Wilmington, Delaware, March 19, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Loitering Munition System Market by Type (Autonomous Loitering Munition System and Manual Loitering Munition System) and Platform (Land, Air, and Navy): Global Opportunity Analysis and Industry Forecast, 2022–2032". According to the report, the global loitering munition system market size was valued at $1.55 billion in 2022, and is projected to reach $4.38 billion by 2032, registering a CAGR of 10.94% from 2023 to 2032.
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• 129 - Tables
• 48 - Charts
• 274 – Pages
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Prime Determinants of Growth
The global loitering munition system market is driven by factors such as surging demand for loitering munition system in forces of special operations, which fuels the demand for loitering munition system. In addition, the market is influenced by surge in demand for land-based loitering munition system. However, rise in deployment of antiballistic missile and drone systems could hinder the market growth. On the contrary, the wide-ranging operational capabilities of kamikaze drones for various units and forces provide lucrative opportunities for market growth.
Report Coverage and Details:
| Report Coverage | Details |
| Forecast Period | 2022–2032 |
| Base Year | 2022 |
| Market Size In 2022 | $1.55 Billion |
| Market Size In 2032 | $4.38 Billion |
| CAGR | 10.94% |
| No. Of Pages in Report | 274 |
| Segments Covered | Type, Platform and Region |
| Drivers | Surging Demand for Loitering Munition System in Forces of Special Operations To Drive The Market Growth |
| Opportunities | Wide-Ranging Operational Capabilities of Kamikaze Drones for Various Units And Forces |
| Restraints | Rise In Deployment of Antiballistic Missile and Drone Systems Restricting the Market Growth |
Recent Developments and Strategies in Loitering Munition Systems
- Indian Defense Contract: In April 2023, Solar Industries, an Indian subsidiary of Economic Explosives, secured a significant contract from the Ministry of Defense. This marks India's first foray into manufacturing loitering munitions, showcasing the company's adaptability to new technologies. The contract, valued at USD 2020 million, is slated for completion within a year.
- Indigenous Innovation: Tata Advanced Systems Ltd. delivered the first domestically designed and developed loitering munitions to the Indian Air Force in May 2023. Equipped with vertical takeoff and landing (VTOL) technology, these munitions boast autonomy and precision, enhancing operational capabilities across varied terrains.
- HALCON's Expansion: HALCON, a prominent player in guided weapons systems, inked a deal worth AED USD 299 million in February 2023 to supply loitering munitions to the UAE Armed Forces. The HUNTER family of munitions, tailored for intelligence, surveillance, reconnaissance (ISR), and aerial strike missions, underscores HALCON's commitment to regional defense.
- Estonia's Defense Enhancement: Estonia bolstered its defense capabilities by acquiring long-range loitering missiles in May 2023. These acquisitions, set for delivery in 2024, are complemented by comprehensive training for defense forces, fortifying Estonia's indirect fire capabilities.
- US Military Procurement: The American Military's Tactical Aviation and Ground Munitions Project Office allocated additional funding of USD 64.7 million to AeroVironment in April 2023. This procurement of Switchblade 300 Low Loitering Missile Systems, managed by the U.S. Army's Contracting Command, Redstone Arsenal, reinforces the country's defense arsenal, with deliveries slated for July 2024.
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The autonomous loitering munition system segment to maintain its leadership status throughout the forecast period
Based on type, the autonomous loitering munition system segment held the highest market share in 2022, accounting for more than three-fifths of the global loitering munition system market revenue and is estimated to maintain its leadership status throughout the forecast period.
An autonomous loitering munition system refers to a type of weapon that can operate independently, loitering in a target area for a period until a suitable target is identified and engaged. The rise in efforts to develop indigenous munition system by developing nations in Asia-Pacific region is expected to support the segment demand.
The land segment to maintain its leadership status throughout the forecast period
Based on platform, the land segment held the highest market share in 2022, accounting for nearly three-fourths of the global loitering munition system market and is estimated to maintain its leadership status throughout the forecast period. However, the same segment is projected to manifest the highest CAGR of 11.36% from 2023 to 2032. The increasing adoption of autonomous technologies in military operations, including the development of unmanned ground vehicles (UGVs) equipped with loitering munitions is contributing to the market growth.
North America to maintain its dominance by 2032
Based on region, North America held the highest market share in terms of revenue in 2022, accounting for nearly two-fifths of the global loitering munition system market revenue and is likely to dominate the market during the forecast period. The advancements in sensor technology, artificial intelligence, and communication systems have contributed to the evolution of loitering munitions, enabling greater autonomy, flexibility, and effectiveness in engaging both stationary and moving targets with reduced collateral damage. Europe is expected to witness highest growth in forecast period owing to increase in loitering munition demand in the emerging markets of U.K. and Germany.
Key Highlights of the Report:
- Comprehensive Market Analysis: The loitering munition system market analysis encompasses over 16 countries, offering a detailed breakdown of market value ($million) from 2022 to 2032 for each country.
- Robust Research Methodology: Our research methodology blends high-quality data, expert opinions, and independent insights to present a holistic view of the global market. This approach empowers stakeholders to make informed decisions in pursuit of ambitious growth objectives.
- Extensive Data Review: With a meticulous review of over 3,700 product catalogs, annual reports, industry descriptions, and comparable resources from leading industry players, our research provides a deep understanding of market dynamics and trends.
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Leading Market Players: -
- Rheinmetall AG
- AeroVironment, Inc.
- WB Group
- Israel Aerospace Industries Ltd.
- UVision Air Ltd.
- Paramount Group
- Embenation
- STM Savunma Teknolojileri Mühendislik ve Ticaret A.Ş.
- ZALA Aero group
- Elbit Systems Ltd
The report provides a detailed analysis of these key players in the global loitering munition system market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
