According to a new market research report published by Credence Research “Body Armor Market(Product Type – Type I, Type II-A, Type II, Type III-A, Type III, Type IV; Material Type – UHMWPE, Steel, Composite Ceramic, Aramid and Others; Application – Defense, Law Enforcement and Others) Market – Growth, Future Prospects and Competitive Analysis, 2017 – 2025”, the global body armor market is estimated to hit US$ 8.5 Bn by 2025.
The purpose of the report is to illustrate the state of the market of Body Armor, to present actual information about the volumes of production, exports, imports, consumption and the state of the market, the changes that took place in 2017, and also, to build a forecast for the growth of the industry in the medium term until 2026.
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Body armors have been an important part of the defense system and its utility cannot be overlooked considering that it often acts as a life savior. The development of body armors have a come a long way in the manner, when earlier it just acted as a shield against not lethal weapons. Today, body armor not only provide protection from lethal weapons but also are technologically advanced and lightweight. The life savior tag associated with body armors makes them highly popular across the defense and law enforcement sectors.
The overall body armor market is primarily driven by the ongoing soldier modernization programs implemented across various countries. Soldier safety is one of the top most priorities for the defense agencies of any country. In this regard, these agencies are in no manner willing to compromise on the safety of their soldiers. This has emerged as a major factor contributing to the body armor market growth. Moreover, even the law enforcement bodies are in the constant need to upgrade the safety of their police forces, as a result of increasing instances of riots and violence across various countries. In addition, the growing threat of terrorism too has led to increased adoption of body armors.
North America, on account of its various survivability-based soldier modernization programs, is the most important market for body armors. Moreover, the huge size of the U.S. army also impacts the body armor market growth in the region positively. Europe is the second largest market for body armors. The presence of a large number of military advanced countries in the region has contributed to this cause. Moreover, the immigration issue being faced across many countries in Europe is also acting as a driver for the body armor market.
The overall body armor market is categorized on the basis of product type, material type and application. Based on the product types, the market is classified into Type I, Type II-A, Type II, Type III-A, Type III and Type IV. The market is categorized, based on material type, into UHMWPE (Ultra High Molecular Weight Polyethylene), steel, composite ceramic, aramid and others. On the basis of application, the market has been segmented into defense, law enforcement and others. The others segment includes body guards, security guard and private citizens. As of 2016, the market is led by the defense segment, accounting for more than fifty percent of the total market revenue generated worldwide.
Why was the report written?
This report is the result of an extensive survey drawn from Credence Research’s exclusive panel of leading global market industry executives; it provides data and analysis on buyer investment, acquisition, and developments within the global market research. It includes key topics such as global Body Armor buyer expenditure and procurement behaviors and strategies and recognizes the threats and possibilities within the industry, economic outlook trends, and business confidence within global industry executives. Most secondary research reports are based on general industry drivers and do not understand the industry executives’ attitude and changing behaviors, creating a gap in presenting the business outlook of the industry; in an effort to bridge this gap, Credence Research created this primary research-based report by gathering the opinions of multiple stakeholders in the value chain of the global industry.
What is the current market landscape and what is changing?
Executives from the global industry anticipate an increase in levels of consolidation, with 55% of respondents projecting an increase in merger and acquisition (M&A) activities in 2017.
The report on the market of Body Armor contains:
Analysis and forecast of Body Armor market dynamics;
Analysis of domestic production, market shares of the main market players;
Analysis of exports and imports;
Analysis of factors, leading the development of the Body Armor market;
Assessment and forecast of Body Armor market development;
Financial and business profiles of the leading companies in the Body Armor industry.
– Up to date working Body Armor data by major regions in the world, the forecast of planned capacity additions by 2026
– The annual breakdown of capital expenditure spending on proposed Body Armor for the period 2018 to 2026
– Planned Body Armor additions and capital expenditure spending by key countries and companies across the world
– Planned capital expenditure spending on new Body Armor projects by region, key countries, and companies
– Details of major planned Body Armor projects in the world up to 2026
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