New York: The global market for man-portable anti-armor weapons features a largely consolidated vendor landscape wherein the top four vendors cumulatively accounted for a massive 58% of the overall market in 2016, observes Transparency Market Research (TMR) in a recent report. Despite the stronghold of few leading vendors in the market, many small- and medium-scale companies have thrived across key regional markets, positioning themselves as strong competitors to international entities in key regional pockets such as thriving emerging economies in Asia Pacific.
Leading players in the market pursue contractual agreements with national and international defense authorities, dedicatedly delivering technologically advanced and robust man-portable anti-armor weapons, to ensure sustainable profits. An instance is the contract between Bharat Dynamics Limited with the Ministry of Defense, Government of India, in 2016. Under the contract, the company has agreed to deliver the Indian Army Milan-2T-Anti-tank guided missiles.
Transparency Market Research estimates that the global man-portable anti-armor weapons market, valued at US$3.64 bn in 2016, will exhibit a promising 6.5% CAGR from 2017 to 2025 and rise to US$6.38 billion by 2025.
Asia Pacific Market to Exhibit Most Promising Pace of Growth
In terms of type, the segment of rocket propelled grenades contributed the dominant share of the overall revenue generated in 2016. Although the segment of rocket propelled grenades is expected to retain dominance in terms of revenue contribution to the global market, the segment of recoilless rifles is estimated to exhibit the most promising growth trajectory during the forecast period.
In the global scenario, the man-portable anti-armor weapons market is dominated by North America with a market share of approximately 31% of the overall revenue generated in 2016. The dominance of North America in the global man-portable anti-armor weapons market is attributed to the vast funds invested in the research and development of lightweight ammunitions and weaponries in countries such as the U.S and Canada.
Rising Focus on R&D of Lightweight Weapons to Drive Market
One of the key factors driving the market for man-portable anti-armor weapons is the vast rise in defense budgets across the globe. The demand for lightweight anti-armor weapons is rising at a steady pace as defense budgets witness massive rise in developed as well as developing countries. This has, in turn, led to an increased focus on research and development activities aimed at the introduction of modern lightweight technologies to destroy armored tanks, vehicles, and aircrafts. Countries such as the U.S, the U.K, Russia, China, India, and Israel are investing vast sums in the research and development of man-portable anti-armor weapons in order to equip their military troops with modern technologies as well as to export them to other countries.
Malfunctioning Products Could Drastically Affect Demand
The growth of the man-portable anti-armor weapons market is negatively affected by certain factor such as malfunction of the rockets or missiles launchers. This factor is a huge concern for the defense forces as well the manufacturers of the man-portable anti-armor weapons. The malfunction of the launchers can lead to disruptions in the propulsion systems of the missiles and rockets, hampering the flight of the projectiles and bringing down the demand of a product drastically.
Nevertheless, the rising demand for lightweight anti-armor weapons among defense forces in developed as well as emerging countries across the globe is expected to lead to highly promising growth opportunities for the global man-portable anti-armor weapons market in the near future.
These anti-armor weapons are easily carried by the soldiers from place to place in order to destroy the enemy main battle tanks, aircrafts or armored vehicles.
This review of the global man-portable anti-armor weapons market has been based on a recent market research report published by Transparency Market Research, titled “Man-portable Anti-armor Weapons Market (Type – Anti-aircraft Missiles, Rocket Propelled Grenades, Anti-tank Rifles, and Recoilless Rifles; Technology – Guided Weapons and Unguided Weapons) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2025.”