Military Personal Protective Equipment Market Outlook 2027
The global military personal protective equipment market size is set to gain impetus from the rising development of lightweight body armor by the defense forces of several countries. The U.S. Army, for instance, developed a new system called Torso and Extremity Protection (TEP) that consists of a blast pelvic protection system, a battle belt, a scalable vest, a modular, and a ballistic combat shirt. This information is given by Fortune Business Insights™ in a recently published report, titled, “Military Personal Protective Equipment (PPE) Market Size, Share and Global Trend By Product Type (Advanced Combat Helmet, Life Safety Jacket, Protective Eyewear, Body Armor, Tactical Vest, and Pelvic Protection System), By Application (Ground, Airborne, and Naval), and Regional Forecast, 2020-2027.” The report further states that the global military personal protective equipment market size was USD 16.61 billion in 2019 and is projected to reach USD 25.63 billion by 2027, thereby exhibiting a CAGR of 6.02% during the forecast period.
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Airborne Segment to Grow Steadily Owing to High Demand for Helmets & Goggles
Based on application, the market is divided into naval, airborne, and ground. Out of these, the airborne segment held 28% in terms of military personal protective equipment market share in 2019. This growth is attributable to the increasing demand for innovative helmets and goggles. The ground segment is anticipated to dominate the market in the near future on account of the extensive utilization of military PPE from ground defense forces.
North America to Remain at the Forefront Fueled by High Defense Expenditure
Geographically, North America procured USD 4.89 billion in revenue in 2019 and is expected to lead the market throughout the forecast period. The main growth driver is the high defense budget of the U.S. In 2019, the U.S. Department of Defense (DoD) spent USD 732 billion on the country’s defense forces. That was the highest expenditure worldwide. Also, the rising investments in research and development activities, up-gradation of military forces, and the rising procurement of the latest equipment by signing contracts are some of the other factors responsible for the growth of the market in this region.