Global Body Armor Market: Increasing Need for Advanced Protective Gear in the wake of Rising Terror Attacks to Boost Sales
Of late, an alarming rise in terror attacks has been observed, which has created a state of political vulnerability across the world. The increasing threat of terrorism has compelled governments to provide highly sophisticated protective gear to their soldiers to combat in harsh circumstances. The consequent increase in soldier modernization programs in various economies is also leading to a prolific demand for modern body armor for army personnel.
According to a research study by Transparency Market Research (TMR), the global market for body armor held an opportunity worth US$3.3 bn in 2014. Expanding at a CAGR of 4.0% between 2015 and 2021, the market is anticipated to attain a value of US$4.3 bn by the end of 2021.
In this blog post, researchers at TMR answer some of the important queries about the worldwide body armor market.
Q. What are the key factors behind the immense growth of the global body armor market?
Technical upgradation in body armor in terms of mobility, survivability, sustainability, and lethality is resulting in an upswing in the adoption of body armor suits and protective gear across the world. These advancements have also triggered the trend of replacing obsolete body armor with the upgraded variants, which in turn, is reflecting greatly on the growth of the global market.
The sales of body armor is also gaining significant momentum due to the enforcement of several laws mandating the usage of modern protective gear for the military in various economies.
Q. What are the challenges the global market for body armor faces?
The global market for body armor is mainly affected by the slashing of defense budgets in various economies across the world. Many countries, such as the U.K. and the U.S., are focusing on channeling their massive defense budgets towards other commitments, which is likely to affect the demand for body armor suits severely in the coming years.
Apart from this, the patents associated with the production of body armors are expected to limit the number of players entering the market, which will also reflect negatively on the market’s growth.
Q. Which regions are likely to lead the global market for body armor in the near future?
The global body armor market is spread across North America, Asia Pacific, Latin America, Europe, and the Middle East and Africa. North America, among these, has been leading the overall market since the last few years and market trends point towards the continuance of its dominance over the next few years.
The increasing number of survivability-based soldier modernization programs conducted in North America is adding considerably to the growing adoption of body armor in this region. The commencement of the Buffalo A2 bar armor program that includes armor kits and vehicles, is also expected to stimulate the North America body armor market in the forthcoming years.
Read Full Press Release @ http://www.transparencymarketresearch.com/pressrelease/global-body-armor-market.htm
Australian Defence Apparel Pty Ltd., KDH Defense Systems Inc., DuPont, BAE Systems Inc., Sarkar Defense Solution, and U.S. Armor Corp. are some of the leading participants in the global body armor market.