Man-Portable Anti-Armor Weapons Global Market Opportunities And Strategies To 2034

The man-portable anti-armor weapons market is segmented by type into anti-aircraft missiles, rocket propelled grenades, anti-tank rifles and recoilless rifle. The rocket propelled grenades market was the largest segment of the man-portable anti-armor weapons market segmented by type, accounting for 41.01% or $2.42 billion of the total in 2024. Going forward, the anti-tank rifles segment is expected to be the fastest growing segment in the man-portable anti-armor weapons market segmented by type, at a CAGR of 6.18% during 2024-2029.

The man-portable anti-armor weapons market is segmented by technology into guided weapons and unguided weapons. The guided weapons market was the largest segment of the man-portable anti-armor weapons market segmented by technology, accounting for 67.47% or $3.98 billion of the total in 2024. Going forward, the guided weapons segment is expected to be the fastest growing segment in the man-portable anti-armor weapons market segmented by technology, at a CAGR of 6.18% during 2024-2029.

The man-portable anti-armor weapons market is segmented by application into homeland security and defense. The defense market was the largest segment of the man-portable anti-armor weapons market segmented by application, accounting for 74.06% or $4.37 billion of the total in 2024. Going forward, the homeland security segment is expected to be the fastest growing segment in the man-portable anti-armor weapons market segmented by application, at a CAGR of 6.92% during 2024-2029.

North America was the largest region in the man-portable anti-armor weapons market, accounting for 32.99% or $1.94 billion of the total in 2024. It was followed by Asia Pacific, Western Europe and then the other regions. Going forward, the fastest-growing regions in the man-portable anti-armor weapons market will be Asia Pacific and Eastern Europe where growth will be at CAGRs of 8.02% and 5.85% respectively. These will be followed by South America and Western Europe where the markets are expected to grow at CAGRs of 5.65% and 5.54% respectively.

The global man-portable anti-armor weapons market is fairly fragmented, with large number of small players operating in the market. The top ten competitors in the market made up to 21.97% of the total market in 2023. Lockheed Martin Corporation was the largest competitor with a 3.34% share of the market, followed by Saab AB with 3.16%, Raytheon Technologies Corp. with 3.06%, MBDA Holdings SAS with 2.76%, Bharat Dynamics Limited with 1.96%, China Ordnance Industries Group Corporation Limited (COIGC) (subsidiary of Norinco (China North Industries Group Corporation) with 1.84%, Denel Dynamics Ltd. with 1.73%, Roketsan Roket Sanayii ve Ticaret AS with 1.56%, Rheinmetall AG with 1.37% and Agilent Rafael Advanced Defense Systems Ltd. with 1.20%.

The top opportunities in the man-portable anti-armor weapons market segmented by type will arise in the rocket propelled grenades segment, which will gain $778.11 million of global annual sales by 2029. The top opportunities in the man-portable anti-armor weapons market segmented by technology will arise in the guided weapons segment, which will gain $1.39 billion of global annual sales by 2029. The top opportunities in the man-portable anti-armor weapons market segmented by application will arise in the defense segment, which will gain $1.19 billion of global annual sales by 2029. The man-portable anti-armor weapons market size will gain the most in China at $290.12 million.

Market-trend-based strategies for the man-portable anti-armor weapons market include entering into strategic partnerships, prioritizing the launch of new products, such as portable missile systems, focus on expanding manufacturing plants, to increase production capacity, enhance efficiency and focus on securing more orders to drive revenue growth.

This report describes and explains the man-portable anti-armor weapons market and covers 2019-2024, termed the historic period, and 2024-2029, 2034F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.

The global man-portable anti-armor weapons market reached a value of nearly $5.9 billion in 2024, having grown at a compound annual growth rate (CAGR) of 3.88% since 2019. The market is expected to grow from $5.9 billion in 2024 to $7.71 billion in 2029 at a rate of 5.48%. The market is then expected to grow at a CAGR of 5.07% from 2029 and reach $9.87 billion in 2034.

Growth in the historic period resulted from expansion of defense exports and alliances, rising adoption of lightweight and portable weapons, expansion of domestic defense manufacturing capabilities and increased funding for defense technology startups. Factors that negatively affected growth in the historic period were arms control treaties and agreements and shift toward unmanned systems.

Going forward, rising defense budgets, rise in military modernization programs, increasing geopolitical conflicts and border disputes, government support and policies and increasing procurement by developing nations will drive the growth. Factor that could hinder the growth of the man-portable anti-armor weapons market in the future include supply chain disruptions and stringent regulatory frameworks.

Player-adopted strategies in the man-portable anti-armor weapons market include focus on enhancing business capabilities through the launch of new products.

To take advantage of the opportunities, the analyst recommends the man-portable anti-armor weapons market companies to focus on new product launches to strengthen market position, focus on manufacturing expansion to meet demand and localize production, focus on securing high-value orders to drive revenue and build market confidence, focus on anti-tank rifles to capitalize on fastest growing segment, focus on guided weapons to maximize growth and precision capabilities, expand in emerging markets, focus on strategic partnerships to localize production and expand market access, focus on tiered pricing to align with procurement budgets and maximize reach, focus on government-focused demonstrations to drive procurement engagement, focus on targeted digital campaigns to support market expansion, focus on homeland security to leverage fastest segment growth and infrastructure demand.

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