The Anti-Tank Missile System Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Anti-Tank Missile System Global Market Report 2024, The anti-tank missile system market size has grown steadily in recent years. It will grow from $2.93 billion in 2023 to $3.07 billion in 2024 at a compound annual growth rate (CAGR) of 4.7%. The growth in the historic period can be attributed to increasing military expenditures, cold war arms race, vietnam war and modernization, rise of armor-defeating warheads, evolution of man-portable systems.
The anti-tank missile system market size is expected to see steady growth in the next few years. It will grow to $3.6 billion in 2028 at a compound annual growth rate (CAGR) of 4.1%. The growth in the forecast period can be attributed to international conflict and tensions, integration of artificial intelligence, rise in urban warfare, development of next-generation threats, enhanced survivability and lethality. Major trends in the forecast period include advancements in targeting technology, innovation in warhead technology, increased range and lethality, miniaturization and portability, integration of fire-and-forget systems.
The increase in the number of cross-border conflicts is expected to propel the growth of the anti-tank missile system market in the coming future. Cross-border disputes refer to a debate among nations over where their borders and rights. These conflicts can arise from various issues, such as resources, ethnic or cultural differences, political ideologies, and historical disputes. The increase in cross-border conflicts is expanding the market for anti-tank missile systems, as they are very effective and used to demolish armored vehicles and tanks. For instance, in November 2021, according to the Pew Research Center, a nonpartisan American think tank, encounters with unaccompanied minors grew from 30,557 in fiscal 2020 to 144,834 in fiscal 2021, while encounters with families increased from 52,230 to 451,087. Therefore, increased cross-border conflicts drive the anti-tank missile system market.
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The anti-tank missile system market covered in this report is segmented –
1) By Type: Man-Portable, Vehicle-Mounted
2) By Platform: Airborne, Ground-Based
3) By Application: Defense, Homeland Security, Other Applications
Major organizations operating in the anti-tank missile system market are focused on testing anti-tank missile systems and solutions to bolster their defense capabilities and gain a competitive edge in the defense sector. The aim of flight testing is to determine the effects of the human element on the flight and to distinguish between the gunner’s aiming error and errors inherent in the weapon. Flight-testing is necessary because anti-tank guided missiles have a guided flight with a human element in the guidance link, unlike free-flight ballistic trajectories. For example, the Defence Research and Development Organization (DRDO), an India-based government agency, and the Indian Air Force (IAF), an India-based armed forces, successfully flight-tested the Stand-off Anti-tank (SANT) Missile in December 2021. The SANT missile, designed and developed by Research Center Imarat (RCI), is the third indigenous stand-off weapon to be tested recently, following the long-range bomb and the smart anti-airfield weapon, with the goal of bolstering the IAF’s arsenal. With its cutting-edge MMW (millimetric wave) seeker, the missile can carry out high-precision strikes from a safe distance. Targets up to ten kilometers away can be neutralized by the weapon.
The anti-tank missile system market report table of contents includes:
1. Executive Summary
- Anti-Tank Missile System Market Characteristics
- Anti-Tank Missile System Market Trends And Strategies
- Anti-Tank Missile System Market – Macro Economic Scenario
- Global Anti-Tank Missile System Market Size and Growth
. - Global Anti-Tank Missile System Market Competitive Benchmarking
- Global Anti-Tank Missile System Market Competitive Dashboard
- Key Mergers And Acquisitions In The Anti-Tank Missile System Market
- Anti-Tank Missile System Market Future Outlook and Potential Analysis
- Appendix
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