PUBLISHER: The Business Research Company | PRODUCT CODE: 1414007
PUBLISHER: The Business Research Company | PRODUCT CODE: 1414007
“Anti-Tank Missile System Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on anti-tank missile system market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for anti-tank missile system? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The anti-tank missile system market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The anti-tank missile system is a sophisticated and controlled missile system strategically designed for the purpose of eliminating armored vehicles, particularly tanks, in close combat scenarios. It combines the operational advantages found in extensive, crew-operated guided missile systems with the simplicity characteristic of lightweight anti-armor weapons.
There are two primary categories of anti-tank missile systems such as man-portable systems and vehicle-mounted systems. The term "airborne" in this context refers to actions or objects in the air, transported by air, wind, or aircraft. The airborne mobility anti-tank reserve, assigned with the mission to neutralize a concentration of AFU troops, swiftly deployed to the designated area for the assessment and destruction of the specified objectives. Anti-tank missile systems are deployed on both airborne and ground-based platforms, playing a crucial role in defense, homeland security, and various other applications.
The anti-tank missile system market research report is one of a series of new reports from The Business Research Company that provides anti-tank missile system market statistics, including anti-tank missile system industry global market size, regional shares, competitors with an anti-tank missile system market share, detailed anti-tank missile system market segments, market trends and opportunities, and any further data you may need to thrive in the anti-tank missile system industry. This anti-tank missile system market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The anti-tank missile system market size has grown steadily in recent years. It will grow from $2.93 billion in 2023 to $3.07 billion in 2024 at a compound annual growth rate (CAGR) of 4.7%. The expansion observed during the historical period can be attributed to several key factors. This includes the upsurge in military expenditures, driven by various geopolitical factors such as the Cold War arms race and the Vietnam War. Additionally, the push for modernization initiatives has played a significant role in fostering growth.
The anti-tank missile system market size is expected to see steady growth in the next few years. It will grow to $3.6 billion in 2028 at a compound annual growth rate (CAGR) of 4.1%. The anticipated growth in the upcoming period is driven by global conflicts and heightened tensions, the incorporation of artificial intelligence, the escalation of urban warfare, the emergence of next-generation threats, and improvements in both survivability and lethality. Key trends expected in the forecast period encompass advancements in targeting technology, innovations in warhead technology, extended range and increased lethality, miniaturization for enhanced portability, and the integration of fire-and-forget systems. These developments are poised to shape the landscape of the market, offering opportunities for businesses in the defense and technology sectors.
The escalation in cross-border conflicts is anticipated to drive the expansion of the anti-tank missile system market in the near future. Cross-border disputes denote disagreements among nations concerning territorial boundaries and associated rights. These conflicts can arise due to various factors such as resource allocation, ethnic or cultural disparities, political ideologies, and historical grievances. The surge in these conflicts has led to an increased demand for anti-tank missile systems, renowned for their effectiveness in neutralizing armored vehicles and tanks. For instance, as reported by the Pew Research Center in November 2021, encounters with unaccompanied minors surged from 30,557 in fiscal 2020 to 144,834 in fiscal 2021, while encounters with families rose from 52,230 to 451,087. Hence, the heightened instances of cross-border conflicts propel the market for anti-tank missile systems.
The upsurge in defense spending is poised to drive the growth of the anti-tank missile system market in the foreseeable future. Defense expenditure represents the aggregate financial resources allocated by a nation towards the maintenance and bolstering of its armed forces and essential defense apparatus. This surge in defense spending significantly influences the adoption and procurement of anti-tank missile systems. Countries with augmented defense budgets are inclined to invest in advanced military capabilities, including anti-tank missile systems, aiming to fortify their defense capabilities and deterrence mechanisms. For instance, as per the Stockholm International Peace Research Institute in April 2023, global military expenditure surged by 3.7% in real terms in 2022, reaching a historic high of $2,240 billion. Notably, military spending in Europe escalated by 13% during the period. Additionally, the United States observed an 8.8% nominal rise in military spending between 2021 and 2022, while real spending saw a 0.7% increase due to an 8.1% inflation rate during the same period. Consequently, the mounting defense expenditures are steering the growth trajectory of the anti-tank missile system market.
Prominent entities engaged in the anti-tank missile system market are actively engaged in conducting comprehensive tests on anti-tank missile systems and solutions, aiming to bolster defense capabilities and attain a competitive advantage within the defense sector. The objective of flight testing revolves around assessing the human factor's impact on flight dynamics, distinguishing between gunner-induced aiming errors and inherent weapon errors. Flight testing assumes significance as anti-tank guided missiles entail guided flights incorporating human intervention in the guidance link, distinct from free-flight ballistic trajectories. A notable instance involves the successful flight testing of the Stand-off Anti-tank (SANT) Missile by India's Defence Research and Development Organization (DRDO) and the Indian Air Force (IAF) in December 2021. Developed by the Research Center Imarat (RCI), the SANT missile is the third indigenously developed stand-off weapon recently tested, alongside long-range bombs and smart anti-airfield weapons, aimed at reinforcing the IAF's arsenal. Equipped with a state-of-the-art MMW (millimeter wave) seeker, the missile delivers high-precision strikes from a secure distance, effectively neutralizing targets situated up to ten kilometers away.
Leading firms operating in the anti-tank missile systems market are strategically aligning efforts to introduce cutting-edge solutions such as Anti-Tank Guided Missile (ATGM) systems, ensuring swift deployment and a competitive edge in the market. These advanced ATGM systems are characterized by their sophisticated technological attributes, including precision guidance, extended operational ranges, and multi-mission capabilities. For instance, in October 2021, Bharat Dynamics Limited, an India-based manufacturer specializing in ammunition and missile systems, unveiled Sangramika at DefExpo2022, an event organized by India's Ministry of Defense. Sangramika represents an anti-tank guided missile system featuring an in-house designed and developed anti-tank guided missile, Amogha III, mounted on an Ashok Leyland light specialist vehicle. This deployment allows for the swift deployment of the Amogha-III armament system, a man-portable third-generation anti-tank guided weapon system, covering a broader operational distance, facilitated by a highly agile light specialist vehicle customized by Ashok Leyland.
In October 2023, the Malaysian Ministry of Defense (MINDEF), a government ministry based in Malaysia, completed the procurement of KaraOK-guided anti-tank missile systems from Roketsan, marking a strategic enhancement in the capabilities of the Malaysian Army. This procurement agreement encompasses the acquisition of eighteen medium-range guided anti-tank missile systems (ATGM). Analysts suggest that these advanced technologies will serve as replacements for the outdated Metis-M equipment that has been in service with the Malaysian Army for the past two decades. Roketsan, a prominent defense contractor headquartered in Turkey, specializes in the manufacture of anti-tank missile systems.
Major companies operating in the anti-tank missile system market report are Elbit Systems Ltd., General Dynamics Corporation, Denel Dynamics, Lockheed Martin Corporation, MBDA Missile Systems Inc., KBP Instrument Design Bureau, Rafael Advanced Defense Systems Ltd., Raytheon Technologies Corporation, Roketsan A.S., BAE Systems, Saab AB, Israeli Military Industries Ltd, Northrop Grumman, EuroSpike GmbH, Thales Group, Bharat Dynamics Limited, Diehl Defence GmbH & Co. KG, Leonardo S.p.A., Nexter Systems, Norinco Group Corporation, Rostec State Corporation, Samsung Techwin Co. Ltd., Korea Aerospace Industries Co. Ltd., Aselsan A.S., Otokar Otomotiv ve Savunma Sanayi A.S., CZG - Ceska zbrojovka Group SE, Nammo AS, Hirtenberger Defence Systems GmbH, Mectron S.p.A., Eurosam S.A.S.
North America was the largest region in the anti-tank missile system market in 2023. The regions covered in the anti-tank missile system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the anti-tank missile system market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
The anti-tank missile system consists of sales of composite or explosive reactive armor, jammersl, semi-automatic, and automatic anti-tank missile systems, guidance system, flight system, engine and warhead. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.