Interest in the Advanced Protective Clothing, Gear and Armour Market has been consistently on the rise in the recent times due to numerous reasons.
Drivers and Constraints:
The primary driving factors of the phenomenal growth of the market is the emphasis being laid to reduce professional hazards and increase safety and protection of the workforce. Recent Governmental Policies and Standards have re-instated the need for accountability in hazardous events or accidents at work sites. This has led corporates and multinationals to take initiatives by introducing Personal Protective Equipment (PPE) and Clothing as part of the industry standard and norm.
Not surprisingly, the market is restricted by constraints of lack of investments, non-compliance to industry standards, current trend of manufacturing products of inferior quality and the currently existing complex supply chain which is hard to tackle. Another major constraint of the market is the lack of enough emphasis to security and protection issues in the current governmental and socio-political set up. Many industries do not have sufficient adoption of PPE clothing and technology due to the lackadaisical attitude of the policy makers and enforcers, as well as the negligence and high handedness of corporates.
The Protective Gear and Armour market is big, complex, tangled, yet fragmented. The current focus is on designing, manufacturing and production, rather than on supplying and distributing. Clearly, the market is yet to reach its optimum potential globally.
Protective suits and gears are characterized by the display, level of comfort, hygiene, design and framework, power, mobility and portability and the ease to store at any given location irrespective of geographical factors, climatic conditions and space constraints.
The domain of Advanced Protective Clothing and Equipment is predominantly well-established in North America, with U.S leading with a market worth of $4.24 billion in 2014. The U.S market for PPE is expected to reach a staggering figure of $5.5 billion in the next six years with a compounded annual growth rate (CAGR) of 4.4%. Interestingly, more than 50% of the Global demand for PPE is specifically from North America. The Global Market is projected to be worth $10.41 billion by the end of 2020 with a CAGR of 6% from 2014-2020.
Opportunities:
Despite the evident limitations in funds the market shows tremendous possibilities and opportunities in the technology with most of the constraints being addressed gradually. It has been understood that it is essential to strike a balance in Protective Clothing designs to meet the rising workforce, emphasize on corporate investment in the safety and protection of the employee and the growing need to concentrate on women armour designing and manufacturing which is currently at a nascent stage, despite the considerable working women's population in the world.
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About Mordor Intelligence:
Mordor Intelligence is a global market research and consulting firm offering in-depth market analysis reports and consulting services. Mordor Intelligence has the world's most inclusive research on the Global Protective Clothing and Equipment Market. We monitor and analyse industry trends, strategies for market entry and establishment including an in-depth analysis on the market shares and size based on segmentations - from qualitative analysis to qualitative with market data, with an accurate forecast of the market numbers.
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SOURCE Mordor Intelligence LLP through PRNewswire by press release ©
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