The ongoing soldier modernization programs initiated by several governments across the globe are augmenting the sale of body armor. Organizations are also investing in state-of-art armor as they come with enhanced mobility, lethality, sustainability, and survivability, states Transparency Market Research.
The increasing investments in research and development activities to develop light-weight materials and to incorporate technical precision in manufacturing body armor suits is likely to drive the growth of the market in the near future. The rising threats of terrorism due to political instability are also expected to boost the demand for body armor in the near future.
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The report states that the opportunity in the global body armor market was worth US$3.30 bn in 2014 and is expected to reach US$4.33 bn by the end of 2021. Between 2015 and 2021, the overall market is projected to expand at a CAGR of 4.0%. The global market will also receive an impetus from laws mandating use of body armor among law enforcement and military personnel, as is seen across the U.A.E.
The types of body armor available in the global market include type I, type II-A, type II, type III-A, type III, and type IV. The type IV body armor is being widely adopted by militaries across the world as they lend among the highest levels of protection. This armor claims to protect against .30 caliber armor piercing bullets along with single-hit protection from the type I, type II-A, type II, and type III threats.
Replacement of obsolete armor with advanced versions will also propel the sale of type IV body armor in the coming years. Owing to these reasons, the type IV body armor segment is expected to expand at a CAGR of 3.6% between 2015 and 2021 in terms of revenue.