IRVING, Texas, May 22, 2017 /PRNewswire/ -- According to a new market report published by Lucintel, the global ballistic protection market is expected to reach an estimated $9.0 billion by 2022 and is forecast to grow at a CAGR of 3.5% from 2017 to 2022. The major drivers of growth for this market are increasing defense budget in developing countries and increasing terror activities leading to growth in demand for ballistic protection equipment.
Emerging trends, which have a direct impact on the dynamics of the industry, include increase in protection level though advancements of armors and increase in usage of lightweight materials. BAE Systems PLC, Point Blank Enterprises, Rheinmetall AG, Royal TenCate, and Ceradyne, Inc. are among the major manufacturers of body armor and vehicle armor.
The study includes a forecast for the global ballistic protection market by type, subtype (body armor), end-use, and region as follows:
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