The anti-tank missile system market size is set to gain traction owing to the escalating regional conflicts. Fortune Business InsightsTM has presented this information in its report titled “Anti-Tank Missile System Market, 2022-2029”. Anti-tank missiles are designed to attack and destroy armored military vehicles like tanks. These weapons are available in a variety of sizes, including man-portable, tripod-mounted, and shoulder-launched weapons, as well as ground vehicle and aircraft-mounted weapons.
COVID-19 Impact –
COVID-19 Causes Delays in Existing Projects
The COVID-19 pandemic is expected to cause delays in existing and planned projects because of the global lockdown imposed by governments. The pandemic has had a direct impact on raw material shortages due to operational issues. The government has imposed production site access restrictions to limit the spread of COVID-19, causing supply chain disruption and workforce shortages among defense contractors. The travel bans imposed by governments around the world to slow the spread of COVID-19 have hampered and delayed weapon system production and testing, particularly for defense contractors that rely on international labor.
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On the basis of type, the anti-tank missile system industry is split into vehicle-mounted and man-portable. On the basis of application, the market is bifurcated into defense and homeland. On the basis platform, the market is divided into aerial and land. Geographically, the market is classified into Europe, North America, Asia Pacific, Latin America, and the Middle East & Africa.
Report Coverage –
The report covers exhaustive details on the anti-tank missile system industry. It covers authentic information on the restraining and driving factors of the market, challenges and opportunities, cumulative COVID-19 impact, and key market players in the industry adopting several growth strategies to sustain their market presence.
Drivers & Restraints –
Rising Spending on Defense Expenditures to Augment Market Growth
The anti-tank missile system industry has the potential to expand due to rising defense expenditures in several countries. Furthermore, the market is booming as a result of escalating regional conflicts, increased anti-tank missile acquisition, increased R&D investments in current missile systems, and the introduction of long-range anti-tank missiles are all contributing to the anti-tank missile system market growth.
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Regional Insights –
Europe to Lead the Global Market for Plant Genomes
North America leads the anti-tank missile system market share; this position is expected to be maintained throughout the forecast period. Rising military budgets in countries such as the U.S and Canada, as well as technological advancements in warfare platforms, are important market drivers in this area.
Germany, France, and the U.K. all have stable economies in Europe as a result of increased emphasis on defense capabilities. As a result, the market has the potential to be profitable.
The Asia-Pacific region is expected to grow at a fast pace. Terrorism and border threats in the region are on the rise, driving up demand. Furthermore, countries such as Japan, India, and China have made significant investments in anti-tank missiles in recent years. As a result, Asia-Pacific is expected to grow at the fastest CAGR during the projected period.
Growing emphasis on the adoption of anti-tank missile systems around the world is expected to augment market growth in Latin America, the Middle East & Africa over the forecast period.
Competitive Landscape –
Key Players to Employ Collaborative Strategies in Order to Increase Market Presence
Long-term partnerships and contracts with government agencies and armed forces are allowing key companies to expand their market presence. For instance, in February 2021, as part of the Indian Army and Air Force’s collaborative user testing, four HELINA anti-tank missiles were launched from an ALH Dhruv helicopter in the Rajasthan sector. Four missions were carried out to evaluate missile capabilities over a seven-kilometer range. The last task was to destroy a derelict tank with a warhead missile.
Industry Development –
March 2021: According to the Defense Ministry, the Indian Army received 4,960 anti-tank guided missiles from state-owned Bharat Dynamics Ltd (BDL) at a cost of Rs 1,188 crore.
List of Key Players in the Global Market –
- Denel Dynamics (South Africa)
- Raytheon Company (The U.S.)
- Elbit Systems Ltd (Israel)
- Rafael Advanced Defense Systems (Israel)
- Lockheed Martin Corporation (The U.S.)
- General Dynamics Corporation (The U.S.)
- Saab AB (Sweden)
- KBP Instrument Design Bureau (Russia)
- ROKETSAN A.S. (Turkey)
- MBDA (France)
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