An extensive study offering forecast assessment on Body Armor Market has recently been released by Kenneth research, which is a platform containing market research reports on FMCG, food and beverages. Kenneth Research aims to provide quality reports to its customers and help company investors planning for expansion of their business to take key decisions and form strategies by providing insights with the latest market trends and scope that helps them gain an extra edge over competitiveness in the marketplace.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Body Armor Market products.
The Global Body Armor market is anticipated to reach USD 4.83 billion by 2026 according to a new study published by Polaris Market Research. The rising concerns of defense and security industry towards military personnel safety and survivability is propelling the need for body armors. Several developed as well as developing nations are executing modernization program for military and security personnel and are mainly focused towards offering the finest protection products.
Thus, defense department of these nations are spending huge amount in providing body armor for their defense troops. Developed nations such as the U.S., UK, Russia, and France are taking several initiatives to replace their traditional armor system with new advanced technology is manufacturing body armor. Lightweight and flexible armor with the usage of nanotechnology materials and fibers is the recent trend prevailing in this market, which will positively favor the industry growth in near future. Besides this, cutting-edge technologies such as liquid body armor and dragon skin are significantly adding value to the defense and security industry.
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Growing conflicts and frictions in regions such as the Asian, Middle East, Sub-Saharan region, Russia, and other nations has translated to a sharp rise in the incidents related to terrorism, piracy, arms smuggling, exploitation, drugs and human trafficking as well as other illegal practices that poses a serious threat to life and affects the defense personnel. The growing incidence of such activities are increasing the demand for adequate security procedures. Such trends are further anticipated to bolster the Body Armor Market growth during the forecast period.
Currently, the overall Body Armor market is dominated by North America and Europe Region. This is attributed to the ongoing soldier modernization programs executed across countries in these regions. Soldier safety is the top most priority of the defense agency, hence they certainly are not expected to compromise on their soldier’s safety. Besides this, law enforcement officials constantly need to enhance their safety due to rising instances of violence and riots across several countries.
Moreover, the rising threat of terrorism has also propelled the demand of body armors and these regions are expected to continue its dominance during the forecast period. The Body Armor Market in Asia Pacific, MEA, and South America region are expected to notice a high growth during the forecast period. The growth in Asia Pacific Body Armor Market is attributed to the increasing government spending in new technology adoption in the defense sector. Thus, the region is anticipated to grow at the highest CAGR during the forecast period.
Major companies profiled in the Body Armor Market report include BAE Systems, Inc., Honeywell International Inc., U.S. Armor Corporation, DuPont Deenside Ltd., Blank Enterprises, Inc., Sarkar Defense Solutions, MKU Pvt. Ltd., Safariland, LLC, Uvex group, Avon Protection Systems, Inc., and Ceredyne (3M) among others.
Key Findings from the study suggest North America and Europe combined is expected to command the Body Armor Market over the forecast years. The growing government spending on security across globe is projected to boost the growth of the market over the forecast period. Several companies are coming with new technology and materials to maintain Body Armor competences into their portfolio of products. For instance, in February 2018, Cooneen Group, a leading French body armor supplier won contract worth 43 Million Euros to supply Body Armor to French police.
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