Anti-Tank Missile System Market Report 2024 - Anti-Tank Missile System Market Size, Demand, And Trends

"The Business Research Company recently released a comprehensive report on the Global Anti-Tank Missile System Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, The anti-tank missile system market size has grown steadily in recent years. It will grow from $2.93 billion in 2023 to $3.07 billion in 2024 at a compound annual growth rate (CAGR) of 4.7%. The growth in the historic period can be attributed to increasing military expenditures, cold war arms race, vietnam war and modernization, rise of armor-defeating warheads, evolution of man-portable systems.

The anti-tank missile system market size is expected to see steady growth in the next few years. It will grow to $3.6 billion in 2028 at a compound annual growth rate (CAGR) of 4.1%. The growth in the forecast period can be attributed to international conflict and tensions, integration of artificial intelligence, rise in urban warfare, development of next-generation threats, enhanced survivability and lethality. Major trends in the forecast period include advancements in targeting technology, innovation in warhead technology, increased range and lethality, miniaturization and portability, integration of fire-and-forget systems.

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Market Drivers and Trends:
The increase in the number of cross-border conflicts is expected to propel the growth of the anti-tank missile system market in the coming future. Cross-border disputes refer to a debate among nations over where their borders and rights. These conflicts can arise from various issues, such as resources, ethnic or cultural differences, political ideologies, and historical disputes. The increase in cross-border conflicts is expanding the market for anti-tank missile systems, as they are very effective and used to demolish armored vehicles and tanks. For instance, in November 2021, according to the Pew Research Center, a nonpartisan American think tank, encounters with unaccompanied minors grew from 30,557 in fiscal 2020 to 144,834 in fiscal 2021, while encounters with families increased from 52,230 to 451,087. Therefore, increased cross-border conflicts drive the anti-tank missile system market.

Major organizations operating in the anti-tank missile system market are focused on testing anti-tank missile systems and solutions to bolster their defense capabilities and gain a competitive edge in the defense sector. The aim of flight testing is to determine the effects of the human element on the flight and to distinguish between the gunner's aiming error and errors inherent in the weapon. Flight-testing is necessary because anti-tank guided missiles have a guided flight with a human element in the guidance link, unlike free-flight ballistic trajectories. For example, the Defence Research and Development Organization (DRDO), an India-based government agency, and the Indian Air Force (IAF), an India-based armed forces, successfully flight-tested the Stand-off Anti-tank (SANT) Missile in December 2021. The SANT missile, designed and developed by Research Center Imarat (RCI), is the third indigenous stand-off weapon to be tested recently, following the long-range bomb and the smart anti-airfield weapon, with the goal of bolstering the IAF's arsenal. With its cutting-edge MMW (millimetric wave) seeker, the missile can carry out high-precision strikes from a safe distance. Targets up to ten kilometers away can be neutralized by the weapon.

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Major Key Players of the Market:
Elbit Systems Ltd.; General Dynamics Corporation; Denel Dynamics; Lockheed Martin Corporation; MBDA Missile Systems Inc.; KBP Instrument Design Bureau; Rafael Advanced Defense Systems Ltd.; Raytheon Technologies Corporation; Roketsan A.Ş.; BAE Systems; Saab AB; Israeli Military Industries Ltd; Northrop Grumman; EuroSpike GmbH; Thales Group; Bharat Dynamics Limited; Diehl Defence GmbH & Co. KG; Leonardo S.p.A.; Nexter Systems; Norinco Group Corporation; Rostec State Corporation; Samsung Techwin Co. Ltd.; Korea Aerospace Industries Co. Ltd.; Aselsan A.Ş.; Otokar Otomotiv ve Savunma Sanayi A.Ş.; CZG - Česká zbrojovka Group SE; Nammo AS; Hirtenberger Defence Systems GmbH; Mectron S.p.A.; Eurosam S.A.S.

Anti-Tank Missile System Market 2024 Key Insights:
• The anti-tank missile system market size will grow to $3.6 billion in 2028 at a compound annual growth rate (CAGR) of 4.1%.
• Rising Cross-Border Conflicts Fuel Growth In Anti-Tank Missile System Market
• Defense Organizations Conduct Rigorous Flight Testing To Enhance Anti-Tank Missile Systems' Precision And Effectiveness
• North America was the largest region in the anti-tank missile system market in 2023

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