Man-portable Anti-armor Weapons Market was valued at US$3.64 bn in 2016 which is expected to reach US$6.38 bn by 2025.
Albany, NY -- (SBWIRE) -- 04/20/2019 -- The shoulder-fired or ground-fired weaponries that can be carried by a single soldier and are used to destroy any armored tanks, aircrafts, vehicles, and incoming missiles are known as man-portable anti-armor weapons. These weaponries, of the guided as well as the unguided variety, are highly effective against intended targets. Man-portable anti-armor weapons are typically single-shot weapons while some technologically advanced modern varieties are also multi-shot weapons.
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The demand for man-portable anti-armor weapons has increased at a steady pace in the past few years, owing chiefly to a vast rise in defense budgets of developed as well as developing economies. The rising demand for lightweight anti-armor weapons is encouraging vast developments in the areas of weapon design and technology. This trend is expected to remain one of the key forces guiding the scope of development of the global man-portable anti-armor weapons market in the near future.
Transparency Market Research estimates that the global man-portable anti-armor weapons market, which in terms of revenue was valued at US$3.64 bn in 2016, is expected to reach US$6.38 bn by 2025, exhibiting a CAGR of 6.5% from 2017 to 2025.
On the basis of type, the global man-portable anti-armor weapons market has been segmented in the report into anti-aircraft missiles, rocket propelled grenades, anti-tank rifles, and recoilless rifles. Of these, the segment of rocket propelled grenades contributed the dominant share in revenue to the global market in 2016. Guided rocket propelled grenades are highly effective in destroying targets such as enemy main battle tanks, armored vehicles, and aircrafts at short and long ranges with high precision and are expected to witness strong growth over the report's forecast period as well.
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However, the segment of recoilless rifles, which held third-largest share in 2016, is expected to emerge as the most promising segment in terms of incremental growth opportunity over the forecast period. The demand for recoilless rifles is expected to benefit from their increasing usage among the defense forces as the projectiles fired from these rifles travel at a faster rate than most other man-portable anti-armor weapons. The demand for anti-tank rifle was comparatively less among the military forces in 2016, however, the demand is estimated to grow at a steady pace over the period from 2017 to 2025.