Military Personal Protective Equipment Market increasing in demand with CAGR of 7.6 % during 2022–2027

Military Personal Protective Equipment (PPE) Market Forecast to 2027 – COVID-19 Impact and Global Analysis,” published by The Insight Partners, the market is expected to reach US$ 20,804.39 million by 2027, registering a CAGR of 7.6% from 2020 to 2027.

The growing military spending across the world is boosting the procurement of military personal protective equipment. The top five military spenders in the year 2019 were the US, China, India, Saudi Arabia, and Russia, which boost the procurement of military personal protective equipment in these countries. The requirement of military personal protective equipment is projected to be driven by the large defense financiers' modernization initiatives across the US and internal security threats, such as organized terrorism and crime. Moreover, a significant rise in cross-border tensions between India, China, and Pakistan is driving the growth of the military personal protective equipment (PPE) market in APAC.

The changing environment of modern warfare influences the governments across the world to invest a significant amount on military forces. The higher military budget allocation empowers the military troops to focus on developing robust indigenous technologies, rugged devices, and various other technologies from international manufacturers for the protection of their soldiers. At present, the soldier modernization practices are peaking among most military forces to keep the military personnel mission-ready. Thus, to modernize soldiers, the defense ministries worldwide are investing substantial amounts in newer technologies, such as military personal protective equipment. As per the Stockholm International Peace Research Institute (SIPRI), the global military expenditure rose to US$ 1,917 billion in 2019, representing an increase of 3.6% from 2018. In 2019, the top five spenders across the world—the US, China, India, Russia, and Saudi Arabia accounted for about 62% of military expenditure. However, high cost of military personal protective equipment in developing countries is a major factor restraining the military personal protective equipment market growth.   

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Honeywell International, DuPont, The 3M Company, Ansell, and BAE Systems are the top five market players operating in the military personal protection equipment market. The listing/positioning of key players is derived by considering multiple parameters such as overall revenue, segment revenue, brand image, current military personal protection equipment products and solution portfolio, R&D expenditure, customer/user base, geographic reach, new product/service launches, market initiatives, mergers & acquisitions, and other market-related activities. Avon Protection Systems, Inc.; Deenside Ltd.; KDH Defense Systems, Inc.; MKU Limited; and US Armor Corporation are few other notable players that were studied during the market study. In addition to these players, multiple other leading global and regional market players, emerging companies, market disruptors and niche market players were studied and analyzed during the course of this study.

The market for military personal protective equipment (PPE) is segmented into equipment, product, end-user, and geography. Based on equipment, the military personal protective equipment (PPE) market is divided into Body Armor, Hazmat Protection, Flame Resistant Clothing, and others. The body armor segment is projected to be the fastest-growing segment during the forecast period. Based on product, the market is segmented into gloves, helmets, boots, goggles, face masks, and others. The helmet segment held the largest revenue share in 2019, and the gloves segment is projected to be the fastest-growing sector during the forecast period 2020-2027. Based on end-user, the market is segmented into land forces, air forces, and navy forces. Geographically, the market is segmented into five major regions—North America, Europe, Asia Pacific (APAC), the Middle East and Africa (MEA), and South America (SAM). In 2019, North America held the largest share followed by APAC and Europe. APAC is projected to be the fastest growing region from 2020 to 2027.

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Publicado en Technology en octubre 04 at 02:26
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