The global loitering munition system market size was valued at USD 0.91 billion in 2021. It is projected to reach USD 1.80 billion by 2029 at a CAGR of 8.43% during the forecast period. The market is anticipated to expand due to the increased demand for precision-guided munitions to perform a broader range of warhead tasks. Fortune Business Insights™ stated this in a report titled, ” Global Loitering Munition System Market, 2022-2029.”
Growing trend of Smart Technologies Bolstered Manual Positioning Loitering Munition Systems
On the basis of application, the market is classified into positioning loitering munition systems, manual positioning loitering munition systems, and autonomous identification. The manual positioning loitering munition systems segment will gain traction due to its applications in warheads, such as precision strike control and automatic selection of targets.
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Drivers and Restraints
Rising Investments on Precision Attacking TechnologiesPromotes Product Demand
The rising demand for accurate munitions for target attacking in military and tactical operations has increased the need for the product. Furthermore, due to its lightweight nature, automated mechanism and capability to destroy the targets at the desired location are some other factors that drive the global loitering munition system market growth. Meanwhile, the growing adoption of ballistic missiles to counter missile defense could lower the demand for the product.
Growing Investments in the Defense SectorNurtures Growth in North America
North America will likely dominate the global loitering munition system market share and is expected to lead the global market, with an aim to strengthen its defense capabilities. Furthermore, the growing technological advancements and rise in defense expenditure across the region could spur market growth.
Europe is likely to create lucrative opportunities across the region due to the presence of prominent manufacturers and growing investments in military operations to develop improved missiles and artilleries.
Asia Pacific is projected to witness remarkable growth in regions such as Japan, India, and China during the forecast period due to the growing demand for guided weapons to tackle border tensions.
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Soaring Investments in Military Operations Will Favor Market Growth
Leading companies will likely invest in R&D activities, technological advancements, and product rollouts to expand their geographical presence. With soaring investments in innovation and advanced design, stakeholders could inject funds into mergers and acquisitions.
January 2022: Switchblade 300 Sensor-to-Shooter Kit introduced by AeroVironment Inc. to improve the mission mapping and gives operators a chance to maximize their shooting range.
List of the Companies Profiled in the Global Loitering Munition SystemMarket:
- Israel Aerospace Industries Ltd. (IAI) (Israel)
- AeroVironment Inc. (U.S.)
- UVision Air Ltd. (Israel)
- Paramount Group (South Africa)
- Embention (Spain)
- WB Group (Poland)
- STM Savunma Teknolojileri ve Mühendislik A.Ş. (Turkey)
- ZALA Aero Group (Russia)
- Rheinmetall AG (Germany)
- Elbit Systems Ltd. (Israel)
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