Anti Tank Missile System Market Growth Analysis

Market Insights

The Anti Tank Missile System Market was estimated at US$ 19.5 billion in 2021 and is expected to grow at a CAGR of 4.9% during 2022-2028 to reach US$ ~21.3 billion in 2028.

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Market Dynamics

The government-mandated shutdown implemented to stop the spread of COVID-19 has prompted anti-tank missile system manufacturers to suspend their production activities. Additionally, military organizations are required to postpone their intentions to purchase anti-tank missile systems. Due to a scarcity of labour and raw materials, defence firms are experiencing financial losses from the inventory holding costs of incomplete anti-tank missile systems. The travel prohibition put in place by the authorities to contain the COVID-19 spread has a significant negative influence on the development and testing of anti-tank missile systems by preventing employee travel to their places of employment. All transfers and sales of anti-tank missile systems will be halted until the COVID-19 epidemic is under control since governments have dedicated all financial resources to that cause.

To attack and obliterate tanks and other heavily armoured military vehicles, anti-tank missiles are being developed. These weapons come in a variety of sizes, from man-portable to tripod-mounted to shoulder-launched to weapons installed on ground vehicles to weapons mounted on aircraft. Armed soldiers, ground vehicles, and fighter planes can engage and outgun small, medium, and main battle tanks (MBTs), even at wider ranges, thanks to these weapons. The increasing purchase of anti-tank missiles and rising military expenditures in some nations are two reasons that are driving the global market. The development of long-range anti-tank missiles and R&D expenditures on the industry's existing weapon systems are further market drivers. Due to an increase in global defence spending, the anti-tank missile market is expanding significantly. An anti-tank missile system's primary goal is to eliminate armoured vehicles like main battle tanks or army fighting vehicles without the need for a bottom operator.

Due to the escalating regional conflicts, the market for anti-tank missile systems is expanding significantly on a worldwide scale. Tanks and armoured vehicles are destroyed by anti-tank missile systems. When utilized in close-ground combat, tanks and other armoured vehicles represent a serious threat to ground troops and military infrastructures like bunkers, communication towers, and ammo depots. An armored vehicle is neutralized by an anti-tank missile system by piercing strong armour and destroying it. Without jeopardizing the lives of the operators, anti-tank missile systems provide infantry the potential to attack even a main battle tank (MBT) employing reactive armor and composite armour from a distance.

The safety of the missile system operator is ensured by long-range anti-tank missile systems by keeping the operator out of tank cannon range. For instance, Turkey has created the Mizrak-U or UTMAS long-range air-to-surface anti-tank missile system. Mizrak-U can be integrated with aerial vehicles including UAVs, helicopters, and light attack aircraft, and has an operational range of 5-8 KM. The worldwide anti-tank missile system market is anticipated to grow as a result of these long-range anti-tank missile system advances.

Attack helicopters may deploy anti-tank missile systems to kill main battle tanks (MBTs) equipped with reactive armour and composite armour from a long-range without putting the lives of army personnel or the pilot in danger. Additionally, defences like smoke screens and operator identification in the line of duty are worthless against anti-tank missiles. The drivers driving the global anti-tank missile system market include the sharp increase in military spending, growth in demand for composite armour piercing capabilities, and rise in long-range anti-tank missile systems. Instead, the need for precision targeting and fire-and-forget capabilities opens up new economic opportunities.

Growth in the industry is, however, hampered by the development of anti-tank missile countermeasures including active protection systems and electronic jammers.

Several investments/guidelines in the industry have been directed in recent years, which would boost the overall market. Some of them are:

• Some of the reasons driving the worldwide anti-tank missile system market include an increase in military spending, a rise in demand for composite armour penetrating capabilities, and an increase in the deployment of long-range anti-tank missile systems. The expansion of the industry is, however, hampered by the development of anti-tank missile countermeasures including active protection systems and electronic jammers. On the other hand, the need for fire-and-forget capabilities and precision targeting opens up new business opportunities.

Segments Analysis

By Type

The worldwide market has been segmented into man-portable and vehicle-mounted products based on type. During the forecast period, the man-portable category, which had the biggest market share in 2020, is anticipated to see the highest CAGR. The most popular anti-tank weapon on the market is a man-portable missile, also known as a shoulder-launched anti-tank missile. These devices can be carried by one soldier since they are small and light. The entire kit comes with the necessary optics, a tripod assembly, a launcher, and a missile. The mobile and stationary armoured vehicles are both targets of the man-portable anti-tank missile system.

By Platform Type

The global market has been divided into airborne and ground-based segments depending on platform. In 2020, the ground-based category had a bigger market share, and throughout the forecast period, the CAGR is anticipated to be higher. Unmanned aerial vehicle use is anticipated to increase, fueling the segment's expansion. The ground-based anti-tank missiles are made to be fired from the ground, either by infantry or armoured vehicles. These missiles can successfully attack and destroy ground targets (such as heavily armoured tanks and other armoured fighting vehicles). As a result, the segment is anticipated to grow over the forecast period.

Regional Analysis

The market has been divided into categories based on the following geographical regions: North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America. According to estimates, North America will have the largest market share in 2020. However, over the projection period, Asia-Pacific is anticipated to develop at the greatest CAGR. The region's growing border and terrorist risks are what are driving demand there. Additionally, in recent years, nations like China, India, and Japan have made significant investments in anti-tank missiles. As a result, Asia-Pacific is anticipated to see the market's highest CAGR throughout the forecast period.

Key Players

There is stiff competition in the anti tank missile system market. The growth of the companies is directly dependent on industry conditions and government support. These companies differentiate their anti tank missile system based on their quality and penetration in the target and emerging markets. Also, some major mergers and acquisitions in the industry recently have significantly influenced the competitive dynamics. For example:

• Military organizations are spending money on cutting-edge weaponry to dominate the battlefield. For instance, in February 2020, the US Department of Defense awarded a contract worth approximately 18 million USD to Raytheon and Lockheed Martin, two major US defence contractors with headquarters in Massachusetts and Maryland, respectively, for the production of Javelin anti-tank missile systems for sales to partner nations like Australia, Ukraine, and Turkey, among others. The worldwide market for anti-tank missile systems is anticipated to be driven by such investments in the purchase of military systems around the globe.

The overall competitive landscape has been affected due to these mergers and acquisitions. The following are the major players in the anti tank missile system market:

• Rafael Advanced Defense Systems (Israel)
• ROKETSAN AS (Turkey)
• KBP Instrument Design Bureau (Russia)
• MBDA (France)
• Raytheon Company (US)
• Saab AB (Sweden)
• General Dynamics Corporation (US)
• Elbit Systems Ltd (Israel)
• Denel Dynamics (South Africa)
• Lockheed Martin Corporation (US)

Research Methodology

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

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