Military Personal Protective Equipment Market to Witness Steady Growth During the Forecast Period 2016 - 2024
The volatile situation in Libya, Iraq, Serbia and Afghanistan that have led to wars in recent past have augmented the demand for military personal protective equipment.
Albany, NY -- (SBWire) -- 03/08/2017 --Global Military Personal Protective Equipment Market: Overview
Military personal protective equipment is an important part of military gear that is used for protecting troops. It includes protective body armor, garment ensembles, footwear covers, gloves, and helmets among others items. Military personal protective equipment is specifically designed to protect military personnel from chemical and biological hazards during a combat situation. The research report states that 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 overall market is projected to progress at a CAGR of 6.1% between 2016 and 2024.
The volatile situation in Libya, Iraq, Serbia and Afghanistan that have led to wars in recent past have augmented the demand for military personal protective equipment. Furthermore, the recent nuclear production being carried out by Iran has heightened military tensions between Israel, the U.S., and Iran. The major factor driving the military personal protective equipment market is the increase in demand of advanced equipment in the various military forces.
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Military Modernization Programs to Offer Lucrative Opportunities to Global Market
The increasing procurement of military personal protective equipment by the government from several companies is also projected to play a key role in the growth of the global market. Moreover, spending from government agencies in Eastern and Central Europe is expected to rise sharply, which, in turn, will boost the military personal protective equipment market during the forecast period. However, one of the major hindrances for the global market is the decrease in defense expenditure by developed economies. However, soldier modernization programs are expected to offer lucrative opportunities to the global market.
Based on the various product types, the market is segmented into body armor (BA), improved outer tactical vest (IOTV), advanced combat helmet (ACH), pelvic protection systems (PPS), life safety jacket, military combat eye protection (MCEP) and others. Among various product types body armor (BA) held the largest market share in 2015 and is expected to remain the same during the forecast period of 2016 – 2024. Pelvic protection systems (PPS) is expected to grow at the highest CAGR during the forecast period as well. These systems provide protection for the dismounted soldiers, which is a pressing need as they work in dangerous environments with improvised explosive devices (IEDs) and buried mines.
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North America to Remain Dominant as Region Focuses on Countering Internal Security Threats
Based on the geography, market is divided into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. Among all the regions, in terms of revenue, North America held the major market share, accounting for 28.8% in 2015, followed by Europe. The demand for military personal protective equipment is anticipated to be motivated by modernization initiatives started by various large defense financiers in the U.S. and internal security threats such organized crime and terrorism. In addition, the factors driving the Asia Pacific market will also show phenomenal rise in the coming years as tensions between India, Pakistan, and China continue to grow.
The key players profiled in this report include 3M Ceradyne, ArmorWorks, Eagle Industries Unlimited Inc., BAE Systems, DSM Dyneema, Armorsource, Du Pont, Honeywell Advanced Fibres and Composites, Revision Military Inc., and Gentex Corporatio Corporation among others.
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