Deployment of Advanced Warfare Technologies for Military Operations to Provide Growth Opportunities for Loitering Munition Market During 2023–2028
According to our latest study on "Loitering Munition Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type and Platform," the market was valued at US$ 972.44 million in 2022 and is expected to reach US$ 1,539.02 million by 2028; it is anticipated to register a CAGR of 8.4% from 2023 to 2028.
The growing demand for the usage of loitering munitions by different armed forces for their respective missions is one of the major factors supporting the procurement of loitering munitions worldwide. For instance, in November 2022, Russian forces used a Lancet loitering munition to strike a Ukrainian Gyruza-M-class patrol boat. Also, several other types of loitering munitions had been used during the Russia–Ukraine war in recent scenarios. In December 2022, the Ministry of Defense (MOD) of Lithuanian announced that it signed a contract with the US to procure American-made Switchblade 300 and Switchblade 600 loitering munitions designed and manufactured by AeroVironment. The contract value was ~US$ 47.90 million (€45 million). Such developments are catalyzing the loitering munition market size of different regions.
Loitering Munition Market - by Region, 2022
Loitering Munitions Market Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Type (Fixed Wing, Rotary Wing); Platform (Air, Naval, Land); and Geography
Loitering Munition Market Forecast, Trends, Scope by 2031
Download Free Sample
Further, other key factors supporting the loitering munition market growth are increasing in the military expenditure by various countries, increasing number of contracts to procure loitering munitions, and rising awareness for deploying smart munitions into armed forces. Such factors encourage loitering munition market players to develop new and innovative products to cater to the growing market demand for loitering munitions across the world. In addition, a few emerging or developing nations, such as India, Taiwan, and Indonesia, are focusing on the in-house manufacturing of loitering munitions. For instance, in July 2022, DAHANA launched a loitering munition called Rajata. Rajata is a novel technology and the first to be manufactured in Southeast Asia.
Moreover, various new loitering munition market players are manufacturing different products to secure their share in the loitering munition market. For instance, in April 2022, Solar Group (a globally recognized industrial explosives manufacturer in India) was close to offering its drone-fired loitering munition systems to the armed forces under the Make II model. Similarly, in February 2023, Paramount Aerospace Systems (PAS) (a subsidiary of Paramount Group company) announced that its N-Raven loitering munition would start production in the first quarter of 2023, with first deliveries in October, to meet urgent requirements of armed forces across the world. Thus, the emergence of new market players is anticipated to offer promising opportunities for the loitering munition market players.
The loitering munition market is segmented on the basis of type and platform. Based on type, the loitering munition market is divided into fixed wing and rotary wing. The fixed wing segment held a larger loitering munition market share in 2022. Based on platform, the loitering munition market is segmented into air, naval, and land. The land segment contributed the largest loitering munition market share in 2022.
By geography, the loitering munition market is segmented into five key regions—North America, Europe, Asia Pacific, Middle East & Africa, and South America. Middle East & Africa held the largest revenue share in 2022, followed by North America and Europe. Asia Pacific is projected to be the fastest growing region and is expected to register the highest CAGR of 10.2% from 2023 to 2028.
A few major loitering munition market players are Lockheed Martin Corporation, WB Group, IAI, UVision Air Ltd, Elbit Systems Ltd, STM Savunma Teknolojileri Mühendislik ve Ticaret AŞ, AVision Systems Pvt Ltd, Aeronautics Ltd, Rafael Advanced Defense Systems, and AeroVironment. In addition to these players, several other important market players operating in the ecosystem were analyzed during this market research study to get a holistic overview of the global loitering munition market.
Contact Us
Phone: +1-646-491-9876
Email Id: sales@theinsightpartners.com