Man-Portable Anti-Armor Weapons Global Market Report 2024

The man-portable anti-armor weapons market size has grown strongly in recent years. It will grow from $5.67 billion in 2023 to $6.03 billion in 2024 at a compound annual growth rate (CAGR) of 6.4%. The expansion observed in the historical period can be attributed to enhancements in precision and lethality, adaptability to evolving threats, geopolitical considerations and demand, cost-efficiency, affordability, and the versatility and multi-role capability of the respective subject.

The man-portable anti-armor weapons market size is expected to see strong growth in the next few years. It will grow to $7.7 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%. The anticipated growth in the forecast period can be ascribed to trends such as miniaturization and portability, the increase in smart and network-enabled systems, multi-role capabilities, a heightened focus on lethality and precision, and an emphasis on cost-efficiency. Prominent trends expected in the forecast period encompass considerations of regulatory and geopolitical factors, concerted efforts towards achieving cost-efficiency, the integration of smart and network-centric technologies, adaptation to modern threats, and an increased emphasis on precision and lethality.

The growth of the man-portable anti-armor weapons market is expected to be propelled by an increase in defense budgets. Defense budgets represent the portion of the federal budget allocated to defense, covering personnel, training, medical expenses, and the acquisition and maintenance of weapons and equipment. The rise in defense budgets facilitates the implementation of costly but essential missile defense system technologies. According to a report by the Stockholm International Peace Research Institute (SIPRI) in April 2022, global military spending exceeded $2 trillion, increasing by 0.7% in real terms in 2021 to reach $2113 billion. This marked the seventh consecutive year of rising military spending globally, with Russia increasing its military budget by 2.9% to $65.9 billion in 2021, and China expected to spend $293 billion on its military forces, reflecting a 4.7% increase from the previous year. Consequently, the growth of the man-portable anti-armor weapons market is being driven by the surge in defense budgets.

The anticipated growth of the man-portable anti-armor weapons market is also attributed to the increasing terrorism threat. Terrorism involves the illegal use of force or violence against individuals or property for purposes such as coercion, intimidation, or ransom. Man-portable anti-armor weapons provide terrorists with the capability to cause significant damage to military vehicles, security forces, and civilian infrastructure, enhancing their standoff capability and carrying a symbolic impact. In 2022, there was an average of 1.7 fatalities per terrorist attack, compared to 1.3 fatalities per attack in 2021, as reported by ReliefWeb. Consequently, the escalating terrorism threat is contributing to the growth of the man-portable anti-armor weapons market.

Major companies in the man-portable anti-armor weapons market are actively introducing new products to strengthen their market positions. For instance, in December 2021, MBDA Missile Systems, a France-based missile developer and manufacturer, launched the MPCV/MMP (Multi-Purpose Combat Vehicle) anti-tank guided missile weapon station. This advanced high-firepower weapon system is designed to meet the demands of contemporary combat in both urban and open battlefield conditions. It features four ready-to-fire missiles, electro-optical sensors, a small caliber cannon, and an integrated firing console. Additionally, Bharat Dynamics Limited (BDL), an India-based defense manufacturing company, launched anti-tank and anti-aircraft weapon systems in October 2022.

Companies operating in the man-portable anti-armor weapons market are also focusing on product launches to drive revenue. Anti-tank weapons, designed for accuracy and high energy to pierce armor, and anti-aircraft weapons, targeting and eliminating aircraft, are among the products introduced. For example, in October 2022, Bharat Dynamics Limited (BDL) launched anti-tank and anti-aircraft weapon systems, catering to specific defense needs.

In November 2021, True Velocity, a US-based technology and composite manufacturing company, acquired LoneStar Future Weapons for approximately $84 million. This strategic acquisition equips True Velocity with innovative capabilities in developing lightweight ammunition and advanced manufacturing technologies for man-portable weapon systems, leveraging LoneStar Future Weapons' expertise in research, design, quality control, and precision manufacturing.

Major companies operating in the man-portable anti-armor weapons market report are 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., Denel Dynamics, Northrop Grumman, Bioquell Ltd., HDT Global Inc., AirBoss Defense Group, Blucher GMBH, FLIR Systems Inc., MSA Safety Incorporated, Argon Electronics Ltd., Avon Protection Systems Inc., Chemring Group plc, Environics Oy, The Boeing Company, Rheinmetall AG, Jadara Equipment & Defence Systems, Roketsan Roket Sanayii ve Ticaret A.S., Luch Design Bureau.

North America was the largest region in the man-portable anti-armor weapons market in 2023. Asia-Pacific is expected to be the fastest-growing region in the man-portable anti-armor weapons market report during the forecast period. The regions covered in the man-portable anti-armor weapons market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the man-portable anti-armor weapons market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary categories of man-portable anti-armor weapons include anti-aircraft missiles, rocket-propelled grenades, anti-tank rifles, and recoilless rifles. Anti-aircraft missiles (AAM) represent short-range ballistic missile systems that are both portable and specifically designed for the destruction of aerial targets. The technologies involved include guided and unguided weapons, serving various applications such as homeland security and defense.

The man-portable anti-armor weapons market research report is one of a series of new reports that provides man-portable anti-armor weapons market statistics, including man-portable anti-armor weapons industry global market size, regional shares, competitors with a man-portable anti-armor weapons market share, detailed man-portable anti-armor weapons market segments, market trends and opportunities, and any further data you may need to thrive in the man-portable anti-armor weapons industry. This man-portable anti-armor weapons 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.

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.


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