The global market for man-portable anti-armor weapon is likely to see a positive growth over the coming years. According to a report by Transparency Market Research (TMR), a substantial 58% of the overall market revenue was held by the top four market players in 2016, making it a consolidated market. Yet, a number of small- and medium-sized enterprises are doing brisk business in regional markets, on account of their swiftly developing economies. The prominent players are expected to engage in the pursuit of valuable contracts from administrative and defense organizations in governments, who are constantly on the lookout for technologically advanced weapons and armor. Recently, Bharat Dynamics Ltd made a contract with the Indian Ministry of Defense to provide them with Milan-2T-Anti-tank guided missiles for the Indian Army. Prominent vendors in the global man-portable anti-armor weapons market are General Dynamics Corporation, MBDA Missiles Systems, Thales Group, Lockheed Martin Corporation, and Raytheon Company.
Our report predicts that the global man-portable anti-armor
weapons market, which stood at US3.64 bn in the year 2016, will likely rise to
US$6.38 bn by the end of 2025. Thus, over the forecast period from 2017 to
2025, the market in all probabilities will register a 6.5% CAGR.
Asia Pacific Region to Clock in Swiftest Growth Rate
While North America continues to dominate the market share
in revenue since 2016, Asia Pacific is anticipated to witness a brisk growth
rate. This could be attributed to the rising number of research and development
activities being undertaken in the field of lightweight weapons in the region.
Countries like India and China are heavily investing into developing anti-armor
weapons of low weight. South Korea and other countries in the Asia Pacific
expend vast amount of money in the procurement of man-portable anti-armor
weaponry.
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Based on type, our report segments the overall man-portable
anti-armor weapons market into anti-tank rifles, anti-aircraft missiles,
recoilless rifles, and rocket propelled grenades. Among these, recoilless
rifles are foretold to continue holding a substantial share in the market. The
segment is expected to showcase a high growth rate among others. This
significant demand could be on account of the rising utilization of these
rifles in defense applications.
Research in Lightweight Weaponry to Propel Market Upswing
The surge in use of portable weapons in defense has
increased considerably in the past few years primarily because of the increment
in urban warfare. Such type of warfare demands mobility man portable weapon
systems for rapid operations against the enemy station. Lightweight weapons
provide significant anti-bunker, anti-tank, and anti-personnel capabilities to
ground troops. This has, in turn, led to an increased focus on research and
development activities aimed at the introduction of modern lightweight
technologies to destroy armored tanks, vehicles, and aircrafts.
The swift increase in the defense budgets all over the world
and the urgent need to fortify the law enforcement and defensive agencies are
egging governments to invest heavily in the research and development of robust
and advanced ammunition. In present times, defense budgets across the globe
have increased significantly, leading to further upswing of the global
man-portable anti-armor weapons market.
This review is based TMR’s report titled, ““Man-portable
Anti-armor Weapons Market (Type - Anti-aircraft Missiles, Rocket Propelled
Grenades, Anti-tank Rifles, and Recoilless Rifles; Technology - Guided Weapons
and Unguided Weapons) - Global Industry Analysis, Size, Share, Growth, Trends
and Forecast 2017 - 2025.”Top of Form
Key Takeaways:
- Rising
threats and urban warfare operation to boost demand for man-portable
weaponry
- Key
players expected to gain valuable contracts with defense organizations and
governments to dominate market presence
The market is segmented along the following lines:
Global Man-portable Anti-armor Weapons Market, 2017-2025:
By Types
- Anti-aircraft
Missiles
- Rocket
Propelled Grenades
- Anti-tank
Rifles
- Recoilless
Rifles
Global Man-portable Anti-armor Weapons Market, 2017-2025:
By Technology
- Guided
Weapons
- Unguided
Weapons
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