Market Trends of Man Portable Anti-Armor Weapons Industry
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.
