New York, United States , Oct. 25, 2022 (GLOBE NEWSWIRE) -- According to a research report published by Spherical Insights & Consulting, the Global Bullet Proof Jackets Market Size to grow from USD 1.30 billion in 2021 to USD 2.49 billion by 2030, at a Compound Annual Growth Rate (CAGR) of 7.5% during the forecast period. Bullet Proof Jackets market growth is projected to be driven by rising demand for lightweight body armor from end-use sectors like defence, law enforcement, and civilians. The Asia Pacific is expected to grow the fastest during the forecast period.
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The COVID-19 pandemic has made an adverse impact on credit portfolios. There has been an unprecedented rise in unemployment and disruption in economic activity, putting a strain on the solvency of customers and companies. Central banks have taken a proactive approach by injecting liquidity into the market by lowering interest rates and asset purchase programs. Managing and monitoring credit, market, liquidity, and operational risk across financial markets were hard enough with ongoing geopolitical tensions, international trade wars, and the occasional hurricanes and earthquakes. The current pandemic situation has forced chief risk officers and their teams to recalibrate old assumptions and models used to manage and monitor risk. COVID-19’s global impact has shown that interconnectedness plays an important role in international cooperation. As a result, many governments started rushing toward identifying, evaluating, and procuring reliable solutions powered by AI.
The Soft Jacket segment to account for the largest market size during the forecast period
Based on the Type, the Global Bullet Proof Jackets Market is categorized into Hard Jacket and Soft jacket. The Soft Jacket segment to account for the largest market size during the forecast period. The market for soft jacket segment of bulletproof jackets is increasing in demand in military as it is made of a number of layers of woven and laminated fibres and protects security personnel and soldiers from bombs, shotguns, and small-caliber handguns. Additionally, Ballistic plates are frequently found within soft jackets which is making rapid growth in the market.
Browse key industry insights spread across 240 pages with 183 market data tables and figures & charts from the report "Global Bullet Proof Jackets Market Size, Share, and COVID-19 Impact Analysis By Type (Hard jacket and Soft jacket), By End-use Type (Defense, Security & Law Enforcement and Civilians), By Protection Level (II, IIIA & IIIA+, III & III+, IV) and by Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa), Analysis and Forecast 2021 – 2030" in detail along with the table of contents
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The II segment to hold a higher CAGR during the forecast period
Based on the Protection Level, the Global Bullet Proof Jackets Market is categorized into III, IIIA & IIIA+, III & III+ and IV. The II segment to hold a higher CAGR during the forecast period. The market for soft jacket segment of bulletproof jackets is increasing in demand in market as the level II body armor is suitable for council employees, officers, and even civilians. It provides enough protection to guarantee that someone can endure an assault without feeling burdened by the protection.
The Defense segment is to hold a higher CAGR during the forecast period.
Based on the End-use, the Global Bullet Proof Jackets Market is categorized into Security & Law Enforcement, Civilians, and Defenses. he Defense segment is to hold a higher CAGR during the forecast period. The demand for bulletproof jackets has been increase in defense as attacks, violence, and threats increase globally, there is an increased need for civilian and military protection. As a result, the need for bulletproof clothing in the defense industries will rise.
Europe is estimated to account for the highest market share in 2021.
The Global Bullet Proof Jackets Market has been segmented into five major regions: North America, Europe, Asia-Pacific, South America, The Middle East and Africa. Europe is estimated to account for the highest market share in 2022. Europe region is rapidly increasing in market is due to better jacket production techniques and government funding schemes. These are the main factors that influence the European market. The anticipated period should see gradual growth in developing regions. This is brought on by a dearth of funding initiatives and cutting-edge technologies. Asia-Pacific to hold a higher CAGR during the forecast period.
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Key Companies & Recent Developments: The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Bullet Proof Jackets Market include Point Blank Solutions, Inc, Armor Express, DuPont, U.S. ARMOR CORPORATION, EnGarde, MKU LIMITED, ARGUN s.r.o., Infidel Body Armor, Seyntex N.V., MARS Armor, VestGuard UK Ltd, BulletSafe Bulletproof Vests, COMPASS INTERNATIONAL CORP. LTD, and Canadian Armour Ltd.
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