Military Personal Protective Equipment Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024
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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Report:
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.
Body
Armor Segment Emerges as Leading Product in Global Market
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.
Persistent
Conflicts Keep Demand of Military Personal Protective Equipment High
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.
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