government for the military & defense sector. According to Stockholm International Peace Research Institute (SIPRI), France’s military spending in 2020 was USD 52.7 billion, an increase of 2.9% compared to 2019. The upward trend in military expenditure to protect the country’s military position will boost the procurement of body armors over the forecast timeframe.
Players active in the body armor market include MKU Ltd., Craig International Ballistics Pty Ltd., Ballistic Body Armor (Pty) Ltd., Pacific Safety Systems, Safariland LLC, AR500 Armor, Point Blank Enterprises, XTEX Limited, Hawk Protection, Mehler Vario System GmbH, Seyntex NV, SIOEN Ballistics, and Source Vagabond Systems Ltd.
Manufacturers involved in strategic supply agreements are focusing on mass productions to improve their market position among major players. For instance, in March 2021, MKU Limited entered into a strategic agreement with Military Police Sao Paulo, Brazil to provide next-generation high-performance body armors. Through this agreement, MKU will mass-produce and supply 14,500 ballistic vests that provide Level IIIA protection, according to the latest NIJ 0101.06 standards.
Some major findings in the body armor market report include:
- Rising cross-border tension and territorial claims across the globe are surging the market demand for tactical and concealable armors.
- Market players are focusing on launching new advanced armors to provide high-level protection against sharp-edged objects, head gun rounds, and ballistic threats.
- Increasing expenditure in the defense industry by government organizations along with higher demand for superior quality armors to protect their soldiers will fuel the market growth of body armors.
- Increasing participation of women in the military and law enforcement agencies will propel the demand for female body armors in the coming years.
- Manufacturers are focusing on developing comfortable and lightweight body armors to provide greater coverage and enhanced mobility while performing tactical operations.
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Partial chapters of report table of contents (TOC):
Chapter 3 Body Armor Industry Insights
3.1 Industry segmentation
3.2 Impact of COVID-19 on body armor industry landscape
3.2.1 Global outlook
3.2.2 Regional impact
184.108.40.206 North America
220.127.116.11 Asia Pacific
18.104.22.168 Latin America
3.2.3 Industry value chain
22.214.171.124 Research & development
3.2.4 Competitive landscape
126.96.36.199 Distribution network
188.8.131.52 Business growth
3.3 Industry ecosystem analysis
3.3.1 Component suppliers
3.3.2 Technology providers
3.3.4 End-use landscape
3.3.5 Profit margin analysis
3.3.6 Distribution channel analysis
3.3.7 Vendor matrix
3.4 Investment landscape
3.5 Technology & innovation landscape
3.6 Regulatory landscape
3.6.1 North America
3.6.3 Asia Pacific
3.6.4 Latin America
3.7 Industry impact forces
3.7.1 Growth drivers
184.108.40.206 Rise in the number of terrorist attacks in public places
220.127.116.11 High focus on the safety of law enforcement officers in North America
18.104.22.168 Increasing investments aimed at the advancement of the defense sector in Europe
22.214.171.124 Government organizations focusing on strengthening the military sector in Asia Pacific
126.96.36.199 High demand for concealable armors for security personnel
3.7.2 Industry pitfalls & challenges
188.8.131.52 Injuries and chronic back pain due to body armor
184.108.40.206 Weight issues in steel armor
3.8 Growth potential analysis
3.9 Porter’s analysis
3.9.1 Supplier power
3.9.2 Buyer power
3.9.3 Threat of new entrants
3.9.4 Threat of substitutes
3.9.5 Internal rivalry
3.10 PESTEL analysis
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.