Enjoy complimentary customisation on priority with our Enterprise License!
The anti-tank missile system market size is estimated to grow by USD 472.45 million at a CAGR of 3.4% between 2023 and 2027. The growth of the market depends on several factors, such as the increased demand for extended-range missiles, the focus on enhancing weapon inventory, and the growing urban warfare. Our report examines historic data from 2017 to 2021, besides analyzing the current market scenario.
It also includes an in-depth analysis of drivers, trends, and challenges.
Market Forecast 2023-2027
To learn more about this report, Request Free Sample
Our researchers studied the data for years, with 2022 as the base year and 2023 as the estimated year, and presented the key drivers, trends, and challenges for the market.
To effectively combat the challenges posed by the development of modern armored vehicles and tanks, these systems with extended-range capabilities are required. The medium-range missiles allow the military to confront enemy vehicles from a more secure distance, expand their options of operations, and reduce risks for infantry personnel. By allowing armed forces to engage targets that are out of their line of sight, extended-range missiles give them a huge tactical advantage.
Moreover, these missiles can engage targets in real-time as they have cutting-edge target acquisition systems, sensors, and data link capabilities. Reducing collateral damage and successfully neutralizing the enemy's armor is facilitated by this improved situational awareness. There are a few developments that will enable the rolling out of new-generation products into the global market during the forecast period.
Military troops participating in secret operations are frequently the subject of combat scenarios. Conventional weapons like rifles and machine guns used by armed forces have limitations in penetrating obstructions when striking enemies. The need for heavier weapons that can penetrate bunkers, walls, and vehicle armor is thus imperative.
Moreover, military forces are forced to bring weapons with a longer range in the asymmetrical nature of current battles. and striking precision to impart optimum lethality while averting collateral damage. The missile features a superior guidance system called predicted-line-of-sight (PLOS) guidance. The development of next-generation systems will drive the growth of the global market during the forecast period.
The increasing demand for high-speed supersonic missiles has resulted in the innovation of superior-quality thermal protection systems (TPSs). Due to the severe aerodynamic heat, TPS protects the missile framework from the deterioration of its strength and the malfunction of electronic packages. Therefore, the primary goal of TPS is to keep excessive heat away from the vehicle or the missile launcher and the components within it.
Moreover, the missiles are manufactured using composites, which result in fuel and weight savings. The technique of conduction and thermal capacitances was considered as a principal heating method for missile systems. Few issues will hinder the large-scale adoption of the global market during the forecast period.
The homeland segment will account for a major share of the market's growth during the forecast period. The global market is expanding significantly as a result of rising geopolitical tensions and the demand for cutting-edge defense technology. One of the main sectors driving this market boom is the homeland category.
Get a Customised Report as per your requirements for FREE!
The homeland segment was valued at USD 1,646.37 million in 2017 and continued to grow until 2021. In order to improve the nation's defense capabilities against prospective threats, the homeland section of the global market largely focuses on the deployment of these systems within domestic territory. Armed forces, law enforcement organizations, and border security personnel from their respective nations are also covered by this part.
Vehicle-mounted anti-tank missiles are those equipped on armored fighting vehicles (AFVs) like battle tanks, armored personnel carriers (APCs), and infantry fighting vehicles (IFVs). They may also be fitted on dedicated launch vehicles and attack helicopters. AFVs are crucial components in land warfare. To provide tactical operational mobility, the vehicles are designed to have offensive and defensive capabilities. Several advancements regarding AFV design and capabilities have occurred and are ongoing. As AFVs are a key weapon system for targeting enemy vehicles, it is also the case that they should be fitted with advanced antitank missiles. The demand is expected to grow during the forecast period, owing to its advantage over traditional ones. Such developments will propel the global market in this segment during the forecast period.
For more insights on the market share of various regions View PDF Sample now!
North America is estimated to contribute 41% to the growth by 2027. Technavio’s analysts have elaborately explained the regional trends, drivers, and challenges that are expected to shape the market during the forecast period. The US grew to become the most powerful economy toward the end of the 19th century. Owing to its economic might, it became a dominant political power. It was therefore essential for the U.S. to make investments in military capabilities. The country began to strengthen its military might and continues to do so to secure its national interests and those of its allies. It has remained the world's largest defense spender for the past several years. Such factors will increase the market growth in this region during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Airbus SE- The company offers Roketsan L UMTAS anti-tank missiles.
We also have detailed analyses of the market’s competitive landscape and offer information on 13 market companies, including:
BAE Systems Plc, Denel Dynamics, Elbit Systems Ltd., General Dynamics Corp., Hanwha Corp., Lockheed Martin Corp., Northrop Grumman Corp., Rafael Advanced Defense Systems Ltd., Raytheon Technologies Corp., Roketsan AS, Rostec, and Saab AB
Technavio report provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
The market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
The Market is driven by advancements in missile technology and military equipment, particularly in guided missiles and anti-armor weapons. Defense procurement plays a crucial role in acquiring these systems, enhancing military defense systems and missile defense capabilities.
Military strategy and tactical warfare are key considerations in the development of these systems, focusing on missile guidance systems and threat assessment. Countermeasures against these systems are also a priority in defense research and development. The market is influenced by defense contracts and military modernization efforts, aiming to strengthen national security. Key players in the market are investing in defense research and development to meet the evolving needs of modern warfare, emphasizing the importance of national security in today's geopolitical landscape.
Anti-Tank Missile System Market Scope |
|
Report Coverage |
Details |
Page number |
165 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 3.4% |
Market growth 2023-2027 |
USD 472.45 million |
Market structure |
Concentrated |
YoY growth 2022-2023(%) |
2.6 |
Regional analysis |
North America, APAC, Europe, Middle East and Africa, and South America |
Performing market contribution |
North America at 41% |
Key countries |
US, China, India, Russia, and the UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Airbus SE, BAE Systems Plc, Denel Dynamics, Elbit Systems Ltd., General Dynamics Corp., Hanwha Corp., Lockheed Martin Corp., Northrop Grumman Corp., Rafael Advanced Defense Systems Ltd., Raytheon Technologies Corp., Roketsan AS, Rostec, and Saab AB |
Market dynamics |
Parent market analysis, Market Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
Get lifetime access to our
Technavio Insights
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.