What Has Been The Evolution of the Man-Portable Anti-Armor Weapons Market in Recent Years?
The man-portable anti-armor weapons market has seen considerable growth due to a variety of factors.
• There has been significant expansion in the market size of man-portable anti-armor weapons in the past few years. The market will escalate from $5.91 billion in 2024 to $6.27 billion in 2025, with a compound annual growth rate (CAGR) of 6.2%. The market's growth in the historic term was fueled primarily by advancements in accuracy and lethality, adaptability to threats, geopolitical elements and rising demand, along with cost-efficiency, affordability, versatility, and capability to perform multiple roles.
How Will the Man-Portable Anti-Armor Weapons Template Market?
The Man-Portable Anti-Armor Weapons market is expected to maintain its strong growth trajectory in upcoming years.
• The market for man-portable anti-armor weapons is projected to experience significant expansion in the following years, with an expected valuation of $7.94 billion by 2029, progressing at a compound annual growth rate (CAGR) of 6.1%.
This progression in the forecasted period can be credited to factors such as the miniaturization and portability, the proliferation of smart and network-enabled systems, the capacity for multiple roles, an emphasis on lethality and precision, and a focus on cost-effectiveness. Major trends set to shape this period are legislative and geopolitical elements, striving towards cost-efficiency, the incorporation of smart and network-centric technologies, adaptation to contemporary threats and a concentration on precision and lethality.
Which Factors Are Boosting Growth In The Man Portable Anti Armor Weapons Market?
The growth of the man-portable anti-armor weapons market is anticipated to be driven by the surge in defense budgets. The defense budget, a portion of the federal budget assigned specifically to defense, covers everything from personnel costs, training, and medical expenses to the upkeep and purchase of weapons and equipment. The rise in defense budgets facilitates the adoption of expensive yet essential missile defense system technologies. For instance, a report by the Sweden-based Stockholm International Peace Research Institute (SIPRI) in April 2024 indicated that global military expenditure rose to $2.443 trillion in 2023, reflecting a real-terms increase of 6.8% from 2022. Thus, the expansion in defense budgets fuels the growth of the man-portable anti-armor weapons market.
What Key Areas Define The Segmentation Of The Global Man Portable Anti Armor Weapons Market?
The man-portable anti-armor weapons market covered in this report is segmented –
1) By Type: Anti-Aircraft Missiles, Rocket Propelled Grenades, Anti-Tank Rifles, Recoilless Rifle
2) By Technology: Guided Weapons, Unguided Weapons
3) By Application: Homeland Security, Defense
Subsegments:
1) By Anti-Aircraft Missiles: Short-Range Air Defense Missiles, Man-Portable Air Defense Systems (MANPADS)
2) By Rocket Propelled Grenades (RPGs): Single-Use RPGs, Multi-Use RPGs
3) By Anti-Tank Rifles: Traditional Anti-Tank Rifles, Modern Anti-Material Rifles
4) By Recoilless Rifles: Lightweight Recoilless Rifles, Heavyweight Recoilless Rifles
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How Are Emerging Trends Reshaping The Dynamics Of The Man Portable Anti Armor Weapons Market?
The man-portable anti-armor weapons market is heavily influenced by key players who are constantly unveiling innovative products like the portable missile system to consolidate their hold over the market. Known also as a man-portable air-defence weapon, this system can be used by individuals or small teams to target aircraft, ground vehicles, and helicopters. Its fast-deployment and high mobility traits make it useful in different military situations. For instance, in August 2024, the Defence Research and Development Organization, a military research and development company from India, announced that they had successfully conducted tests on the home-grown Man-Portable Anti-Tank Guided Missile (MP-ATGM). The system's total weight is only 14.5 KG, with an extra 14.25 KG for the command launch unit (CLU), which augments its portability. Further, it's equipped with a HEAT warhead to exterminate tanks and armored vehicles, and has an operational range between 200 meters to 4 kilometers. The missile comes with advanced IIR sensors and avionics for precise top-attack targeting. The missile, cylindrical in shape and measuring 130 cm long and 12 cm in diameter, is launched from a collapsible tripod and tube.
Who Are the Key Players In The Man Portable Anti Armor Weapons Market?
Major companies operating in the man-portable anti-armor weapons market include:
• Lockheed Martin Corporation
• Bharat Dynamics Limited
• General Dynamics Corporation
• Saab AB
• Raytheon Company
• Thales Group
• BAE Systems plc
• MBDA Holdings SAS
• Konstruktorskoye Byuro Mashynostroyeniya (KBM)
• Nammo AS
• Rostec State Corporation
• Elbit Systems Ltd.
• Rafael Advanced Defense Systems Ltd.
• Denel Dynamics
• Northrop Grumman
• HDT Global Inc.
• FLIR Systems Inc.
• Argon Electronics Ltd.
• Chemring Group plc
• Rheinmetall AG
• Jadara Equipment & Defence Systems
• Roketsan Roket Sanayii ve Ticaret A.S.
• Luch Design Bureau
What Is The Most Dominant Region In The Man Portable Anti Armor Weapons Market?
North America was the largest region in the man-portable anti-armor weapons market in 2024. Asia-Pacific is expected to be the fastest-growing region in the man-portable anti-armor weapons market report during the forecast period. The regions covered in the man-portable anti-armor weapons market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
