Anti-tank Missile System Market Report

Global Anti-tank Missile System Market:

The global anti-tank missile system market size reached US$ 3.1 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 4.2 Billion by 2032, exhibiting a growth rate (CAGR) of 3.1% during 2024-2032. The rising defense budgets by governments for advanced systems to strengthen military capabilities are stimulating the market.

Anti-tank Missile System Market Analysis:

• Major Market Drivers: The increasing geopolitical tensions encourage countries to invest in more effective missile systems for national security, which is propelling the market.
• Key Market Trends: The growing technological advancements in making missile systems more accurate are acting as growth-inducing factors.
• Competitive Landscape: Some of the major market companies include Denel Aerostructures (Pty) Ltd. (Denel SOC Ltd.), Elbit Systems Ltd., General Dynamics Corporation, KBP Instrument Design Bureau (Rostec), Lockheed Martin Corporation, MBDA, Rafael Advanced Defense Systems Ltd., Raytheon Technologies Corporation, and Saab AB, among many others.
• Geographical Trends: Asia Pacific is experiencing growing demand due to the rising defense budgets and regional tensions. In contrast, Europe focuses on modernizing its military capabilities and North America leads in technological advancements. Meanwhile, Latin America and the Middle East are investing in defense infrastructure, driven by security concerns.
• Challenges and Opportunities: The high development and acquisition costs are hindering the market. However, adopting cost-effective production methods and enhancing international defense collaborations to share technological advancements and reduce expenses will continue to strengthen the market over the forecasted period.

Anti-tank Missile System Market Trends:

Increasing Defense Budgets Globally

Countries are prioritizing military expenditures to enhance their defense capabilities. Moreover, this trend leads to significant investments in advanced weapon systems, including anti-tank missiles. In addition, nations recognize the need to modernize their arsenals, thereby ensuring they can effectively counter potential threats and maintain strategic advantages in evolving security environments. For instance, in September 2024, the Netherlands awarded Israeli firm Rafael Advanced Defense Systems a contract to upgrade over two hundred medium-range anti-tank missile launchers for up to €250 million. The new Integrated Command Launch Unit will enable the use of the Spike LR2 missile, thereby enhancing combat range and addressing urgent security needs in Europe.

Rising Geopolitical Tensions and Conflicts

The escalation of regional disputes and military confrontations drives demand for effective anti-tank solutions. They seek reliable systems to protect ground troops and armored vehicles as nations face threats from hostile forces. Furthermore, this growing urgency emphasizes the importance of advanced anti-tank missile capabilities in maintaining national security and deterrence. For instance, in January 2024, the Indian Army demonstrated its advanced anti-tank guided missile (ATGM) capabilities in Tawang, Arunachal Pradesh, highlighting systems, such as the NAG missile. This development enhances deterrence against incursions, particularly along the Line of Actual Control (LAC) with China.

Advancements in Missile Technology and Design

Ongoing innovations in missile technology, such as improved guidance systems and increased range, are reshaping the anti-tank missile landscape. Moreover, these advancements enhance the effectiveness and precision of these systems, making them crucial in modern warfare. In contrast, the focus on research and development ensures that anti-tank solutions remain competitive and reliable. For instance, in August 2024, the Defence Research and Development Organisation (DRDO) successfully test-fired the indigenously developed Man-Portable Anti-Tank Guided Missile (MP-ATGM) at a field range in Jaisalmer, Rajasthan, India. This shoulder-launched system is designed to effectively destroy enemy tanks and armored vehicles, bolstering defense capabilities.

Global Anti-tank Missile System Industry Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with the market forecast at the global, regional, and country levels for 2018-2032. Our report has categorized the market based on missile type, platform, and end user.

Breakup by Missile Type:

• Man-Portable
• Vehicle-Mounted
   

The report has provided a detailed breakup and analysis of the market based on the missile type. This includes man-portable and vehicle-mounted.

As per the anti-tank missile system market outlook, man-portable systems offer flexibility and mobility for infantry, making them ideal for quick deployment. Meanwhile, vehicle-mounted systems provide enhanced firepower and range, thereby supporting armored units with greater operational capabilities in both offensive and defensive scenarios.

Breakup by Platform:

• Airborne
• Ground-Based
   

The report has provided a detailed breakup and analysis of the market based on the platform. This includes airborne and ground-based.

Airborne platforms offer flexibility and mobility, providing quick strikes against armored targets. At the same time, ground-based platforms deliver stability and sustained firepower, making them essential for defensive operations and prolonged engagements in various combat environments.

Breakup by End User:

• Military
• Commercial
   

The report has provided a detailed breakup and analysis of the market based on the end user. This includes military and commercial.

Military sectors control the use of these systems for defense and tactical operations. In contrast, commercial use remains limited, primarily focusing on testing, research, and manufacturing for defense contractors involved in production and technological innovation.

Breakup by Region:

• North America
  • United States
  • Canada
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

The market research report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico and others), and the Middle East and Africa.

In the Asia Pacific, increasing defense spending and regional conflicts are boosting the demand for advanced missile systems, and Europe is focused on modernizing its military infrastructure, with an emphasis on missile upgrades. In contrast, North America remains at the forefront of innovation and technology. At the same time, Latin America and the Middle East are enhancing their defense capabilities, while Africa sees a gradual increase in military investments driven by regional security concerns, which is elevating the anti-tank missile market share.

Competitive Landscape:

The market research report has provided a comprehensive analysis of the competitive landscape. Detailed profiles of all major market companies have also been provided. Some of the key players in the market include:

• Denel Aerostructures (Pty) Ltd. (Denel SOC Ltd.)
• Elbit Systems Ltd.
• General Dynamics Corporation
• KBP Instrument Design Bureau (Rostec)
• Lockheed Martin Corporation
• MBDA
• Rafael Advanced Defense Systems Ltd.
• Raytheon Technologies Corporation
• Saab AB
   

(Please note that this is only a partial list of the key players, and the complete list is provided in the report.)

 Anti-tank Missile System Market Recent Developments:

• September 2024: Netherlands awarded Israeli firm Rafael Advanced Defense Systems a contract to upgrade over two hundred medium-range anti-tank missile launchers for up to €250 million. The new Integrated Command Launch Unit will enable the use of the Spike LR2 missile, thereby enhancing combat range and addressing urgent security needs in Europe.
• August 2024: The Defence Research and Development Organisation (DRDO) successfully test-fired the indigenously developed Man-Portable Anti-Tank Guided Missile (MP-ATGM) at a field range in Jaisalmer, Rajasthan, India. This shoulder-launched system is designed to effectively destroy enemy tanks and armored vehicles, bolstering defense capabilities.
• January 2024: The Indian Army demonstrated its advanced anti-tank guided missile (ATGM) capabilities in Tawang, Arunachal Pradesh, highlighting systems, such as the NAG missile. This development enhances deterrence against incursions, particularly along the Line of Actual Control (LAC) with China.

Anti-tank Missile System Market Report Scope:

Key Questions Answered in This Report:

• How has the global anti-tank missile system market performed so far, and how will it perform in the coming years?
• What has been the impact of COVID-19 on the global anti-tank missile system market growth?
• What are the key regional markets?
• What is the breakup of the market based on the missile type?
• What is the breakup of the market based on the platform?
• What is the breakup of the market based on the end user?
• What are the various stages in the value chain of the industry?
• What are the key driving factors and challenges in the industry?
• What is the structure of the global anti-tank missile system market, and who are the key players?
• What is the degree of competition in the industry?

Key Benefits for Stakeholders:

• IMARC's industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the anti-tank missile system market from 2018-2032.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the global anti-tank missile system market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assists stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the anti-tank missile system industry and its attractiveness.
• The competitive landscape allows stakeholders to understand their competitive environment and provides insight into the current positions of key players in the market.