The increase in the defense budget will positively contribute to the growth of the defense missile systems market.

Newark, May 23, 2022 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global anti-tank missile system market is expected to grow from USD 2.43 billion in 2021 to USD 3.36 billion by 2030, at a CAGR of 3.68% during the forecast period 2022-2030.

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The changing nature of wars in the modern world has been brought to the forefront by escalating confrontations between countries over territorial disputes, ideological disagreements, border concerns, and socioeconomic and geopolitical crises. The risk of close combat battles on borders increases in the contemporary world. With technologically advanced materials and equipment, heavily armored vehicles with the ability to lethally destroy enemy targets and take the troops behind the enemy lines are being developed. On the other hand, to counter and neutralize such sophisticated pieces of armor, advanced anti-tank missile systems are being produced. Global military spending has increased in line with the increasing disputes and conflicts worldwide. With the growing possibility of standoffs, the rising defense budgets focus on developing simple, lightweight, and effective ammunition that provides leverage to the troops on the battlefield or in close-quarter combat. Increased R&D to manufacture high-end, long-range anti-tank missile systems capable of striking targets with a greater range is gaining popularity in the security establishments and would present attractive prospects for market players in 2022-2030. However, the operation and control of such advanced anti-tank missile systems require extensive training, which must be done regularly to get equipped with the systems' new features, limiting the global anti-tank missile system market's growth. Also, the Integration of systems that aid the tanks in evading the radar of anti-tank missile systems has been growing and could challenge the market's growth.

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Competitive Strategy

To enhance their market position in the global anti-tank missile system market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.

• Turkey has developed the Mizrak-U or UTMAS long-range air-to-surface anti-tank missile system. Mizrak-U has a range of 5-8 kilometers and may be fitted into aerial vehicles, including UAVs, helicopters, and light assault planes.
Market Growth & Trends

The market for anti-tank missile systems will grow and develop as the defense budget increases to modernize the army. The changing geopolitical dynamics will encourage investments in creating new ground and air-based anti-tank missile weapons, highlighting the importance of having solid offensive and defensive infrastructure and systems to safeguard countries against unintentional aggression. Governments and private market participants working together to build the anti-tank missile systems will also create profitable prospects. The anti-tank missile system market will benefit from the growing trend of defense indigenization. Integrating advanced weaponry to combat enemy actions has garnered the attention of the governments, who are now producing high-end anti-tank missile systems that are tactically operationalized to destroy heavily armored enemy vehicles. India, China, and Japan extensively invest in developing indigenous anti-tank missile systems due to increasing confrontations among hostile neighbors. The 2020 LAC standoff between India and China has continued at certain friction points accompanied by the deployment of troops, arms, ammunition, and armored vehicles. India has escalated its indigenous defense production and technology acquisition to upgrade its army, air force, and naval capabilities in the face of a two-front war with Pakistan and China. For example, India successfully test-fired its first indigenously developed Man-Portable Guided Anti-Tank Missile in 2022. It is a lightweight fire and forgets anti-tank missile with a range of 14 km.

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Key Findings

• In 2021, the ground segment dominated the market with the largest market share of 46% and market revenue of 11.88 billion.

The platform segment is divided into ground and airborne. In 2021, the ground segment dominated the market with the largest market share of 58% and market revenue of 1.40 billion.

• The man-portable segment is expected to grow at the fastest CAGR of 4.52% over the forecast period.

The product type segment is divided into man-portable and vehicle-mounted. Over the forecast period, the man-portable segment is expected to grow at the fastest CAGR of 4.52%.

• In 2021, the defense segment accounted for the largest share of the market, with 65% and a market revenue of 1.58 billion.

The application is divided into defense and internal security. In 2021, the defense segment accounted for the largest share of the market, with 65% and a market revenue of 1.58 billion.

Regional Segment Analysis of the Anti-Tank Missile System Market

• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

Among all regions, the North American region emerged as the largest market for the global anti-tank missile system market, with a market share of around 36.31% and 0.88 billion of market revenue in 2021. The anti-tank missile system market in North America has been expanding rapidly. The United States of America dominates the anti-tank missile system market in the North American region. The federal U.S. government's increasing spending on anti-tank missile systems to counter the rising Russian threat in Europe and protect its transatlantic allies will significantly contribute to the North American dominance in the anti-tank missile system market. The increasing defense expenditure by the Canadian government is also contributing to the dominance of this region in the global anti-tank missile market.

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Key players operating in the global anti-tank missile system market are:

• Elbit Systems Ltd.
• General Dynamics Corporation
• Denel Dynamics
• Lockheed Martin Corporation
• MBDA Missiles Systems
• KBP Instrument Design Bureau
• Rafael Advanced Defense Systems Ltd.
• Raytheon Technologies Corporation
• ROCKETSAN A.S.
• BAE Systems PLC

This study forecasts revenue at global, regional, and country levels from 2019 to 2030. The Brainy Insights has segmented the global anti-tank missile system market based on the below-mentioned segments:

Global Anti-tank Missile System Market by Platform:

• Ground
• Airborne

Global Anti-Tank Missile System Market by Product Type:

• Man Portable
• Vehicle Mounted

Global Anti-Tank Missile System Market by Application:

• Defense
• Internal Security

About the report:

The global anti-tank missile system market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.

About The Brainy Insights:

The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirement whether they are looking to expand or planning to launch a new product in the global market.

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