Anti-Tank Missile Market Scenario
Anti-tank missiles are developed to hit and destroy tanks and other armored military vehicles. These weapons vary in size, ranging from man-portable, tripod-mounted, and shoulder-launched weapons to ground vehicle and aircraft-mounted weapons. These weapons enable the armed troops, ground-vehicles, and fighter aircraft to counter and defeat the small, medium-sized, and main battle tanks (MBTs), even at greater ranges.
The global market is driven by various factors such as the growing military expenses in several countries and increasing procurement of anti-tank missiles. Additionally, the introduction of long-range anti-tank missiles and R&D investments on the existing weapon systems drive the global market.
Segmentation of the Global Anti-Tank Missile Market
Based on type, the global market has been divided into man-portable and vehicle-mounted. The man-portable segment accounted for the largest market share in 2018 and is expected to witness the highest CAGR during the forecast period, 2019 to 2025. A man-portable anti-tank missile, also called as shoulder-launched anti-tank missile, dominates the global market. These systems are compact and lightweight and can be carried by one soldier. The complete kit includes the missile, launcher, tripod assembly, and required optics. The man-portable anti-tank missile system is intended to destroy manpower, stationary, and mobile armored vehicles.
Based on platform, the global market has been segregated into airborne and ground-based. The ground-based segment accounted for a larger market share in 2018 and is expected to witness a higher CAGR during the forecast period. The growing adoption of unmanned aerial vehicles is expected to drive the segment growth. The ground-based anti-tank missiles are designed to be launched from the ground, via armored vehicles or soldiers. These missiles can efficiently strike and defeat their ground-based targets (such as heavily armored tanks and other armored fighting vehicles). Hence, the segment is expected to propel during the forecast period.
Based on the region, the market has been categorized as North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America. North America is estimated to acquire the most significant market share in 2018. However, Asia-Pacific is expected to grow with the highest CAGR during the forecast period. The increasing terrorism and border threats in the region drive the demand in the region. Moreover, countries such as China, India, and Japan have been spending extensively on the anti-tank missiles, in recent years. Hence, the market is expected to grow at the highest CAGR during the forecast period in Asia-Pacific.
The key players in the global anti-tank missile market are Rafael Advanced Defense Systems (Israel), MBDA (France), Raytheon Company (US), KBP Instrument Design Bureau (Russia), Saab AB (Sweden), Elbit Systems Ltd. (Israel), Denel Dynamics (South Africa), General Dynamics Corporation (US), Lockheed Martin Corporation (US), and ROKETSAN A.S. (Turkey).
The market values and forecasts are derived using MRFR research methodology, which includes secondary research, primary interviews, data triangulation, and validation from an in-house data repository and statistical modeling tools.
In this process, data is collected from various secondary sources, including annual reports, SEC filings, journals, government associations, aerospace & defense magazines, white papers, corporate presentations, company websites, and paid databases.
In this process, both the demand- and supply-side parties are interviewed to extract facts and insights into the market forecast, production, trends, and projected market growth. Industry stakeholders such as CEOs, VPs, directors, and marketing executives across the value chain are approached to obtain key information.
|Market Size||USD 18 Million|
|Forecast Units||USD (Value)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Type, By Platform, By End User|
|Geographies Covered||North America|
|Key Vendors||Rafael Advanced Defense Systems (Israel), MBDA (France), Raytheon Company (US), KBP Instrument Design Bureau (Russia), Saab AB (Sweden), Elbit Systems Ltd. (Israel), Denel Dynamics (South Africa), General Dynamics Corporation (US), Lockheed Martin Corporation (US), and ROKETSAN A.S. (Turkey).|
|Key Market Opportunities||Technology trends, regulatory landscape, and patent analysis outlook|
|Key Market Drivers||The growing adoption of unmanned aerial vehicles is expected to drive the segment growth|
The anti-tank missile market Grow at a CAGR of 4.25% during 2020-2030.
Saab AB (Sweden), KBP Instrument Design Bureau (Russia), Raytheon Company (US), and Elbit Systems Ltd. (Israel) are some reputed companies in the anti-tank missile market.
Rise in terrorist activities to support anti-tank missile market expansion.
EU anti-tank missile market can rise exponentially.