The Ballistic Protection Market size is estimated at USD 14.67 billion in 2024, and is expected to reach USD 19.10 billion by 2029, growing at a CAGR of 5.41% during the forecast period (2024-2029).
The ballistic protection market is semi-consolidated in nature due to the presence of several local and global players holding significant shares in the market. Some of the prominent players in the ballistic protection market are BAE Systems plc, DuPont, Honeywell International Inc., Rheinmetall AG, and Saab AB, amongst others. These companies deploy both organic and inorganic strategies to consolidate their market positioning. The key players highly invest in enhancing soldiers' security and thus focus on developing advanced solutions for defense forces.
Moreover, as the market demand improves with the growth in terms of defense budgets of various nations coupled with military modernization being a priority of various countries worldwide, it is expected that the smaller players will be acquired to gain a competitive advantage in the near future.
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