Market Overview
According to the Stockholm International Peace Research Institute (SIPRI), global military spending rose 3.6% from 2018 to 2019 to around $ 1.91 trillion. Over the same period, the United States, China and India increased their military spending by 5.3%, 5.1% and 6.8%, respectively. Additionally, India overtook Saudi Arabia and Russia in 2019 to become the third largest defense spending in the world. Although US defense spending declined slightly from 2010 to 2019, the US saw military spending grow in 2019. It is estimated that the US will spend significantly more on its military over the next two years, with an emphasis on modernizing conventional technologies. Meanwhile, other developing countries are planning to invest in advanced technologies, and focus on expanding, modernizing and improving the capabilities of their armed forces. This is also expected to drive the growth of the combat helmets market over the forecast period.
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Competitive
Landscape Global Combat Helmets Market is expected to grow significantly in the coming years due to rising defense spending and naval modernization programs. The global market for combat helmets is characterized by the presence of several global and regional suppliers. The market is highly competitive and all players are trying to gain maximum market share. Frequent changes in government policy, intense competition and government regulations are the key factors affecting global market growth. Vendors compete on the basis of cost, product quality, and reliability.
Market Segmentation
The Law Enforcement segment is expected to grow faster: The guided projectiles segment is expected to experience the highest CAGR in the forecast period from 2021 to 2027. The growth is due to the increasing number of terrorist attacks and incidents of unrest around the world. Hence, the demand for combat helmets from law enforcement agencies around the world has increased.
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Regional Analysis
North America includes two large countries, namely the United States and Canada. North America is a leader in global military spending and technological advancement, and therefore creates a very high demand for combat helmets. While Canada is making some investment in developing such advanced weapons, the country's market depends primarily on the US. The region had the largest share of the world market in 2020, largely due to the presence of prominent players such as 3M Company, DuPont de Nemours Inc. and ArmorSource LLC and the high investments these companies have made in developing advanced combat helmets.
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