Press release
Man-Portable Anti-Armor Weapons Market Size, Share, Trends and Industry Analysis
Man-Portable Anti-Armor Weapons
As per the report, 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 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%.
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Rising Defense Budgets Fueling Growth In The Man-Portable Anti-Armor Weapons Market
An increase in defense budgets is expected to propel the growth of the man-portable anti-armor weapons market. The defense budget is the amount of the federal budget devoted to defense, which pays for personnel, training, and medical expenses, in addition to the maintenance and acquisition of weapons and equipment. The increase in defense budgets makes it easier to implement costly but necessary missile defense system technologies. For instance, in April 2022, according to a report published by the Stockholm International Peace Research Institute (SIPRI), a Sweden-based international research institute, global military spending surpasses $2 trillion. Total global military spending increased by 0.7% in real terms in 2021, reaching $2113 billion. In 2021, spending will rise for the seventh consecutive year. Russia upped its military budget by 2.9% to $65.9 billion in 2021 as it strengthened its forces along the Ukrainian border. China is expected to spend $293 billion on its military forces in 2021, a 4.7% increase over the previous year. Therefore, an increase in defense budgets is driving the growth of the man-portable anti-armor weapons market.
High-Firepower Weapon System Transforms The Market
Major companies operating in the man-portable anti-armor weapons market are focused on introducing new products, such as high-firepower weapon system, to strengthen their position in the market. For instance, in December 2021, MBDA Missile Systems, a France-based developer and manufacturer of missiles, introduced the new MPCV/MMP (Multi-Purpose Combat Vehicle) anti-tank guided missile weapon station, which is the most advanced high-firepower weapon system that has been especially created to satisfy the most demanding demands of contemporary combat in both complicated urban and open battlefield conditions. The turret has four ready-to-fire missiles, electro-optical sensors, a small caliber cannon, and a firing console built inside the vehicle. Known as the MMP (Missile Moyenne Portée), this French anti-tank guided missile is man-portable. MMP (Missile Moyenne Portée) is a French man-portable anti-tank guided missile.
The man-portable anti-armor weapons market covered in this report is segmented -
1) By Type: Anti-Aircraft Missiles, Rocket Propelled Grenades, Anti-Tank Rifles, Recoilless Rifle
2) By Technology: Guided Weapons, Unguided Weapons
3) By Application: Homeland Security, Defense
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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 .
Contents of the report:
1. Executive Summary
2. Man-Portable Anti-Armor Weapons Market Report Structure
3. Man-Portable Anti-Armor Weapons Market Trends And Strategies
4. Man-Portable Anti-Armor Weapons Market - Macro Economic Scenario
5. Man-Portable Anti-Armor Weapons Market Size And Growth
…..
27. Man-Portable Anti-Armor Weapons Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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