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Anti-tank missiles are designed to attack and destroy armoured military vehicles such as tanks. These weapons come in a variety of sizes, from man-portable, tripod-mounted, and shoulder-launched to ground vehicle and aircraft-mounted. Due to escalating regional conflicts, the global market for Anti-Tank Missile Systems is booming. Tanks and other armoured vehicles are utilised in close ground warfare and pose a serious threat to ground soldiers and war infrastructure such as bunkers, communication towers, and ammo depots. An anti-tank missile system neutralises an armoured vehicle by piercing and destroying its heavy armour. The anti-tank missile system allows infantry to kill main battle tanks (MBTs) with reactive and composite armour from a large distance without compromising the operators' lives.
Due to rising defence expenditures in several nations, the worldwide anti-tank missile market has a chance to grow. The increased acquisition of anti-tank missiles, increasing R&D investments on current missile systems, and the introduction of long-range anti-tank missiles are all contributing to the worldwide anti-tank missiles market's growth.
Based on Type, the Anti-Tank Mssile System market is segmented into, Man-Portable, and Vehicle- Mounted. The global market is dominated by man-portable anti-tank missiles, also known as shoulder-launched anti-tank missiles. These systems are small and light enough for a single soldier to carry. The missile, launcher, tripod assembly, and needed optics are all included in the full kit. The anti-tank missile system is designed to destroy troops, stationary armoured vehicles, and mobile armoured vehicles. Based on Application, the market is classified into Homeland, and Defense. The market is bifurcated into Land and Aerial by the platform. Based on geography, the market is segmented into North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America.
The major companies included in the global Anti-Tank Missile System market report are Denel Dynamics (South Africa), Raytheon Company (The U.S.), Elbit Systems Ltd (Israel), Rafael Advanced Defense Systems (Israel) Lockheed Martin Corporation (The U.S.), General Dynamics Corporation (The U.S.), Saab AB (Sweden), KBP Instrument Design Bureau (Russia), ROKETSAN A.S. (Turkey), MBDA (France), and among others.
The Anti-Tank Mssile System market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America. North America led the market in terms of market share, and this position is projected to be maintained over the forecast period. Technology developments in warfare platforms, as well as rising military budgets in nations like the United States (The U.S.) and Canada, are important market drivers in this area. Because of its superior technology, North America has a larger market than South America. the U.S. Department of Defense (DoD) spending a large amount on procurement of advanced, innovative solutions for defense applications. Besides, The US administration has also declared plans to build a new strategy for a more aggressive space-based missile defence system, as well as counter advanced cruise missiles like those developed by China and Russia. Various ongoing developments may thus contribute to the growth of the North American missiles and missile defence systems market throughout the forecast period.
France, Germany, and the United Kingdom (The U.K) all have strong economies in Europe owing to the increased focus on strengthening defense capabilities. As a result, it has the potential to be a profitable market.
During the projection period, Asia-Pacific is expected to increase at the fastest rate. Terrorism and border threats are on the rise in the region, driving up demand. Furthermore, in recent years, countries such as China, India, and Japan have invested heavily in anti-tank missiles. As a result, Asia-Pacific is predicted to develop at the fastest CAGR throughout the projection period.
Growing focus on adoption of Anti Tank Missile System across the world is expected to expand the market size in Latin America and the Middle East & Africa respectively during an estimated period.
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