Major players in the military personal protective equipment market survive the tough competition by being progressively innovative, notes TMR in a recently published report. Technological advancements are a key emphasizing factor for the competitive landscape. From an overall perspective, healthy and neck-to-neck competition amongst the prominent organization is forcing the market to evolve in a fast manner. In 2015, the leading organizations held a market share of 52.2% with respect to the product sales, thus depicting a consolidated scenario. Some of the prime market players are: ArmorWorks, BAE Systems, Du Pont, Revision Military Inc. Honeywell Advanced Fibres, DSM Dyneema, Eagle Industries Unlimited Inc., and several others.
According to the published report, the global military personal protective equipment market had a valuation of US$11.23 in 2015, which is anticipated to be calculated at US$19.09 bn until 2024. This improvement in the valuation is predicated to occur at a CAGR of 6.1% from 2016 to 2024.
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Body Armor Segment Predicted to Maintain Leading Segment Position
The global market for military personal protective equipment is divided into several segments based on three criteria: product type, application and regional extent. Of all the segments encompassed by this market, the body armor segment held the leading position, and is further expected hold its ground by 2024, by acquiring a share of 33.1% until the same year. Apart from this, the pelvic protection systems segment is also predicted to rise significantly during the same forecast period.
From a geographical perspective, the global military personal protection equipment market is divided into five key regions: Asia Pacific, Saudi Arabia, Europe, North America, and Latin America. As per the published report, the North America is projected to hold a dominating market share until 2024. This is mainly due to immense technological innovations happening in the countries belonging to this region. Asia Pacific is following in close footsteps behind North America, thus anticipated to hold the second spot regarding the market shares.
With an intense and volatile situation in the Middle East region as well as in other Asian countries such as India and Afghanistan, there is a high demand for utilizing military protection equipment in these geographies. Such a high demand has been one of the most crucial and significant factors for maintaining the growth of the global military protection equipment market. Coupled with this is the rise in number of ground troops and cavalry units used for combat operations that also has led to a boost in the market, thus positively contributing towards the revenue. Until recent times, in many warfare affected regions, there has been no sign of conflict abatement, which further signifies that there is immense scope for the global military protection equipment market to grow in the future.
Apart from war-based scenarios, there has been a rising need for providing clothing protection to paramilitary forces and other troops who could be needed to control situations such as terrorist attacks, riots, hostage scenarios, and robberies. Such a requirement is anticipated to maintain the upward-leading graph of the global personal protection market in the near future. As long as inter-regional conflicts and tensions as well as situations that hamper overall communal peace exist, the global personal protection market is expected to fetch an excellent revenue.
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A significant hindrance to the global military personal protective equipment market involves substantial defense budget cuts being brought into effect by U.K. and the U.S. Even other developed countries as Germany and Canada are expected to change the way defense based situations are handled, which could cause a fall in the global personal protection equipment market’s revenue. However, such mandates take a long time to take effect, thus providing some leeway for the market to grow at least during the current times. With progressive technological innovations, the cost and production rates of the protection-based products are anticipated to decrease. In this way, the regulations and bills expected to be passed by countries could become less stringent, thus being a boon for the market.
This review is based on Transparency Market Research’s report, titled “Military Personal Protective Equipment Market (Product – Body Armor (IBA), Improved Outer Tactical Vest (IOTV), Advanced Combat Helmet (ACH), Pelvic Protection Systems (PPS), Life Safety Jacket, and Military Combat Eye Protection (MCEP); Application – Army, Air Force, and Navy) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 – 2024”
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