Man-portable Anti-armor Weapons Market Size
| Study Period | 2019-2029 |
| Market Size (2024) | USD 6.05 Billion |
| Market Size (2029) | USD 7.81 Billion |
| CAGR (2024 - 2029) | 5.22 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Man-portable Anti-armor Weapons Market Analysis
The Man Portable Anti-Armor Weapons Market size is estimated at USD 6.05 billion in 2024, and is expected to reach USD 7.81 billion by 2029, growing at a CAGR of 5.22% during the forecast period (2024-2029).
The roles of independent fighting groups are continuously evolving in modern battlefields. Data from recent combat operations reflect the high frequency of engagements with hostile weapon emplacements in various man-made and natural shelters that cannot be dominated solely using small arms or inferior firepower.
Man-portable anti-armor weapons are designed to confront these challenges while banking on their sophisticated features, such as extreme agility to react quickly to rapid changes in battlefield scenarios and adaptability to operate through diverse environments while ensuring total safety from various threats.
The market is expected to grow primarily due to the armed forces' procurement and upgrade activities to counter emerging threats. The growth is subjective to several associative factors, such as the allocation of funds for the procurement of new equipment.
However, it may be adversely affected due to the rapid technological advances resulting in the effective life of a newly developed technology. The limited range of man-portable anti-armor weapons, the challenges associated with the transfer of technology, and stringent regulatory frameworks and compliance requirements can pose challenges for manufacturers and limit the widespread deployment of these advanced weapons.
Technological advancements, such as precision-guided systems and enhanced targeting capabilities, contribute to the effectiveness of these weapons, making them crucial for military forces seeking to maintain a strategic edge. Moreover, the need for lightweight, easily deployable anti-armor solutions further propels the market forward, as military units prioritize mobility without compromising firepower.
Man-portable Anti-armor Weapons Market Trends
Anti-tank Guided Missiles to Account for the Largest Market Share during the Forecast Period
ATGMs are projected to dominate market share during the forecast period. This is due to the ever-increasing armored threats across several countries, advancements in armor technology, and various ongoing urban and asymmetric warfare scenarios worldwide. The ATGMs are specially designed to engage and destroy armored vehicles like tanks and other heavily armored targets. They are equipped with advanced guidance systems, high penetration capabilities, and warheads optimized for armor defeat.
The growing need for effective anti-armor capabilities given the ever-evolving threats, coupled with the mounting importance of counter-insurgency operations, are also augmenting the demand for technologically advanced ATGMs with improved penetration capabilities and advanced warhead designs and a surge in military expenditure are propelling the growth of the market.
As governments of different countries increasingly focus on stand-off engagement, the demand for ATGMs is significantly rising. In September 2023, the Polish Armaments Group (PGZ) and the Javelin Joint Venture (JJV) signed an MoU to explore Javelin anti-tank guided missile (ATGM) production in Poland, securing future production and strengthening strategic partnerships.
Asia-Pacific to Witness the Highest Growth during the Forecast Period
Asia-Pacific is expected to be the fastest-growing market during the forecast period in terms of procurement initiatives and adjoining orders placed. Owing to the rising tension among neighboring countries, particularly in the South China Sea dispute, neighboring countries are strengthening their military prowess by rapidly procuring advanced weapon systems such as next-generation anti-tank and anti-aircraft missiles and associated man-portable launch systems.
The arms race in the region is evident through the lavish defense budget spending of regional superpowers such as China and India. India has emerged as one of the top international markets for foreign defense contractors and has reportedly overtaken China as the top arms importer in Asia-Pacific.
Over the last 20 years, China's annual defense budget has increased eightfold, and the country has been focusing on the indigenous development of advanced weaponry to reduce its dependence on imported equipment. On this note, Chinese defense company NORINCO has indigenously designed and developed a state-of-the-art, one-man-portable, fire-and-forget, multipurpose missile called the Red Arrow 12 or HJ-12. The HJ-12 missile system works at par with its Western counterparts and integrates an IR imaging seeker and a TV imaging seeker to provide effective all-weather day and night use capabilities. It has a 2,000-4,000 m range and is equipped with a tandem HEAT warhead to neutralize various targets such as tanks, bunkers, small boats, and helicopters.
In response to the differentiation in the requirements of the armed forces of different countries, the region is witnessing increased cooperation between defense contractors. In January 2022, Saab’s AT4 weapon was selected by the Indian Armed Forces through a competitive program for a single-shot weapon. The Indian Army and the Indian Air Force will use the AT4 weapons. Such trends indicate a positive outgrowth during the forecast period.
Man-portable Anti-armor Weapons Industry Overview
The man-portable anti-armor weapons market is fragmented and highly competitive and is marked by the presence of several prominent players competing for a larger market share. The stringent safety and regulatory policies in the defense segment are expected to restrict the entry of new players.
The market is dominated by global defense systems and technology providers, such as General Dynamics Corporation, MBDA, RTX Corporation, Saab AB, and Lockheed Martin Corporation. The majority of the geographic regions have local players who are equally strong, providing smaller sub-systems of a larger network/project in partnership with the global leaders. Over the years, the local players have mastered technology and product design, and they are expected to become threats to the existing large players who have been demanding monopoly-style prices for their products and services in exchange for brand value, reliability, and quality.
Man-portable Anti-armor Weapons Market Leaders
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Lockheed Martin Corporation
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Saab AB
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RTX Corporation
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General Dynamics Corporation
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MBDA
*Disclaimer: Major Players sorted in no particular order
Man-portable Anti-armor Weapons Market News
May 2023: Lockheed Martin and RTX Corporation signed a partnership to manufacture man-portable, anti-tank guided munition systems for domestic and international defense customers under a US Army contract worth potentially USD 7.2 billion.
February 2022: MBDA announced that its Enforcer shoulder-launched guided missile weapon system is scheduled to enter service with the German Army in 2024.
Man-portable Anti-armor Weapons Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
- 4.1 Market Overview
- 4.2 Market Drivers
- 4.3 Market Restraints
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4.4 Porter's Five Forces Analysis
- 4.4.1 Threat of New Entrants
- 4.4.2 Bargaining Power of Buyers/Consumers
- 4.4.3 Bargaining Power of Suppliers
- 4.4.4 Threat of Substitute Products
- 4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
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5.1 Technology
- 5.1.1 Guided
- 5.1.2 Unguided
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5.2 Weapon Systems
- 5.2.1 Man-portable Air Defense Systems (MANPADS)
- 5.2.2 Rocket-propelled Grenade Launchers
- 5.2.3 Anti-tank Guided Missiles (ATGMs)
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5.3 Assembly Type
- 5.3.1 Projectile
- 5.3.2 Launcher
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5.4 Geography
- 5.4.1 North America
- 5.4.1.1 United States
- 5.4.1.2 Canada
- 5.4.2 Europe
- 5.4.2.1 United Kingdom
- 5.4.2.2 Germany
- 5.4.2.3 France
- 5.4.2.4 Russia
- 5.4.2.5 Rest of Europe
- 5.4.3 Asia-Pacific
- 5.4.3.1 India
- 5.4.3.2 China
- 5.4.3.3 Japan
- 5.4.3.4 South Korea
- 5.4.3.5 Rest of Asia-Pacific
- 5.4.4 Latin America
- 5.4.4.1 Brazil
- 5.4.4.2 Mexico
- 5.4.4.3 Rest of Latin America
- 5.4.5 Middle East and Africa
- 5.4.5.1 United Arab Emirates
- 5.4.5.2 Saudi Arabia
- 5.4.5.3 Turkey
- 5.4.5.4 South Africa
- 5.4.5.5 Rest of Middle East and Africa
6. COMPETITIVE LANDSCAPE
- 6.1 Vendor Market Share
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6.2 Company Profiles
- 6.2.1 AirTronic USA Inc.
- 6.2.2 Bharat Dynamics Limited
- 6.2.3 China Ordnance Industries Group Corporation Limited
- 6.2.4 LIG Nex1 Co. Ltd
- 6.2.5 Lockheed Martin Corporation
- 6.2.6 MBDA
- 6.2.7 MKE Kurumu
- 6.2.8 Nammo AS
- 6.2.9 RTX Corporation
- 6.2.10 Roketsan Roket Sanayii ve Ticaret AS
- 6.2.11 Rostec State Corporation
- 6.2.12 Saab AB
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Man-portable Anti-armor Weapons Industry Segmentation
Man-portable anti-armor weapons refer to shoulder-fired military weapons such as missiles, rifles, and grenades. Troops can transfer these anti-armor weapons easily from one site to another to destroy enemy battle tanks, planes, and other armored vehicles. These weapons are highly capable of destroying both static and moving targets.
The man-portable anti-armor weapons market is segmented based on technology, assembly type, weapon systems, and geography. Based on technology, the market is segmented into guided and unguided. By weapon systems, the market is segmented into man-portable air defense systems (MANPADS), anti-tank guided missiles (ATGMs), and rocket-propelled grenade launchers. The report also covers the market sizes and forecasts for the man-portable anti-armor weapons market in major countries across different regions. For each segment, the market size is provided in terms of value (USD).
| Technology | Guided | |
| Unguided | ||
| Weapon Systems | Man-portable Air Defense Systems (MANPADS) | |
| Rocket-propelled Grenade Launchers | ||
| Anti-tank Guided Missiles (ATGMs) | ||
| Assembly Type | Projectile | |
| Launcher | ||
| Geography | North America | United States |
| Canada | ||
| Geography | Europe | United Kingdom |
| Germany | ||
| France | ||
| Russia | ||
| Rest of Europe | ||
| Geography | Asia-Pacific | India |
| China | ||
| Japan | ||
| South Korea | ||
| Rest of Asia-Pacific | ||
| Geography | Latin America | Brazil |
| Mexico | ||
| Rest of Latin America | ||
| Geography | Middle East and Africa | United Arab Emirates |
| Saudi Arabia | ||
| Turkey | ||
| South Africa | ||
| Rest of Middle East and Africa |
Man-portable Anti-armor Weapons Market Research FAQs
How big is the Man Portable Anti-Armor Weapons Market?
The Man Portable Anti-Armor Weapons Market size is expected to reach USD 6.05 billion in 2024 and grow at a CAGR of 5.22% to reach USD 7.81 billion by 2029.
What is the current Man Portable Anti-Armor Weapons Market size?
In 2024, the Man Portable Anti-Armor Weapons Market size is expected to reach USD 6.05 billion.
Who are the key players in Man Portable Anti-Armor Weapons Market?
Lockheed Martin Corporation, Saab AB, RTX Corporation, General Dynamics Corporation and MBDA are the major companies operating in the Man Portable Anti-Armor Weapons Market.
Which is the fastest growing region in Man Portable Anti-Armor Weapons Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Man Portable Anti-Armor Weapons Market?
In 2024, the North America accounts for the largest market share in Man Portable Anti-Armor Weapons Market.
What years does this Man Portable Anti-Armor Weapons Market cover, and what was the market size in 2023?
In 2023, the Man Portable Anti-Armor Weapons Market size was estimated at USD 5.73 billion. The report covers the Man Portable Anti-Armor Weapons Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Man Portable Anti-Armor Weapons Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Man-portable Anti-Tank Systems Industry Report
Statistics for the 2024 Man-portable Anti-Tank Systems market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Man-portable Anti-Tank Systems analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
