The global military personal protective equipment market size is projected to hit USD 32.30 billion by 2028 and exhibit a CAGR of 8.84% during the forecast period. The increasing concerns regarding soldiers’ security and safety in battle operations and the expanding defense forces & defense budgets are expected to bolster the market growth. Fortune Business InsightsTMhas presented this information in its report titled “Military Personal Protective Equipment Market, 2021-2028”. The market size stood at USD 17.08 billion in 2020 and its value in 2021 was USD 17.85 billion.
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- Features a detailed market assessment.
- Emphasizes key factors, such as leading companies, applications, and others.
- Provides crucial insights into the market’s regulatory scenarios.
- Assesses the COVID-19 pandemic’s impact on the market.
- Suggests strategies to capture growth in the forthcoming years.
List of Key Players in Military Personal Protective Equipment Market:
- 3M (U.S.)
- ArmorSource LLC (U.S.)
- BAE Systems (U.K.)
- Eagle Industries (U.S.)
- Gentex Corporation (U.S.)
- Honeywell International Inc. (U.S.)
- Armor Express (U.S.)
- Point Blank Enterprises Inc. (U.S.)
- Revision Military (U.S.)
Drivers & Restraints-
Rising Defense Budgets to Fuel Market Growth
The globally growing terrorism, political unrest, and escalating cross-border issues, particularly in the Asian countries, induce expansion of law enforcement, military forces, and homeland security. Therefore, governments of several nations are increasing their defense expenditures to procure advanced military protective equipment, which is anticipated to bolster the global military personal protective equipment market growth. SIPRI reported that the global military expenditures hit USD 1981 billion in 2020, and the U.K., the U.S., India, China, and Russia accounted for almost 62% of the total expenditure.
Moreover, the globally growing terrorism, political unrest, and escalating cross-border issues have escalated soldiers’ security and safety concerns. These growing concerns regarding soldiers’ security and safety in battle operations are projected to favor market growth.
Lastly, the rising demand for lightweight military personal protective equipment for battle operations is likely to complement the market growth in the coming years.
However, the malfunction issues with these types of equipment and high developments costs may hinder the market growth.
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Technological Advancements to Bolster Growth in North America
North America is projected to attain the largest global military personal protective equipment market share. The procurement of protective eyewear, modern body armors, and technological advancements in military personal protective equipment is anticipated to foster market growth. Moreover, the major market players, including 3M, Honeywell International Inc., KDH Defense Systems Inc., and Eagle Industries, among others present in the region, are expected to positively influence market growth.
Asia Pacific is anticipated to attain tremendous growth due to the growing terrorism, political unrest, and escalating cross-border conflicts. The high defense expenditure by South Korea, India, and China is likely to complement the market growth.
Europe is predicted to witness substantial growth due to countries’ expanding defense spending, including Russia, Germany, the U.K., and others.
The Rest of the World is expected to exhibit moderate growth during the forecast period. The rising defense budgets are expected to aid market growth.
On the basis of product type, the market is segmented into pelvic protection systems, tactical vests, body armor, protective eyewear, life safety jacket, and advanced combat helmets.
On the basis of application, the market is trifurcated into navy, air force, and army.
Geographically, the market is classified into Asia Pacific, Europe, North America, and the Rest of the World.
Key Players to Adopt Ingenious Growth Strategies
The key players operating in the market emphasize integrating advanced technologies such artificial intelligence, biometrics, wireless sensors, and others to launch next-generation solutions. They adopt various growth strategies, including partnerships, contracts, mergers, acquisitions, new product launches, technological developments, and others. For instance, in April 2021, the U.S. Army signed a contract with Microsoft for supplying futuristic goggles. The contract worth USD 22 billion will facilitate the U.S. Army with goggles with the Integrated Visual Augmentation System. This will allow military troops to see through smoke, around corners, and in the dark.
- June 2021: The U.S. Army signed a contract with Elbit Systems worth USD 29 million to supply night vision goggles. The company will upgrade the National Guard rotary-wing and the U.S. Army active-duty aviation units’ AN/AVS-6 Aviator’s Night Vision Imaging Systems.
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