As per a detailed analysis by Market Research Future (MRFR), the global anti-tank missile market is predicted to garner a CAGR of 4.25% during the forecast period (2015-2023).
The rising expenses on defense is promoting the market growth. An anti-tank missile can be defined as a small weapon which is specifically designed to destroy tanks and armored vehicles and are used in close combat warfare. These missiles are different from conventional rocket-propelled grenades in terms of design and concept as they require to be steered towards the target after their launch. They vary in size and ranges from shoulder-launched weapons and man-portable tripod-mounted to vehicle and aircraft-mounted weapons.
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The global anti-tank missiles market stands a chance to grow due to the growing defense expenses in many countries. The other factors that are aiding the growth of global anti-tank missiles market include 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. However, 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 be an obstacle for the growth of the market.
Geographically, the anti-tank missile market has been studied under regions namely, Asia Pacific, EMEA, and America.
Considering the global scenario, the American region is predicted to lead the global market with a share of 39%. The regional growth can be attributed to the advancing technology in warfare platforms coupled with the surging defense budgets especially in countries like Canada and the US.
The Asia Pacific region is considered to bag the second position in the global market and was valued at USD 2,680.6 million in 2016. The augmenting terrorism activities along with threats from border are some of the top concerns likely to trigger the adoption of anti-tank missile in this region. China and India are the most crucial country-specific markets in this region.
The prominent players operating in the global anti-tank missile market comprises General Dynamics (US), Denel Dynamics (South Africa), KBP Instrument Design Bureau (Russia), Israel Military Industries (Israel), Lockheed Martin (US), Rocketsan Missiles Inc. (Turkey), Rafael Advanced Defense Systems (Israel), MBDA (UK), Saab Bofors Dynamics (Sweden), and Raytheon (US)
Potential and Pitfalls:
Anti-tank missiles facilitate the ground-vehicles, armed troops, and fighter aircraft to defeat and encounter the small, medium, and main battle tanks at great ranges. They are extensively used by several defense authorities, and the market is gaining momentum in the Middle East and Asian regions. The surging defense expenses in some economies has resulted in the growth of the anti-tank missile market. Factors like rising procurement of anti-tank missiles, growing investments on R&D on the existing missile systems, and emergence of long-range anti-tank missiles are some of the top factors presumed to dictate the growth trajectory of the market. The development of generation anti-tank missiles is considered one of the primary trends in the market.
Conventional weapons like machine guns and rifles are unable to penetrate obstructions. It is thereby required to develop heavier weapons which can penetrate walls, bunkers, and vehicle armors. The emergence of modern-day warfare advanced missiles is promoting the market growth across the globe. For instance, Saab has recently manufactured an anti-tank missile named NLAW which has the accurate striking capacity. Moreover, the on-going trend of capturing HD pictures along with the integration of automation technologies across sectors are triggering the demand for anti-tank missiles across the globe.
On the contrary, the continuous se of smokescreens by rebel and armed forces coupled with the concerns related to accuracy of the anti-tank guided missiles are likely to restrict the anti-tank missile market growth in the foreseeable future.
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