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Man-portable Anti-armor Weapons Market to Observe Strong Development by 2025
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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 bn 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 Research and Development 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.
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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
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