Press release
Man-Portable Anti-Armor Weapons Market: Strong Growth Predicted with a CAGR of 6.1% and Major Focus on Precision and Lethality
Anti-Armor Weapons Market
What Is The Projected Market Size Of The Global Man-Portable Anti-Armor Weapons Market And Its Growth Rate?
The man-portable anti-armor weapons market shows promising growth. Here are some key projections:
* Market Size in 2024: $5.91 billion
* Market Size in 2025: $6.27 billion with a CAGR of 6.2%
* Market forecast for 2029: $7.94 billion with a CAGR of 6.1%
This progress can be attributed to factors such as precision and lethality improvements, adaptation to threats, geopolitical factors, cost-efficiency, and affordability.
What Is Driving The Growth In The Man-Portable Anti-Armor Weapons Market?
The upswing in defense budgets is propelling the man-portable anti-armor weapons market. Defense budgets fund personnel, training, medical expenses, and weapon maintenance and acquisition. As defense budgets rise, so does the ability to implement costly but necessary missile defense system technologies. For example, a report by the Stockholm International Peace Research Institute showed that global military spending rose to $2.443 trillion in 2023, a 6.8% increase from 2022. The escalating defense budgets are a major driver of growth in the man-portable anti-armor weapons market.
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Who Are the Key Players Driving Man-Portable Anti-Armor Weapons Market Growth?
The market growth is being propelled by major players such as:
* 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.
What Are The Key Trends In The Man-Portable Anti-Armor Weapons Market?
Here are the top trends in the sector:
* Regulatory and geopolitical factors
* Attempts towards cost-efficiency
* Integration of smart and network-centric technologies
* Adaptation to modern threats
* Enhanced precision and lethality
What Are The Segments Of The Global Man-Portable Anti-Armor Weapons Market?
The market is divided into the following segments:
1) By Type: Anti-Aircraft Missiles, Rocket Propelled Grenades, Anti-Tank Rifles, Recoilless Rifle
2) By Technology: Guided Weapons, Unguided Weapons
3) By Application: Homeland Security, Defense
Which Region Leads The Man-Portable Anti-Armor Weapons Market?
North America was the largest region in the man-portable anti-armor weapons market in 2024. However, Asia-Pacific is projected to be the fastest-growing region in the market in the upcoming years. Other regions covered in the market report are Western Europe, Eastern Europe, South America, Middle East, and Africa.
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What Is Covered In The Man-Portable Anti-Armor Weapons Market Global Market Report?
- Market Size Analysis: Analyze the Man-Portable Anti-Armor Weapons Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Man-Portable Anti-Armor Weapons Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Man-Portable Anti-Armor Weapons Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Man-Portable Anti-Armor Weapons Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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