Market Highlights

The global anti-tank missile system market is projected to expand at a compound annual growth rate (CAGR) of 4.9% from 2022 to 2028, reaching US$ 21.3 billion in 2028 from its estimated value of US$ 19.5 billion in 2021.

Anti Tank Missile System Market CAGR

2022-2028

CAGR OF

4.9%

Anti Tank Missile System Market

Manufacturers of anti-tank missile systems have stopped manufacturing in response to the government-mandated halt imposed to stop the spread of COVID-19. Furthermore, military organizations must delay their plans to acquire anti-tank missile systems. Defense companies are losing money because of the inventory holding costs of unfinished anti-tank missile systems due to a lack of labor and raw materials.Because it prohibits employees from traveling to their places of employment, the travel ban imposed by the government in an attempt to contain the COVID-19 outbreak has a substantial detrimental impact on the development and testing of anti-tank missile systems. Since governments have committed all financial resources to combating the COVID-19 pandemic, all sales and transfers of anti-tank missile systems will stop until the outbreak is under control.

Anti-tank missiles are being developed to target and destroy tanks and other heavily armored military vehicles. These weapons can be man-portable, tripod-mounted, shoulder-launched, fitted on ground vehicles, or mounted on aircraft, among other sizes. These weapons enable armed combatants, armored vehicles, and fighter aircraft to engage and outgun light, medium, and main battle tanks (MBTs), even at longer ranges. The two factors propelling the global anti-tank missile system market are the growing acquisition of anti-tank missiles and the growing military spending in certain countries. Additional market drivers include the development of long-range anti-tank missiles and R&D spending on the industry's current armament systems.

Anti-tank missiles are being developed to attack and destroy armored military vehicles, including tanks. These weapons come in a variety of sizes, including shoulder-launched, tripod-mounted, portable, and mounted on ground vehicles and aircraft. These weapons allow fighters, armored personnel, and ground vehicles to engage and eventually destroy small, medium, and heavy battle tanks (MBTs) even at longer ranges. The anti-tank missile industry is growing rapidly as a result of rising defense spending worldwide. The basic objective of an anti-tank missile system is to destroy armored vehicles, such as army fighting vehicles or main battle tanks, without requiring a bottom operator.

The global anti-tank missile system market is growing rapidly as a result of the intensifying regional conflicts. Anti-tank missile systems destroy tanks and armored vehicles. Tanks and other armored vehicles pose a significant risk to ground forces and military installations such as bunkers, communication towers, and ammunition depots when used in close-quarters warfare. An anti-tank missile system destroys and penetrates thick armor to neutralize an armored vehicle. Anti-tank missile systems allow troops to launch a long-range attack on a main battle tank (MBT) using reactive armor and composite armour, all without endangering the lives of the operators.

Anti Tank Missile System Market

By Application

Homeland

Defense

The Market will Grow

At the CAGR of:

4.9%

The Forecast Market

Size for 2028 in USD:

$21.3B

Long-range anti-tank missile systems protect the missile system operator by keeping them out of the tank cannon's firing range. For example, Turkey developed the long-range air-to-surface anti-tank missile system known as UTMAS, or Mizrak-U. With an operational range of 5-8 KM, Mizrak-U can be combined with light attack aircraft, helicopters, and unmanned aerial vehicles (UAVs). These long-range anti-tank missile system advancements are expected to fuel growth in the global anti-tank missile system market.

Attack helicopters may use anti-tank missile systems to destroy main battle tanks (MBTs) with composite and reactive armor at a great distance without endangering the lives of army soldiers or the pilot. Furthermore, anti-tank missiles defeat the purpose of defenses like smoke screens and operator identification in the line of duty. The significant rise in military spending, the expansion of the need for composite armour piercing capabilities, and the development of long-range anti-tank missile systems are the factors propelling the global anti-tank missile system market. Rather, new business opportunities are created by the requirement for precise targeting and fire-and-forget capabilities.

However, the development of anti-tank missile countermeasures, such as active protection systems and electronic jammers, is impeding the industry's growth.
Recent years have seen a number of directives and investments in the sector that should expand the anti-tank missile system market as a whole. Among them are: • Growing military spending, a need for composite armour penetrating capabilities, and a rise in the deployment of long-range anti-tank missile systems are some of the factors propelling the global anti-tank missile system market. However, the development of anti-tank missile countermeasures, such as active protection systems and electronic jammers, is impeding the industry's growth. However, the requirement for precise targeting and fire-and-forget capabilities creates new economic prospects.

Market Segment Analysis

Anti Tank Missile System Market

By Platform

XX%

Land

Aerial

19.5

Total Market Size

USD (Billion), 2022

4.9%

CAGR

2022 - 2028

Based on product type, the global anti-tank missile system market has been divided into man-portable and vehicle-mounted segments. The man-portable category, which held the largest market share in 2020, is predicted to grow at the fastest rate throughout the forecast period. A man-portable missile, sometimes referred to as a shoulder-launched anti-tank missile, is the most widely used anti-tank weapon available. Because these devices are lightweight and compact, one soldier can carry them. The complete kit includes a launcher, a missile, a tripod assembly, and the required optics. The man-portable anti-tank missile system targets both stationary and mobile armored vehicles.

Depending on the platform, the global anti-tank missile system market has been split into groups for ground-based and aerial applications. The ground-based category held a larger market share in 2020, and the CAGR is expected to increase over the course of the forecast period. It is expected that the use of unmanned aerial vehicles would rise, supporting the segment's growth. The anti-tank missiles positioned on the ground are designed to be launched by armored vehicles or infantry. Ground targets, like as heavily armored tanks and other armoured battle vehicles, can be successfully attacked and destroyed by these missiles. Thus, it is expected that the segment will expand during the course of the forecast year.

Anti Tank Missile System Market

By Region

The Market will Grow

At the CAGR of:

4.9%

The Forecast Market

Size for 2028 in USD:

$21.3B

The following geographic regions have been used to categorize the global anti-tank missile system market: North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America. Estimates indicate that in 2020, North America will hold the highest market share. On the other hand, Asia-Pacific is expected to grow at the highest CAGR during the projection period. The factors fueling demand in the region include the expanding border and the threat of terrorism. Moreover, countries like China, India, and Japan have made large investments in anti-tank missiles recently. Asia-Pacific is therefore expected to have the greatest CAGR in the global anti-tank missile system market throughout the duration of the forecast.

Key Players

In the anti-tank missile system market, there is fierce competition. The state of the sector and government assistance have a direct impact on the companies' growth. Based on their quality and level of penetration in both target and emerging markets, these businesses set themselves apart with their anti-tank missile systems. Additionally, a few recent large mergers and acquisitions in the sector have had a big impact on the competitive dynamics. As an illustration:
• To rule the battlefield, military organizations are investing money on state-of-the-art equipment. For example, the US Department of Defense awarded Lockheed Martin and Raytheon, two significant US defense contractors with headquarters in Massachusetts and Maryland, respectively, a contract worth roughly 18 million USD in February 2020 for the production of Javelin anti-tank missile systems for sales to partner countries like Australia, Ukraine, and Turkey, among others. Such investments in the acquisition of military systems globally are expected to fuel the global anti-tank missile systems market.
These mergers and acquisitions have had an impact on the competitive landscape as a whole. 

In the anti-tank missile system market, the following companies are significant players:
The following companies are listed: Raytheon Company (US), Saab AB (Sweden), Elbit Systems Ltd (Israel), Denel Dynamics (South Africa), Rafael Advanced Defense Systems (Israel), ROKETSAN AS (Turkey), KBP Instrument Design Bureau (Russia), MBD (France), and Lockheed Martin Corporation (US).

Anti Tank Missile System Market Scope: