Anti-Tank Missile System Global Market Report 2023
Major players in the anti-tank missile system market are Elbit Systems Ltd., General Dynamics Corporation, Denel Dynamics, Lockheed Martin Corporation., MBDA Missile Systems Inc., KBP Instrument Design Bureau, Rafael Advanced Defense Systems Ltd.
New York, July 27, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Anti-Tank Missile System Global Market Report 2023" - https://www.reportlinker.com/p06480071/?utm_source=GNW
, Raytheon Technologies Corporation, Roketsan, BAE Systems, Saab AB, Israeli Military Industries Ltd., Northrop Grumman, EuroSpike GmbH, and Thales Group
The global anti-tank missile system market is expected to grow from $2.79 billion in 2022 to $2.93 billion in 2023 at a compound annual growth rate (CAGR) of 5.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The anti-tank missile system market is expected to reach $3.43 billion in 2027 at a CAGR of 4%.
The anti-tank missile system consists of sales of composite or explosive reactive armor, jammersl, semi-automatic, and automatic anti-tank missile systems, guidance system, flight system, engine and warhead.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
The anti-tank missile system comprises a controlled missile system designed to destroy tankers and other armored vehicles in close combat. It combines the advantages of extensive, crew-operated guided missile systems with the simplicity of light anti-armor weapons.
The main types of anti-tank missile systems are man-portable and vehicle-mounted.Airborne refers to something that is done or being in the air, transported by air, wind, or an aircraft.
The airborne mobility anti-tank reserve, tasked with destroying a concentration of AFU troops, moved quickly into the area to examine and destroy the objectives. The anti-tank missile systems are of airborne and ground-based platforms, applied in defense, homeland security, and others.
The increase in the number of cross-border conflicts is expected to propel the growth of the anti-tank missile system market in the coming future.Cross-border disputes refer to a debate among nations over where their borders and rights.
These conflicts can arise from various issues, such as resources, ethnic or cultural differences, political ideologies, and historical disputes.The increase in cross-border conflicts is expanding the market for anti-tank missile systems, as they are very effective and used to demolish armored vehicles and tanks.
For instance, in January 2020, according to European Union, European Union Agency for Criminal Justice Cooperation (Eurojust) assisted 8,799 cross-border criminal investigations in 2020, reflecting a 13% increase in its caseload over the previous year.Moreover, in November 2021, Pew Research Center, a nonpartisan American think tank, Encounters with unaccompanied minors grew from 30,557 in fiscal 2020 to 144,834 in fiscal 2021, while encounters with families increased from 52,230 to 451,087.
Therefore, increased cross-border conflicts drive the anti-tank missile system market.
Technological advancements are the key trend gaining popularity in the anti-tank missile system market.Major companies operating in the anti-tank missile system market are focused on developing innovative technologies to strengthen their position in the market.
For instance, in May 2020, the Javelin collaborative team, a partnership between Raytheon Missiles & Defense, a Raytheon Technologies subsidiary, and Lockheed Martin Corporation, completed the first Javelin F-Model (FGM-148F) missile creation.The Javelin F-Model is equipped with an innovative, sophisticated, multifunctional warhead capable of defeating existing and futuristic armor, particularly explosive reactive armor.
The F-Model additionally has a steel casing that fragments to knock targets that are soft and light vehicles that are armored.The F-Model incorporates numerous characteristics into an individual warhead, such as explosion fragmentation and high-explosive anti-tank.
Lockheed Martin Corporation is a US-based company that operates in the defense, arms, and aerospace sectors, and Raytheon Technologies is a US-based defense and aerospace company.
In November 2020, Lockheed Martin Corporation, a US-based company that operates in the defense, arms, and aerospace sectors acquired Integration Innovation Inc. for an undisclosed amount. Through this acquisition, Lockheed Martin enhances its capability to design, manufacture and create integrated solutions for hypersonic weaponry for its clients. The opportunity to build and deliver hypersonic-specific technological solutions that assist the warfighter is made possible by the portfolio synchronization between i3 and Lockheed Martin. Integration Innovation Inc. is a US-based company that offers missiles, IT, software solutions, etc., operating in the aerospace industry.
North America was the largest region in the anti-tank missile system market in 2022. The regions covered in anti-tank missile system report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The countries covered in the anti-tank missile system market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The anti-tank missile system market research report is one of a series of new reports that provides anti-tank missile system market statistics, including anti-tank missile system industry global market size, regional shares, competitors with an anti-tank missile system market share, detailed anti-tank missile system market segments, market trends and opportunities, and any further data you may need to thrive in the anti-tank missile system industry. This anti-tank missile system market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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