Military Personal Protective Equipment Market to See High Demand in Upcoming Year by 2027Fortune Business Insights™
The global military personal
protective equipment (PPE) marketis set to gain impetus from the rising development
of lightweight body armor by the defense forces of several countries. The U.S.
Army, for instance, developed a new system calledTorso and Extremity Protection
(TEP) that consists of a blast pelvic protection system, a battle belt, a
scalable vest, a modular, and a ballistic combat shirt.This information is
given by Fortune Business Insights™
in a recently published report, titled, “Military
Personal Protective Equipment (PPE) Market Size, Share and Global Trend
ByProduct Type (Advanced Combat Helmet, Life Safety Jacket, Protective Eyewear,
Body Armor, Tactical Vest, and Pelvic Protection System), By Application (Ground,
Airborne, and Naval), and Regional Forecast, 2020-2027.” The report further
states that the global military
personal protective equipment market size was USD 16.61 billion in 2019 and is projected to reach USD 25.63 billion by 2027, thereby exhibiting
a CAGR of 6.02% during the forecast period.
The outbreak of the COVID-19 pandemic has
shattered the global economy. This has resulted in the shutdown of
manufacturing processes across a wide range of industries. Owing to the preventive
measures implemented by the governments, such as lockdown and stay-at-home
initiatives, we will soon be able to come out of this difficult situation. Out
team of highly skilled analysts are striving persistently to deliver the best
available strategies that you can follow to intensify competition.
This
Report Answers the Following Questions:
·
What are the market dynamics, growth drivers,
and barriers?
·
Which companies are set to generate the
largest revenue?
·
Which strategies are being followed by key
players to surge sales of military PPE kits?
·
Which segment is expected to dominate the
market in the coming years?
·
What are the future market opportunities and
challenges?
Drivers
& Restraints-
Urgent
Need to ProvideBetter Safety to Soldiers will Accelerate Growth
The defense forces worldwide are looking
forward to offeringbetter standards of combat tactical advantage and safety to
the soldiers. Coupled with this, the increasing security threats, such as
political unrest, terrorist activities, and cross border conflicts, especially
in the Asian countries would contribute to the military PPE market growth
during the forthcoming years. Prominent companies present in the market are
aiming to develop technologically advanced protective eyewear, combat helmets, and fireproof body
armors. However, in 2019, it was observed that several countries lowered their defense
budgets. In addition to this, the rising number of malfunction issues
associated with these military PPE kits may obstruct the market growth.
Segment-
AirborneSegment
to Grow Steadily Owing to High Demand for Helmets & Goggles
Based on application, the market is
divided into naval, airborne, and ground. Out of these, the airborne segment
held 28% in terms of military personal protective equipment market share in
2019. This growth is attributable to the increasing demand for innovative
helmets and goggles. The groundsegment is anticipated to dominate the market in
the near future on account of the extensive utilization of military PPE from
ground defense forces.
Browse
Summary of This Research:
https://www.fortunebusinessinsights.com/military-personal-protective-equipment-ppe-market-103131
Regional
Analysis-
North
America to Remain at the Forefront Fueled by High Defense Expenditure
Geographically, North America procured
USD 4.89 billion revenue in 2019 and is expected to lead the market throughout
the forecast period. The main growth driver is the high defense budget of the
U.S. In 2019, the U.S. Department of Defense(DoD) spent USD 732 billion in the
country’s defense forces. That was the highest expenditure worldwide. Also, the
rising investments in research and development activities, upgradation of
military forces, and the rising procurement of latest equipment by signing
contracts are some of the other factors responsible for the growth of the
market in this region.
Asia Pacific, on the other hand, is likely
to grow remarkably backed by the rising terrorist attacks and cross-border
conflicts. These factors would propel the countries, such as South Korea, Australia,
China, and India to strengthen their military forces. Europe would exhibit considerable
growth because of the increasing expansion of the military forces in the
developed countries, such as Russia, the U.K., and Germany.
Competitive
Landscape-
Key
Players Focus on Bagging Orders from Defense Forces to Intensify Competition
The companies operating in the market
are investing huge sums in the research and development activities to create unique
military PPE kits. They are incorporating those with novel technologies, such as
sensors, biometrics, and artificial intelligence (AI). Some of the reputed
companies are also trying to receive new orders from the defense forces for
their in-house products. Below are a couple of the latest industry
developments:
·
March 2020: The U.S.
Department of Defense awarded a contract worth USD 111.1 million to Ceradyne
for delivering body protection plates to the U.S. Army and Air Force. These
plates are majorly used in the tactical vests of military personnel.
·
March 2018: BAE
Systems won two contracts from the U.S. Armyworth USD 97 million to provide new
thermal weapon sights and night vision goggles. These will help soldiers to
covertly and efficiently acquire targets in all lighting and weather
conditions.
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sample PDF:
Fortune
Business Insights™ lists out the names of all the military personal protective
equipmentmanufacturers operating in the market. They are as follows:
•
3M (The U.S.)
•
ArmorSource LLC (The U.S.)
•
BAE Systems (The U.K)
•
DuPont (The U.S.)
•
Eagle Industries (The U.S.)
•
GENTEX CORPORATION (The U.S.)
•
Honeywell International Inc. (The U.S.)
•
KDH Defense Systems, Inc. (The U.S.)
•
MSA Safety Incorporated (The U.S.)
•
Point Blank Enterprises Inc. (The U.S.)
•
Revision Military (The U.S.)
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