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Anti-Tank Missile Market Overview, Growth, Opportunities and Development Report
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Anti-tank missiles are largely developed to hit and destroy tanks and other armored military vehicles. These weapons vary in size, ranging from man-portable tripod-mounted and shoulder-launched weapons to vehicle and aircraft-mounted weapons. These weapons enable the armed troops, ground-vehicles, and fighter aircraft to counter and defeat the small, medium-sized, and main battle tanks (MBTs) at great ranges. Of late, the anti-tank missiles are being extensively used by a number of defense authorities, across the globe, and the market is rapidly gaining momentum in Asia and the Middle East regions.
With the growing defense expenses in some countries, there has been a simultaneous boost to the market. Moreover, factors such as the growing procurement of anti-tank missiles, increasing R&D investments on the existing missile systems, and the introduction of long-range anti-tank missiles would significantly propel the market growth. Concurrently, the continued usage of smokescreens by a number of armed and rebel forces along with the accuracy issues associated with the anti-tank guided missiles can prove to be a hurdle for the growth of the market.
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The key players of global anti-tank missile markets are Denel Dynamics (South Africa), General Dynamics (US), Israel Military Industries (Israel), KBP Instrument Design Bureau (Russia), Rocketsan Missiles Inc. (Turkey), Lockheed Martin (US), MBDA (UK), Rafael Advanced Defense Systems (Israel), Raytheon (US), and Saab Bofors Dynamics (Sweden).
In 2016, anti-tank missile market was valued at USD 8,377.0 million and is anticipated that the market would grow at a CAGR of around 4.25%, during the forecast period.
Regional Analysis of Anti-Tank Missile Market
In 2016, the anti-tank missile market was led by Americas with a share of 39% followed by the Asia Pacific region. The Americas region is dominated by the U.S. owing to its huge defence budget. The recent congress speech by Donald Trump supporting defence budget hikes is expected to drive the market further. Russia, France and others continue to be the largest producing nations of the anti-tank missile market.
Asia-Pacific was the second-largest market in 2016, valued at USD 2,680.6 million in 2016 which is dominated by China and India. India is expected to be the fastest growing market due to the procurement of Chinese HJ-8 anti-tank missile which has almost twice the range of the French made Milan missile currently in use with the Indian army. The Middle East and Africa market is expected to grow at a CAGR of 3.80%, during the forecast period. Turkey, Saudi Arabia and others expected to be the largest markets. There also exists a large market for older systems especially in the Africa region.
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Global Anti-Tank Missile market
In 2016, the market was led by Americas with a share of 39%. The technological advancements in warfare platforms and increasing defense budgets in countries such as the US and Canada, are some of the major factors driving the growth of the market. Asia-Pacific was the second-largest market in 2016, valued at USD 2,680.6 million in 2016. The increasing terrorism and border threats in the region, drives the demand in the region. EMEA is expected to grow at a CAGR of 3.80%, during the orecast period.
· Defense authorities
· Missile manufacturers
· Government as well as Independent Regulatory Authorities
The report for Global Anti-Tank Missile Market of Market Research Future comprises of extensive primary research along with the detailed analysis of qualitative as well as quantitative aspects by various industry experts, key opinion leaders to gain the deeper insight of the market and industry performance. The report gives the clear picture of current market scenario which includes historical and projected market size in terms of value, technological advancement, macro economical and governing factors in the market. The report provides details information and strategies of the top key players in the industry. The report also gives a broad study of the different market segments and regions.
- Company News & Announcements