The Loitering Munitions Market size is projected to reach US$ 2.02 billion by 2031 from US$ 1.01 billion in 2023. The market is expected to register a CAGR of 9.0% in 2023–2031. In 2023, fixed wing segment dominated the loitering munition market. Fixed-wing loitering munition can be used for longer range applications than rotary-wing loitering munition as it has greater endurance, higher speed, and larger payload capacity. Fixed- and rotary-wing loitering munitions can be equipped with missiles or bombs to strike targets from a safe distance to reduce the risk of collateral damage. It provides a high degree of accuracy with the ability to precisely engage the target.
Loitering Munitions Market Analysis
The key stakeholders in the loitering munition market are raw material suppliers, component suppliers, loitering munition manufacturers & software integrators, and end users. The raw material suppliers faced several supply chain challenges in procuring transportation services, internal production operations were largely interrupted due to factors such as lack of manpower and other resources, along with several remote operational challenges, since the past few years. All these factors increased the demand and supply gap between raw material suppliers and loitering munition manufacturers worldwide in 2020.
Loitering Munitions Market Overview
Israel Aerospace Industries, UVision, Elbit Systems, AeroVironment, and Rheinmetall AG are the five key market players operating in the loitering munition market. The listing of key players is derived by considering multiple parameters such as overall revenue, brand image, loitering munition contracts, current loitering munition portfolio in terms of number of models, technology integration & product enhancements, geographic reach, new product/feature launches, market initiatives, mergers & acquisitions, and other market-related activities. In addition to these players, multiple other leading global and regional market players, emerging companies, market disruptors and niche market players operating in the market ecosystem were also studied and analyzed during this study.
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Loitering Munitions Market: Strategic Insights
Market Size Value in US$ 972.44 million in 2022 Market Size Value by US$ 1,539.02 million by 2028 Growth rate CAGR of 8.4% from 2023 to 2028 Forecast Period 2023-2028 Base Year 2022
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Loitering Munitions Market: Strategic Insights
| Market Size Value in | US$ 972.44 million in 2022 |
| Market Size Value by | US$ 1,539.02 million by 2028 |
| Growth rate | CAGR of 8.4% from 2023 to 2028 |
| Forecast Period | 2023-2028 |
| Base Year | 2022 |
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Loitering Munitions Market Drivers and Opportunities
Continuous Growth of Defense Sectors Worldwide
The change in the modern warfare system has been urging governments across the globe to allocate higher funds toward respective military forces. The military budget allocation enables military forces to procure advanced technologies and equipment from domestic or international manufacturers. On the same lines, soldier and military vehicle modernization practices are on the rise across numerous countries. With the demand to strengthen military forces with advanced technologies, armaments, artilleries, and vehicles, among others, defense forces across the globe are investing substantial amounts in the products mentioned above. The continuous urge to procure new technologies for combat and non-combat operations by defense forces is further boosting defense spending across geographies.
Rising Deployment of Smart Loitering Munition
The utilization of artificial intelligence (AI) in the military produces new and smart systems that redefine how the combat force is projected on a battlefield. Weapon systems are increasingly getting smaller, more flexible, more precise, more intelligent, and more robust. Autonomous weapon systems have several operational advantages, including speed and agility. They can make decisions faster than human operators, and they do not need to constantly communicate with human operators to function. As smart loitering munition does not involve human operators’ cognitive and physical limitations, it becomes more accurate and resilient than those operators. As a result, the defense industry is witnessing a rising trend of autonomous weapon systems.
Loitering Munitions Market Report Segmentation Analysis
Key segments that contributed to the derivation of the Loitering Munitions Market analysis are type, platform, application, and geography.
- Based on type, the Loitering Munitions Market has been segmented into fixed wing and rotary wing. The fixed wing segment held a larger market share in 2023.
- By application, the market has been segmented into air, naval, and land. The land segment held the largest share of the market in 2023.
Loitering Munitions Market Share Analysis by Geography
The geographic scope of the Loitering Munitions Market report is mainly divided into five regions: North America, Europe, Asia Pacific, Middle East & Africa, and South America.
Middle East & Africa (MEA) has dominated the Loitering Munitions Market in 2023, and it is likely to retain its dominance during the forecast period as well. Moreover, in 2023, North America accounted for the second largest share followed by Europe. In MEA, there is a notable growth in the manufacturing of loitering munitions to provide reliable solutions to the end users. Under the Saudi Vision 2030, the country will focus on developing loitering munitions locally to decrease its imports. This will strengthen local players and attract contracts for loitering munitions from other countries. For instance, in January 2023, Israel Aerospace Industries Ltd announced that they had bagged a multi-million-dollar contract to build and launch loitering munition for the US Department of Defense. The company will develop a loitering munition named ‘Point Blank’ with vertical takeoff and landing capabilities. Thus, such contracts won by the region’s market players are propelling the loitering munition market in the MEA.
Loitering Munitions Market Report Scope
Loitering Munitions Market News and Recent Developments
The Loitering Munitions Market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for loitering munitions market and strategies:
- In 2022, US-based AeroVironment, Inc. won a contract worth US$ 47.90 million (EUR 45 million) to supply Switchblade 300 and Switchblade 600 loitering munitions to the Lithuanian Ministry of Defense. (Source: AeroVironment Inc, Press Release/Company Website/Newsletter)
- In 2022, The Argentine Ministry of Defense (MoD) signed a contract with the Israeli MoD's Directorate of International Defense Cooperation to buy Israel-based Uvision's Hero-120 and Hero-30 loitering munitions. (Source: UVision, Press Release/Company Website/Newsletter)
Loitering Munitions Market Report Coverage and Deliverables
The “Loitering Munitions Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed Porter’s Five Forces analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles with SWOT analysis
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type, and Platform
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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