Body Armor Market: Future Forecast Assessed on the basis of how the Market is Predicted to Grow
According to the statistics obtained by TMR analysts, the global body armor market has been projected to attain a revenue valuation of approximately US$4.3 bn by the end of 2021 at a CAGR of 4.0% for the forecast timeframe 2015–2021. Type IV body armor could reach a maximum share of an estimated US$1.0 bn by the concluding forecast year. For the same forecast timeframe, North America could take a leading position in the market with a 4.0% CAGR.
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The world body armor market has been prognosticated to be pampered by a significant demand for state-of-the-art protective gear for militaries to combat in challenging circumstances and locations. The prolific demand for body armor could be bolstered by the ongoing adoption of various soldier modernization programs by governments around the globe.
Governments have been anticipated to increase the adoption of the best of body armor products amid the fears of political vulnerability and rising terrorism. Body armor suits and accessories could be increasingly purchased across the world in view of the integration of attractive features such as lethality, survivability, sustainability, and mobility.
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Considering the toughness of mountainous terrains, a number of countries such as those included in BRICS have been expected to focus on the development of body armor products that are light in weight. This could allow them to have access to sustainable solutions in grueling warlike conditions.
The flow of high demand in the international body armor market has been predicted to be disturbed by the slashing of defense budgets in some countries. The U.K. and the U.S. could be directing their heavy defense budgets toward economical purposes in the background of having fulfilled most requirements of their defense sector. This has been forecasted to not augur well for the growth of the market. The large-scale production of body armor could be hindered by limited patents related to manufacturing techniques, intellectual property rights, and monopoly secured by a few companies.
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However, a plethora of business opportunities has been prophesied to take shape in the international body armor market as India, the U.S., Brazil, and Russia continually undertake research and development activities. This could be attributed to the need to develop new materials that offer sophisticated features. Across the U.A.E., laws have been enforced to mandate the implementation of advanced protective gear for military as well as law enforcement personnel. This could strengthen the sale of body armor products by providing a sound momentum.
The information presented in this review is based on a TMR report, titled, “Body Armor Market (Type - Type I, Type II-A, Type II, Type III-A, Type III, and Type IV; Application - Defense, Law Enforcement Protection, and Civilians; Material - Steel, UHMWPE, Aramid, and Composite Ceramic) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 - 2021.”
Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. We have an experienced team of Analysts, Researchers, and Consultants, who us e proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
Each TMR Syndicated Research report covers a different sector – such as pharmaceuticals, chemical, energy, food & beverages, semiconductors, med-devices, consumer goods and technology. These reports provide in-depth analysis and deep segmentation to possible micro levels. With wider scope and stratified research methodology, our syndicated reports thrive to provide clients to serve their overall research requirement.
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