Key advantages of manned ATGMs include their ability to engage targets from covered or concealed positions, as well as their accuracy and penetration capabilities. The growing necessity for advanced ground platforms that enhance combat efficiency against armored threats is propelling the demand for manned ATGMs globally.
The Global Manned Anti-Tank Guided Missile System Market is estimated to be valued at US$ 352.7 Mn in 2024 and is expected to exhibit a CAGR of 4.3% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Manned Anti-Tank Guided Missile System market include BAE Systems, Denel Dynamics, Elbit Systems Ltd, General Dynamics Corporation, KBP Instrument Design Bureau, Lockheed Martin Corporation, Hensoldt, and Leonardo S.p.A. BAE Systems and Lockheed Martin Corporation are considered the largest suppliers of manned ATGMs globally.
The manned ATGM market is driven by growing demand for combat-proven platforms capable of ensuring mission-critical superiority against armor threats. Increasing defense budgets and modernization initiatives across nations are facilitating procurement of state-of-the-art aerial and ground-based ATGM systems.
Key manufacturers are expanding their global footprints through partnerships, mergers, and acquisitions to strengthen distribution networks and service support across Asia Pacific, Middle East, Europe, and Americas. For instance, in 2022, BAE Systems partnered with Saab to offer advanced ATGM solutions to countries procuring Gripen fighter jets.
Market key trends
One of the prominent trends in the Manned Anti-Tank Guided Missile System Market Size is the increasing demand for fire-and-forget missiles equipped with lock-on before launch (LOBL) capabilities. LOBL systems enable ATGMs to independently track and engage targets after launch, reducing dependency on operator line-of-sight. This improves survivability of manned ATGM crews and effectiveness against fast-moving targets. Key players have enhanced their product portfolios to include LOBL variants of ATGMs such as Javelin, Spike, and MILAN. With advancement in imaging infrared and millimeter-wave technologies, the demand for next-generation fire-and-forget LOBL ATGMs is expected to rise significantly over the forecast period.
Porter’s Analysis
Threat of new entrants: Low capital requirements allow new players to enter the market easily. However, established relationships with armed forces and certification requirements for weapons systems act as entry barriers.
Bargaining power of buyers: Individual military customers have significant purchasing power and procurement budgets, allowing them to negotiate on price and specifications. The global nature of defense procurement enables buyers to evaluate options from multiple suppliers.
Bargaining power of suppliers: Key components such as missiles, guidance systems and targeting technologies involve specialized engineering expertise. This gives large suppliers significant influence over prices and delivery timelines.
Threat of new substitutes: While uncrewed systems offer alternatives, manned anti-tank missiles fulfill tactical requirements that alternatives cannot yet replace, reducing threat from substitutes for now.
Competitive rivalry: Major players compete on product performance as well as locking-in long term contracts. Frequent tenders ensure competitive pricing but also lead to high R&D and customer support costs.
Geographically, North America currently accounts for the largest share of the manned anti-tank guided missile system market, in terms of value. This is attributed to large procurement budgets and ongoing modernization programs of the U.S. and Canadian armed forces.
The manned anti-tank guided missile system market in Asia Pacific is expected to grow at the fastest pace during the forecast period. This can be attributed to mounting defense budgets and ongoing plans to replace aging stockpiles in China, India, Japan and South Korea. Growing procurement of cutting-edge anti-armor capabilities by emerging economies will further drive the regional market.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
About Author - Money Singh
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc. LinkedIn Profile