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LONDON, GREATER LONDON, UNITED KINGDOM, September 26, 2024 /EINPresswire.com/ -- The man-portable anti-armor weapons market has experienced robust growth in recent years, expanding from $5.67 billion in 2023 to $6.03 billion in 2024 at a compound annual growth rate (CAGR) of 6.4%. The growth in the historic period can be attributed to precision and lethality improvements, adaptation to threats, geopolitical factors and demand, cost-efficiency and affordability, versatility and multi-role capability.
What Is The Estimated Market Size Of The Global Man-Portable Anti-Armor Weapons Market And Its Annual Growth Rate?
The man-portable anti-armor weapons market is projected to continue its strong growth, reaching $7.7 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%. The growth in the forecast period can be attributed to miniaturization and portability, rise in smart and network-enabled systems, multi-role capabilities, focus on lethality and precision, emphasis on cost-efficiency.
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Growth Driver of The Man-Portable Anti-Armor Weapons MarketAn increase in defense budgets is expected to propel the growth of the man-portable anti-armor weapons market. The defense budget is the amount of the federal budget devoted to defense, which pays for personnel, training, and medical expenses, in addition to the maintenance and acquisition of weapons and equipment. The increase in defense budgets makes it easier to implement costly but necessary missile defense system technologies.
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Which Market Players Are Driving The Man-Portable Anti-Armor Weapons Market Growth?Key players in the market include Lockheed Martin Corporation, Bharat Dynamics Limited, General Dynamics Corporation, Saab AB, Raytheon Company, Thales Group, BAE Systems PLC, MBDA Holdings SAS, Konstruktorskoye Byuro Mashynostroyeniya (KBM), Nammo AS, Rostec State Corporation, Elbit Systems Ltd., Rafael Advanced Defense Systems Ltd., Denel Dynamics, Northrop Grumman, Bioquell Ltd., HDT Global Inc., AirBoss Defense Group, Blucher GMBH, FLIR Systems Inc., MSA Safety Incorporated, Argon Electronics Ltd., Avon Protection Systems Inc., Chemring Group PLC, Environics Oy, The Boeing Company, Rheinmetall AG, Jadara Equipment & Defence Systems, Roketsan Roket Sanayii ve Ticaret A.S., Luch Design Bureau.
What Are The Key Trends That Influence Man-Portable Anti-Armor Weapons Market Share Analysis?Major companies operating in the man-portable anti-armor weapons market are focused on introducing new products, such as high-firepower weapon system, to strengthen their position in the market. For instance, in December 2021, MBDA Missile Systems, a France-based developer and manufacturer of missiles, introduced the new MPCV/MMP (Multi-Purpose Combat Vehicle) anti-tank guided missile weapon station, which is the most advanced high-firepower weapon system that has been especially created to satisfy the most demanding demands of contemporary combat in both complicated urban and open battlefield conditions.
How Is The Global Man-Portable Anti-Armor Weapons Market Segmented?1) By Type: Anti-Aircraft Missiles, Rocket Propelled Grenades, Anti-Tank Rifles, Recoilless Rifle2) By Technology: Guided Weapons, Unguided Weapons3) By Application: Homeland Security, Defense
Geographical Insights: North America Leading The Man-Portable Anti-Armor Weapons MarketNorth America was the largest region in the market in 2023. Asia-Pacific is expected to be the fastest-growing region in the market report during the forecast period. The regions covered in the report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Man-Portable Anti-Armor Weapons Market DefinitionMan-portable anti-armor weapons refer to shoulder-fired military weapons such as missiles, rifles, and grenades. Troop can transfer these anti-armor weapons easily from one site to another in order to destroy enemy battle tanks, planes, and other armored vehicles. These weapons are highly capable of destroying both static and moving targets.
Man-Portable Anti-Armor Weapons Global Market Report 2024 from TBRC covers the following information:• Market size data for the forecast period: Historical and Future• Macroeconomic factors affecting the market in the short and long run• Analysis of the macro and micro economic factors that have affected the market in the past five years• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
An overview of the global man-portable anti-armor weapons market report covering trends, opportunities, strategies, and moreThe Man-Portable Anti-Armor Weapons Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on man-portable anti-armor weapons market size, man-portable anti-armor weapons market drivers and trends, man-portable anti-armor weapons market major players and man-portable anti-armor weapons market growth across geographies. This report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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