(PharmaNewsWire.Com, April 06, 2024 ) The Global Ballistic Protection Market is expected to witness substantial growth, reaching a value of USD 16.9 billion by 2027, with a CAGR of 4.7% from 2022 to 2027. This growth is primarily attributed to escalating political tensions in emerging economies, which are fueling the demand for advanced ballistic protection solutions.
The report, titled 'Ballistic Protection Market by Material, Product, Technology, Threat Level, Platform, Application, and Region,' offers comprehensive insights into market dynamics, trends, and key players shaping the industry landscape.
Threat Level Segment: The IV and above segment is anticipated to dominate the market during the forecast period. Level IV ballistic armors, designed to withstand armor-piercing projectiles, are increasingly sought after by law enforcement and military agencies worldwide.
Application Growth: Homeland security applications are forecasted to exhibit the highest CAGR during the forecast period. Ballistic-resistant body armor, helmets, and other protective gear are essential for safeguarding homeland security personnel against ballistic threats during missions.
Regional Outlook: Asia Pacific is poised to register the highest CAGR during the forecast period. Increased defense spending in countries like Australia, India, China, Japan, and South Korea, coupled with the growing economy, is driving the demand for ballistic protection systems in the region.
Key Market Players: Leading companies in the market include BAE Systems, Avon Protection, Rheinmetall AG, Tencate Advanced Armor, Point Blank Enterprises, and SAAB AB. These players are focusing on global expansion, technological advancements, and securing contracts to maintain a competitive edge in the market.
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