The RPG-7 gets much attention because it's been proliferated all over the world, and therefore its role in modern conflicts. There are even admirers who miss such a weapon in NATO's arsenals; a simple, cheap launcher of acceptable weight with a wide range of warheads.
Well, the Bundeswehr actually had a very, very close equivalent till the 90's when it was replaced by the Panzerfaust 3.
I'm writing about the Panzerfaust 44 "Lanze" (lance). Panzerfaust 44-2 and Panzerfaust 44-2A1 actually; the difference is the sight mount.
|Panzerfaust 44 Lanze||RPG-7 with PG-7V|
|Calibre: Barrel||44 mm||40 mm|
|Calibre: Warhead||67 mm||85 mm|
|Length unloaded||880 mm||950 mm|
|Length loaded||1180 mm||?|
|Weight unloaded||7.82 kg||7.9 kg|
|Weight loaded||10.12 kg||9.15 kg|
|Muzzle velocity||170 m/s||120 m/s|
|Maximum velocity||212 m/s||300 m/s|
|Armour penetration RHAeq CE||375 mm||330 mm|
The performance difference in weight : velocity can be explained with a useful characteristic of the PzF 44: It has a (slightly) reduced backblast thanks to an iron powder counter-mass behind the propellant. The penalty is a higher weight. The weapon was still not cleared for use in confined spaces, though.
The lower velocities also limited the official effective ranges to 200m (moving taget) or 300 m (stationary target) instead of 300 and 500 m respectively. The Lanze's telescopic sight had 100-200-300-400 markings, though.
Western Germany did not develop larger and different warheads for the Lanze, unlike the Soviet Union and Russia with the RPG-7. There were no thermobaric, tandem shaped charge or larger calibre warheads for Lanze. That's why the RPG-7 of today is much more powerful - given the right ammunition - than Lanze ever was. There's a rumour about the existence of a multi-purpose grenade for Lanze, but it wasn't mentioned in the Bundeswehr's field manual (ZDV 3-16).
A larger calibre would have lead to unacceptable weight increases unless the principle of the munition had been changed. In the end, the Bundeswehr introduced the Panzerfaust 3 instead, which had a 110 mm warhead and its 60 mm barrel is part of the ammunition (only the sights are reusable). The Panzerfaust 3 had an unacceptably long development and testing time, being introduced in 1992 after a tactical requirement dated 1973. It had been obsolete against ERA-equipped Warsaw Pact tanks for ten years at the time of its introduction.
Different versions of the Panzerfaust 3 weapon have been procured; especially an anti-ERA version (1998) and the Bunkerfaust, meant to defeat opponents behind walls.
The problematic lack of an intermediate infantry grenade munition between 40mm x 46 low velocity grenades and an about 11 kg heavy Panzerfaust 3 round led to the late introduction of the RGW 60 and in the future possibly RGW 90 as well.
P.S.: If in doubt, trust my figures about the Lanze. They're from an official document. Some web pages assert a higher range against moving targets and different sight range markings.
edit 2015: Scribd has the field manual (in German):