The global body armour market size is expected to be worth $3.231 billion by the end of 2029, according to a new market study, which predicts the market will show a steady rise at a compound annual growth rate (CAGR) of 5.2% between 2019 and 2029.
According to the study, ensuring soldier survivability and cross-border terrorist insurgencies are the major factors that drive the requirement of body armour products.
The estimated value of the market was at $1.946 billion in 2019. The market is exhibited to show a steady pace of growth. Regionally, North America dominates the body armour market globally. East Asia emerges as one of key markets owing to increasing focus on defence and ensuring safety of soldiers in the country.
The level II segment body armours are expected to expand at highest CAGR owing to surge in demand in the law enforcement application segment.
The composite ceramics segment dominated the market in 2019 in terms of revenue.
Key players are likely to focus on new product innovation such as developing lightweight and hi-tech bodysuits for delivering enhanced performance, comfort, and flexibility.
Soft body armour is the most preferred body armour among private security guards and policemen where flexibility and comfortable movement are of paramount importance. Advancement in technology, and the growing security concerns of guards, and policemen have pushed the market for lightweight/soft body armour. Technological innovations and modernization initiatives prompt security agencies and military forces to opt for the latest equipment. Moreover, flexibility and lightweight feature of soft body armour pushes the market further for higher usage.
The composite ceramic material of body armour is considered to hold the major market share in 2019 owing to its high usage in body armour. The composite ceramic material performs well in resistance of ballistic attack. Moreover, it is lightweight which gives the user of flexible movement and thus known for high performance material type.
Some of the leading players operating in the body armour market are BAE Systems; Aegis Engineering; AR500 Armour; Craig International Ballistics; Ceradyne.; Hellweg International; Point Blank Enterprises; Kejo Limited Company; Ballistic Body Armour; Pacific Safety Products; and Safariland etc. As a result of increasing competition, companies are focusing on expanding their product portfolio with new innovation. In addition to this, mergers and acquisition remains a popular strategy among market players. Companies intend to expand their regional footprint through strategic collaborations.
At present, industry players are focusing on developing lightweight, high performance body armour. Technological advancement such as liquid armour technology, using para-aramid material and CORDURA technology will push body armour manufacturers to innovate new products, according to the report from Future Market Insights.