The global ballistic protection market generated a revenue of $12,478.08 million in 2021, and the market size will advance at a CAGR of 5.01% during the forecast period, to reach $19,378.54 million by 2030. This is majorly due to the surging threats to soldiers’ security and safety. Moreover, the rising security threats, such as terrorist activities and cross-border conflicts, are driving the demand for body armors in military and homeland security.
In addition, ballistic protection devices are used for face protection and are used as safety products that provide protection against bullets or any other harmful materials such as blast fragments or shrapnel.
The APAC market is expected to experience the highest CAGR, of over 6%, during the forecast period. This can be ascribed to the increasing threat of terrorist attacks, radical organizations, and cross-border issues, in the region.
China, Japan, India, and Australia are major players in the APAC ballistic protection industry. In order to combat terrorism, the Australian government has taken a number of important measures, such as increasing funding for intelligence agencies and enhancing their access to communications data, as well as rising spending on personal protective equipment, which, in turn, drive the demand for ballistic protection materials in the country.
Moreover, the Chinese defense budget is increased by 7.1% in 2022. This defense budget will be utilized in modernizing the military logistics along with building weaponry and equipment management systems. The government will continue to reform the national defense and will eventually innovate defense science and technology.
Soft armor holds the largest revenue share in the market, as it is widely used for the protection of vital organs from attacks. For instance, body armor is required for counter-terrorism, insurgency, and guerrilla warfare tactics used in modern conflicts, which can result in fatalities of personnel. Further, it is a protective gear used to absorb or deflect physical blows, which offers additional defense and law enforcement personnel protection, under war situations like territorial conflicts, internal security concerns, and external security threats.
Moreover, law enforcement professionals can be fatally injured by criminals, inmates, or other lawbreakers in similar circumstances, necessitating the acquisition of body armors and related equipment. Also, with the rise in military combat in many different parts of the world, the demand for body armors to protect military personnel is increasing.
In addition, the need for body armors and other personal protective gear is projected to rise in the coming years, as technological advancements and modernization initiatives encourage security agencies and military personnel to purchase the most up-to-date gear.
Some of the major players in the ballistic protection market are BAE Systems, Avon Protection, Point Blank Enterprises, SAAB AB, Tencate Advanced Amor, and Rheinmetall AG.