Loitering Munition Market Size Worth $1.53 Bn, Globally, by 2028 | Exclusive Report by The Insight Partners
Loitering Munition Market is growing at a CAGR of 8.4% from 2023 to 2028.
Pune, India, Nov. 02, 2023 (GLOBE NEWSWIRE) — According to The Insight Partners, “Loitering Munition Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type (Fixed Wing and Rotary Wing), Platform (Air, Naval, and Land), and Geography,” the market was valued at US$ 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.
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Loitering Munition Market: Competitive Landscape and Key Developments
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 are a few of the key loitering munition market players profiled in the study.
In March 2023, Innovaero Pty Ltd partnered with BAE Systems to develop Strix unmanned aerial system and is also working independently to develop a next-generation extended-range autonomous loitering munition named Owl.
In October 2021, Israel Aerospace Industries (IAI) and Korea Aerospace Industries (KAI) signed a memorandum of understanding at the Seoul International Aerospace and Defense Exhibition 2021 for a loitering munitions program. The collaboration will maximize the effectiveness of strike missions against enemy air defenses. The new partnership offers the South Korean military with new technologies and establish concrete cooperation plans through joint feasibility studies between the two companies.
Loitering Munition Market: Type Overview
Based on type, the loitering munition market is bifurcated into fixed wing and rotary wing. According to the loitering munition market analysis, the fixed wing segment accounted for a larger loitering munition market share in 2022 and is expected to retain its dominance during the forecast period as well.
Global Loitering Munition Market Scope:
|Market Size Value in||USD 972.44 Million in 2022|
|Market Size Value by||USD 1,539.02 Million by 2028|
|Growth rate||CAGR of 8.4% from 2023 to 2028|
|Segments covered||Type, Platform|
|Regional scope||North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South & Central America.|
|Country scope||Argentina, 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|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
The loitering munition market is segmented into five major regions—North America, Europe, Asia Pacific, Middle East & Africa, and South America. In 2022, Middle East & Africa led the loitering munition market with a substantial revenue share, followed by North America and Europe.
The armed forces across different countries are investing heavily in procuring ammunition and munitions, which is another major factor aiding the growth of the loitering munition market. Further, the rising tension between the countries of different regions is another major factor driving the demand for loitering munitions. For instance, the constant tension across countries such as India-Pakistan, China-Taiwan, China-India, Russia-Ukraine, and Russia-US is fueling the need to strengthen the armed forces of these countries. Hence, the armed forces of these countries are focusing on the procurement of smart munitions. Some of the contracts provided by different armed forces for loitering munitions are mentioned below:
In February 2023, Edge Group entity HALCON won a contract worth US$ 299.48 million from the UAE armed forces to provide HUNTER 2-S (swarming), HUNTER 5, and HUNTER 10 loitering munitions.
In December 2022, UVision bagged a contract from the defense ministry of Argentina to supply HERO-120 and HERO-30 loitering munitions.
In October 2022, Innovaero—an aerospace OEM that deals in developing medium to large autonomous unmanned aerial systems (UAS)—signed a contract with the Australian Department of Defence to develop a sovereign loitering munition with a range of 200 km and a choice of payloads.
In September 2022, Rheinmetall and UVision won a contract of an undisclosed amount to supply Hero loitering munitions to a NATO military force in Europe.
In February 2021, Israel Aerospace Industries (IAI) bagged three contracts worth more than US$ 100 million from Asian countries to supply loitering munition systems.
Such contracts are pushing the loitering munition market players to develop new and innovative products to remain competitive in such an emerging market. Also, the increasing number of contracts for loitering munitions is contributing to the loitering munition market growth across different regions.
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Loitering Munition Market: COVID-19 Overview
The COVID-19 pandemic severely impacted several businesses and economies across the globe. Lockdowns imposed by governments of various countries affected the global manufacturing sectors, supply chains, and logistics operations owing to the complete or partial discontinuation of industrial activities. The military sectors experienced temporary discontinuation of operations across various production facilities, which ultimately hampered the procurement of loitering munition. For instance, according to the Lockheed Martin Corporation annual report 2021, the production facilities of the company were temporarily shut down, which adversely affected the output from its manufacturing units in 2020. The production rate was decreased and resulted in delays, which hindered the loitering munition market growth. Thus, supply chain disruptions and loss of production led to declined revenues for several countries and enterprises across the globe. Thus, due to such factors the loitering munitions market size witnessed a decline in 2020.
Go through further research published by The Insight Partners:
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