The global ballistic protection systems industry is forecast to increase its market value from nearly $8 billion last year to $11 billion at the end of 2020, according to a new Research and Markets report.
Research and Markets said Tuesday the sector is categorized into vehicle armor and personal protective equipment designed to safeguard the human body against physical, electrical and chemical hazards.
The research company forecasts a 5.17 percent compound annual growth rate for the North American ballistic shields industry over the next six years.
Asia-Pacific holds a market share of approximately 19 percent, while Europe accounts for 26 percent of the market, the report stated.
BAE Systems, Honeywell International, Armorsource, Ceradyne, DuPont, Eagle Industries, Morgan Advanced Materials and Point Black Enterprises are some of the companies that develop anti-ballistic gear.