Man-portable Anti-armor Weapons Market: Snapshot
The shoulder-fired or ground-fired weaponries that can be carried by a single soldier and are used to destroy any armored tanks, aircrafts, vehicles, and incoming missiles are known as man-portable anti-armor weapons. These weaponries, of the guided as well as the unguided variety, are highly effective against intended targets. Man-portable anti-armor weapons are typically single-shot weapons while some technologically advanced modern varieties are also multi-shot weapons.
The demand for man-portable anti-armor weapons has increased at a steady pace in the past few years, owing chiefly to a vast rise in defense budgets of developed as well as developing economies. The rising demand for lightweight anti-armor weapons is encouraging vast developments in the areas of weapon design and technology. This trend is expected to remain one of the key forces guiding the scope of development of the global man-portable anti-armor weapons market in the near future.
Transparency Market Research estimates that the global man-portable anti-armor weapons market, which in terms of revenue was valued at US$3.64 bn in 2016, is expected to reach US$6.38 bn by 2025, exhibiting a CAGR of 6.5% from 2017 to 2025.
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Recoilless Rifles to Emerge as Segment with Most Promising Growth Prospects
On the basis of type, the global man-portable anti-armor weapons market has been segmented in the report into anti-aircraft missiles, rocket propelled grenades, anti-tank rifles, and recoilless rifles. Of these, the segment of rocket propelled grenades contributed the dominant share in revenue to the global market in 2016. Guided rocket propelled grenades are highly effective in destroying targets such as enemy main battle tanks, armored vehicles, and aircrafts at short and long ranges with high precision and are expected to witness strong growth over the report’s forecast period as well.
However, the segment of recoilless rifles, which held third-largest share in 2016, is expected to emerge as the most promising segment in terms of incremental growth opportunity over the forecast period. The demand for recoilless rifles is expected to benefit from their increasing usage among the defense forces as the projectiles fired from these rifles travel at a faster rate than most other man-portable anti-armor weapons. The demand for anti-tank rifle was comparatively less among the military forces in 2016, however, the demand is estimated to grow at a steady pace over the period from 2017 to 2025.
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Market to Witness Most Promising Growth Opportunities in Asia Pacific
On the basis of geography, the global man-portable anti-armor weapons market has been segmented in the report as North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. Of these, the market in North America contributed the dominant share of revenue in 2016 due to immense research and development activities undertaken in the field of lightweight anti-armor weapons.
Although the North America market will continue to hold a massive share in the global market over the forecast period, the market in Asia Pacific is expected to register the most promising growth rate. This is attributed to the fact that emerging economies such as China and India are investing vast sums in designing and developing new technologically enhanced lightweight anti-armor weapons, while South Korea and other countries in rest of Asia Pacific are regularly procuring these man-portable anti-armor weapons.
Some of the leading companies actively participating in the global market for man-portable anti-armor weapons market are Lockheed Martin Corporation (U.S), Bharat Dynamics Limited (India), General Dynamics Corporation (U.S), Saab AB (Sweden), Raytheon Company (U.S), Thales Group (France), BAE Systems PLC (U.K), MBDA Missiles Systems (Germany), KONSTRUKTORSKOYE BYURO MASHYNOSTROYENIYA (Russia), and Nammo AS (Norway).
Increasing Demand for Lightweight Weapons will Boost Man Portable Anti-armor Weapons Market Growth
The advent of small and medium sized enterprises for various businesses and the increasing demand for lightweight anti-armor weapons is likely to aid in expansion of the global man portable anti-armor weapons market. The shoulder-shot or ground-discharged weaponries that can be conveyed by a solitary trooper and are utilized to pulverize any protected tanks, airplanes, vehicles, and approaching rockets are known as man-versatile enemy of covering weapons. These weaponries, of the guided just as the unguided assortment, are profoundly successful against proposed targets. Man-convenient enemy of reinforcement weapons are regularly single-shot weapons while some mechanically progressed current assortments are likewise multi-shot weapons.
Based on categorization by type, the rocket propelled grenades segment earned the highest share in the global man portable anti-armor weapons market. This is owing to their highly effective nature that destroys large and powerful targets such as armored vehicles, aircrafts, and war tanks, among other long and short range weapons.
The interest for man-convenient enemy of reinforcement weapons has expanded at a consistent speed in the previous few years, owing primarily to an immense ascent in guard financial plans of created just as creating economies. The rising interest for lightweight enemy of shield weapons is empowering huge advancements in the regions of weapon plan and innovation. This pattern is required to stay one of the key powers directing the extent of improvement of the worldwide man-compact enemy of shield weapons market soon.
Regionwise, the global market for portable anti-armor weapons market is dominated by North America and is likely to continue the same in the future as well. This is attributable to the major investments on designing and development of technologically advanced and lightweight anti-armor weapons received from the emerging economies such as China and India.