Anti-tank missiles are developed to destroy tanks and other armored military vehicles. Market Research Future (MRFR) has published a research report about the global anti-tank missiles market that expects growth for this market with 4.25% CAGR (Compound Annual Growth Rate) between 2015 and 2023. Analyzing the market structure, this report evaluates the future growth potential of the market. It analyzes the strategies of the key players in the market and follows the competitive developments such as joint ventures, new product developments, mergers and acquisitions, research and developments (R &D) in the market. The global naval gun system market is growing due to significant technological advancement.
The global anti-tank missiles market stands a chance to grow due to the growing defense expenses in many countries. The other factors that are aiding the growth of global anti-tank missiles market include the growing procurement of anti-tank missiles, increasing R&D investments on the existing missile systems, and the introduction of long-range anti-tank missiles. However, the continued usage of smokescreens by a number of armed and rebel forces along with the accuracy issues associated with the anti-tank guided missiles can be an obstacle for the growth of the market.
The global anti-tank missiles market has been segmented on the basis of the platform, type, and lastly, the region. The platform-based segmentation of this market covers airborne and ground-based. Airborne is regarding combats in the air while ground-based, as the name suggests is regarding combat on the Earth surface. By types, the market has been segmented into man-portable and vehicle-mounted. Man-portable missiles can be lifted by men and inserted into the launcher. Man-portable missiles held the largest market share of 68.00% in 2016, with a market value of US $ 5,696.4 mn. The man-portable anti-tank missile is also called as a shoulder-launched anti-tank missile. The man-portable anti-tank missile system is intended to destroy manpower, stationary, and mobile armored vehicles. FGM-148 Javelin, Spike, and Type 01 LMAT are the most commonly used man-portable anti-tank missiles. The vehicle-mounted missiles are mounted on to vehicles. Vehicle-mounted missiles were the second-largest market in 2016, valued at US $ 2,680.6 mn. These systems enable the vehicles/aircraft to detect a target, aim and fire a missile, track, and defeat the target. Although the vehicle-mounted anti-tank missiles held the 32% of the global market share in 2016, it is expected to grow at a CAGR of 3.90%, during the forecast period.
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The regional segmentation of the global anti-tank missiles market segments the global market into regional markets that are The Americas (North America & South America), Europe, the Middle East & Africa (EMEA), and the Asia Pacific. In 2016, the Americas led the market with 39% shares, and during the forecast period, they are expected to retain their spot. The key market drivers of this region include the technological advancements in warfare platforms and increasing defense budgets in countries such as the United States of America (USA) and Canada. In the Americas, North America is a bigger market than South America due to advanced technology.
Asia Pacific was the second-largest market in 2016, valued at US $ 2,680.6 mn in 2016. Due to the increasing terrorism and border threats in the region, the demand and hence the market is expected to grow in the region during the forecast period. The most important country-specific markets in this region are India and China, followed by the rest of Asia Pacific. During the forecast period, the EMEA market is expected to grow at a CAGR of 3.80%. Europe has strong economies like France, Germany, and the United Kingdom (UK). Therefore, it has the potential of becoming a lucrative market. In the Middle East and Africa, the market is low. Some reasons for the limited market growth in this region are lack of education, lack of technological development, and political instability.
The key players in the global anti-tank missiles market include Denel Dynamics (South Africa), General Dynamics (USA), Israel Military Industries (Israel), KBP Instrument Design Bureau (Russia), Lockheed Martin (USA), MBDA (UK), Rafael Advanced Defense Systems (Israel), Raytheon (USA), Rocketsan Missiles Inc. (Turkey), and Saab Bofors Dynamics (Sweden).
Latest Industry News
- Indian Army is preparing for validation trials, regarding the Israeli-made Rafael Advanced Defense Systems Spike anti-tank guided missile (ATGM) that will arrive in India soon. New Delhi will then decide whether to procure the weapon systems as a “stopgap” measure before India can field its own indigenous ATGM system. 27 SEP 2018
- The NPO High Precision Systems (“Vysokotochnye Kompleksy”) holding company is developing the next-generation anti-tank missile system with fire and forget capability. 1 SEP 2018