Body Armor Weather the Storm of the Global Financial Crisis
The global body armor and personal protection market has weathered the storm of the global financial crisis, thanks to rapid technology development and deployment, and demand from both the military and public following high profile casualty rates in recent conflicts, according to this new report: The Global Body Armor and Personal Protection Market 2013-2023. Consequently, the market is expected to increase at a CAGR of 4.58% over the next decade, reaching an ultimate value of US$3.7 billion.
North America Dominates Market
Despite significant budget cuts that will curb total defense spending, the US’ body armor and personal protection procurement programs are not expected to be affected, with the US Department of Defense outlining its intentions, in January 2012, to prepare for a smaller, but better equipped and optimally trained infantry force. This statement of intent has been in part realized through the 2013 US Army Modernization Strategy (AMS), which places significant emphasis on improving personal protection for ground troops, with upgrades to body armor and protective headgear being a primary objective. Other initiatives, such as the development and deployment of gender-specific armor, the procurement of night-vision goggles, and the development of the Tactical Assault Light Operator Suit (TALOS) program are all expected to drive the body armor and personal protection market in North America.
Consequently, Strategic Defence Intelligence forecasts North America to be the leading spender in the body armor and personal protection sector, accounting for 40.9% of the global market over the next ten years.
The Global Body Armor and Personal Protection Market 2013-2023
Europe Expects Growth
Although recent years have burdened Europe with financial crisis, which has precipitated a conservative approach to defense procurement in the region, the ongoing operations in Afghanistan coupled with soldier modernization programs are expected to drive market growth in body armor and personal protection over the coming decade.
Major programs, such as the UK’s Future Infantry Soldier Technology (FIST) program and Germany’s Future Soldier System (Infanterist der Zukunft) are driving the market, along with the rapid increase in the interest of having a fully modernized force has stimulated intense competition across Europe in body armors, protective helmets, and combat clothing.
Austerity Breeds Cooperation
Despite this positive outlook for the body armor and personal protection market in Europe and the US, it should be noted that the broader austerity measures that have resulted from the financial crisis, combined with the substantial increases in the cost of developing technologically superior weapons platforms, have compelled consolidation and co-operation in the West.
This has led to in-country and cross-border consolidation, and an increase in joint development and procurement programs, which are expected to continue over the next ten years. Examples of such agreements include NP Aerospace Jordan’s contract with Azerbaijan’s Ministry of Defense, licensing them to produce helmets and body armor for 10 years, and Intelleflex Corporation’s partnership with Lockheed Martin Advanced Technology Center (ATC) to develop a Versatile Advanced Monitoring System (VAMS) for Perimeter Security.
This report offers detailed analysis of the global body armor and personal protection market over the next ten years. In particular, it provides an in depth analysis of:
- Global body armor and personal protection market size and drivers: detailed analysis of the market for body armor and personal protection during 2013-2023, including highlights of the demand drivers and growth stimulators. It also provides a snapshot of the spending and modernization patterns of different regions around the world.
- Recent developments and industry challenges: insights into the technological developments in the body armor and personal protection market and a detailed analysis of the changing preferences of military forces around the world. It also analyses changing industry structure trends and the challenges faced by the industry participants.
- SWOT analysis of the body armor and personal protection market: a study of the body armor and personal protection industry’s characteristics using SWOT analysis to determine its strengths, weaknesses, opportunities, and threats.
- Global body armor and personal protection country analysis: analysis of the key markets in each region, providing an analysis of the top three body armor and personal protection segments expected to be in demand in each region.
- Major programs: details of the top three programs in each segment expected to be executed during the forecast period.
- Competitive landscape and strategic insights: analysis of competitive landscape of the global body armor and personal protection industry. It provides an overview of key defense companies, together with insights such as key alliances, strategic initiatives, and a brief financial analysis.
This will facilitate:
- Clear identification of market opportunities and entry strategies to gain or grow market share in the Global Body Armor and Personal Protection market.
- A proper understanding of the competitive landscape of the Global Body Armor and Personal Protection market, including key domestic and foreign defense companies, key alliances and strategic initiatives.
- A clear understanding of market drivers, and actionable insight on forthcoming developments that will shape the landscape of opportunity for the foreseeable future.
Your company’s press release on ASDNews and to thousands of other journalists and editors? Use our ASDWire press release distribution service.
Source : ASDReports - Market Research
Oct 25 - 27, 2016 - London, United Kingdom
Oct 25 - 27, 2016 - London, United Kingdom