Transparency Market Research Report Added "Military Personal Protective Equipment Market" to its database.
Albany, NY -- (SBWIRE) -- 10/16/2017 -- According to the research report, the global military personal protective equipment market was valued at US$11.23 bn in 2015 and is expected to reach US$19.09 bn by the end of 2024. The market is projected to progress at a CAGR of 6.1% between 2016 and 2024.
The types of products available in the global market are body armor (IBA), advanced combat helmet (ACH), improved outer tactical vest (IOTV), pelvic protection systems (PPS), life safety jackets, military combat eye protection (MCEP), and others. Out of all the products, the body armor product segment is expected to make a significant contribution to the global market. The segment is slated to acquire a share of 33.1% by the end of 2024.
In terms of geography, the global market is fragmented into North America, Europe, Asia Pacific, Saudi Arabia, and Latin America. The report indicates that North America is likely to dominate the global market with Asia Pacific following closely. The North America military personal protective equipment market is estimated to acquire a share of 24.4% by the end of 2024.
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The highly volatile situation amongst countries in the Middle East, India, and Iraq is the key growth driver for the global military personal protective equipment market. The increasing role of ground troops in combat has augmented the demand for military personal protective equipment in the recent past. The ongoing wars and conflicts have been boosting the uptake of this equipment to ensure safety of the troops. The report states that wars in Afghanistan, South Sudan, and Iraq have collectively kept the demand for protective gear at an all-time high through the past decade.
The report also highlights the fact that the growing need for advanced equipment to ensure the safety of troops has also benefited the global market. Furthermore, growing number of government initiatives to increasing expenditure on advanced equipment through several are also expected to drive the global market. Fast pace of developments in countries such as Pakistan, India, and Brazil are also expected to fuel the growth of this market. The increasing tensions between countries such as India and Pakistan among others is another factor propelling the uptake of military personal protective equipment.
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The only drawback for the global military personal protective equipment market is the defense budget cuts made by developed countries such as the U.K. and the U.S. Countries such as Germany and Canada along with the U.S. and the U.K. are likely to make major changes to defense budgets. Furthermore, their strict arms allocation policies are also expected to cast a negative spell on the global market.
The top three leading players in the global military personal protective equipment market held a share of 52.2% in the overall market in 2015. These players are determined to bring in product innovation to rise above the stiff competition in the global market. Furthermore, several companies are also emphasizing on achieving technological advancements to cater to the demands of clients.
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