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The global military personal protective equipment market size is anticipated to exhibit immense growth by hitting USD 32.30 billion by 2028. Fortune Business InsightsTM in its report titled “Military Personal Protective Equipment (PPE) Market Size, Share and COVID-19 Impact Analysis, by Product Type (Advanced Combat Helmet, Protective Eyewear, Life Safety Jacket, Tactical Vest, Body Armor, and Pelvic Protection System), By Application (Air force, Army, and Navy), and Regional Forecast, 2021-2028”, observes that the market size stood at USD 17.08 billion in 2020 and is expected to exhibit a CAGR of 8.84% between 2021 and 2028. The increasing concerns regarding soldiers’ security and safety in battle operations and the expanding defense forces & defense budgets are expected to bolster the market growth.
U.S. Army’s Contract with Elbit Systems for Night Vision Goggles to Incite Development
In June 2021, the U.S. Army signed a contract with Elbit Systems worth USD 29 million to supply night vision goggles. The company will upgrade the National Guard rotary-wing and the U.S. Army active-duty aviation units’ AN/AVS-6 Aviator’s Night Vision Imaging Systems. Elbit Systems is a world-class high technology company that is engaged in commercial, homeland security, and defense programs. The company focuses on upgrading existing platforms and developing new technologies for commercial, homeland security, and defense programs.
Rising Defense Budgets to Fuel Market Growth
The globally growing terrorism, political unrest, and escalating cross-border issues, particularly in the Asian countries, induce expansion of law enforcement, military forces, and homeland security. Therefore, governments of several nations are increasing their defense expenditures to procure advanced military protective equipment, which is anticipated to bolster the global military personal protective equipment market growth. SIPRI reported that the global military expenditures hit USD 1981 billion in 2020, and the U.K., the U.S., India, China, and Russia accounted for almost 62% of the total expenditure.
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Key Players to Adopt Ingenious Growth Strategies
The key players operating in the market emphasize integrating advanced technologies such artificial intelligence, biometrics, wireless sensors, and others to launch next-generation military personal protective equipment. They adopt various growth strategies, including partnerships, contracts, mergers, acquisitions, new product launches, technological developments, and others. For instance, in April 2021, the U.S. Army signed a contract with Microsoft for supplying futuristic goggles. The contract worth USD 22 billion will facilitate the U.S. Army with goggles with the Integrated Visual Augmentation System. This will allow military troops to see through smoke, around corners, and in the dark.
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