The rapid escalation in the defense budgets across the globe and the need to strengthen the respective armed forces, the defense forces are investing huge amounts in the research and development of latest and robust ammunitions and weaponries. This factor has led the defense contractors to innovate and develop new lightweight, guided and unguided, man-portable anti-armor weapons as well as upgrade the existing weapons. These weapons are used against heavily armored weaponries such as main battle tanks, aircrafts and armored vehicles, sometimes against incoming missiles too. The anti-armor weapons are highly effective in destroying the intended targets, moving as well as static targets.
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Global Man-portable Anti-armor Weapons Market: Drivers and Restraints
The major factor boosting the market for man-portable anti-armor weapons is the extensive research and development in the defense industry across the world. In recent times, the defense budgets across the globe has increased significantly, which has led the defense forces in the developed countries and developing countries to invest heavily in the research and development of the modern lightweight anti-armor weapons. In addition, the demand for lightweight, highly effective weapons is also increasing among the armed forces as they can be easily transported by a soldier or a group of soldiers to any particular place to target the enemy armored vehicles or tanks. The demand for lightweight anti-armor weapons among the global defense forces is expected to bolster the man-portable anti-armor weapons market.
The market for man-portable anti-armor weapons is poised to grow over the period due to various reasons, however is affected by the malfunction of the launchers. The malfunction of the launchers causes disruptions in the flight of the projectiles which hampers the flight. This is a major concern for the manufacturers as well as the infantries across the globe. The risk of malfunction of the launchers is limiting the defense forces to adopt the man-portable anti-armor weapons which in turn is inhibiting the market to grow over the years.
Global Man-portable Anti-armor Weapons Market: Segmentation
The report on man-portable anti-armor weapons market segments the market on basis of types, technology and geography. The various types of man-portable anti-armor weapons widely used by the defense forces across the globe are anti-aircraft missiles, rocket propelled grenades, anti-tank missiles, and recoilless rifles. The rocket propelled grenades contributed the maximum market share in 2016, due to their enhanced capability to destroy the enemy main battle tanks, and aircrafts. This capability of rocket propelled grenades have increased the demand for anti-armor weapons among the defense forces across the globe which in turn led the segment to dominate the market in 2016. The fastest growing type segment is estimated to be the recoilless rifles, growing at a significant CAGR during the forecast period from 2017 to 2025.
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The recoilless rifles are heavily used by the armed forces against any armored vehicles, tanks and low flying aircrafts. The projectiles fired from recoilless rifles travels at a faster speed than any other anti-armor weapons. Moreover, the recoilless rifles are lightweight and are highly effective against any armored tanks, and armored vehicles. The lightweight armor piercing weapons is being heavily adopted by the military forces across the globe in order to strengthen their armed forces.
Global Man-portable Anti-armor Weapons Market: Geographical and Competitive Dynamics
Geographically, the market for man-portable anti-armor weapons is fragmented into five strategic regions globally as North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. North America dominated the market for man-portable anti-armor weapons market in 2016 with an excellent market share which is estimated to witness a slow downfall over the years from 2017 to 2025. Asia Pacific is predicted to be the fastest growing region during the forecast period from 2017 to 2025. Europe, Middle East and Africa and Latin America are predicted to grow over the period from 2017 to 2025 at a substantial rate.
The top ten major player operating in the market for man-portable anti-armor weapons has been profiled in this report according to the strategic five regions globally. The report includes players such as Lockheed Martin Corporation, Bharat Dynamics Limited, MBDA Missile Systems, Raytheon Company, Thales Group, General Dynamics Corporation, BAE Systems Plc., Saab AB, Nammo AS, and KONSTRUKTORSKOYE BYURO MASHYNOSTROYENIYA. The company descriptions includes, SWOT analysis, financial, business overview and strategies adopted in order to sustain in the industry.
The segments covered in the man-portable anti-armor weapons market are as follows:
Global Man-portable Anti-armor Weapons Market, 2017-2025: By Types
- Anti-aircraft Missiles
- Rocket Propelled Grenades
- Anti-tank Rifles
- Recoilless Rifle
Global man-portable anti-armor weapons Market, 2017-2025: By Technology
- Guided Weapons
- Unguided Weapons
Global man-portable anti-armor weapons Market, 2016-2024: By Geography
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East and Africa
- Saudi Arabia
- Rest of Middle East and Africa
- Latin America
- Rest of Latin America
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