Pune, India, Nov. 01, 2023 (GLOBE NEWSWIRE) -- The loitering munition system market size was valued at USD 1.03 billion in 2022 and is projected to grow from USD 1.20 billion in 2023 to USD 3.04 billion by 2030 at a CAGR of 14.2% during 2023-2030.
The term "Loitering Munition System Market" refers to the market for a type of military technology known as loitering munitions or loitering drones. These are autonomous or semi-autonomous unmanned aerial vehicles (UAVs) designed to stay in a target area for an extended period, loitering and waiting for a target to engage. Once a target is identified, the loitering munition can be directed to attack it, hence the term "loitering" as they linger in a specific area.
Fortune Business Insights™ mentioned this in a report titled “Loitering Munition System Market, 2023-2030.”
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List of Key Players Present in the Loitering Munition System Market Report:
- 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)
Report Scope & Segmentation:
| Attributes | Details |
| Forecast Period | 2023-2030 |
| Forecast CAGR | 14.2% |
| 2030Value Projection | USD 3.04 billion |
| Market Size in 2023 | USD 1.20 billion |
| Historical Data | 2019-2021 |
| No. of Pages | 200 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
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| Regions Covered |
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| Loitering Munition System Market Growth Drivers | Increasing Demand for Loitering Munition System in Forces of Special Operations is boosting the Market Growth |
| Capability of Kamikaze Drones in a Wide Range of Operations for Units and Forces Propels the Market Growth |
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/loitering-munition-system-market-107013
Key factors driving the growth of the loitering munition system market include:
Increasing Military Modernization: Many countries are investing in the modernization of their armed forces, and loitering munition systems are seen as a valuable addition to their arsenals.
Advancements in Technology: Advances in drone technology and artificial intelligence have led to the development of more sophisticated and capable loitering munition systems.
Tactical Flexibility: These systems can be used for a variety of missions, such as reconnaissance, surveillance, precision strikes, and anti-ship warfare, making them versatile assets for military operations.
Geopolitical Tensions: Geopolitical conflicts and tensions in various regions have driven the demand for such systems, as they provide an edge in modern warfare.
Cost-Effectiveness: Loitering munition systems are often considered cost-effective, as they can be reusable and offer precise targeting capabilities, reducing the potential for collateral damage.
Segments-
High Demand for Autonomous Identification and Positioning Loitering Munition System Segment Propelling Market Growth
By type, the market is segmented into autonomous identification and positioning loitering munition systems and manual positioning loitering munition systems. The manual positioning system will have a significant market share during the forecast period. The rising adoption of artificial intelligence (AI), precision strike control technologies, autonomous identification, and automated selection targets augments loitering munition system market share during the forecast period.
Easy Operation of Loitering Systems in Critical Situations to Drive Market Growth
Based on application, the market is divided into the navy, land, and air forces. The land force segment dominates the market and held the highest share of 50.34% in the 2022. The easy operation of the loitering systems in several critical situations drives the market segment.
The market is studied geographically across North America, Europe, Asia Pacific, the Middle East
& Africa, and Latin America.
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Report Coverage-
The report offers:
- Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
- Comprehensive insights into regional developments.
- List of major industry players.
- Key strategies adopted by the market players.
- The latest industry developments include product launches, partnerships, mergers, and acquisitions.
Drivers & Restraints-
Capability of Kamikaze Drones for Units and Forces Driving Market Growth
Kamikaze drones should be used on the battlefield to detect and manage relevant threats. These drones can meet the needs for loitering munition systems, driving market growth during the forecast period.
High growth in the antiballistic missile and drone systems deployment may hamper the market growth. Antiballistic missiles are surface-to-air missiles manufactured to tackle missile attacks. Including this system in tackling the ballistic threats will hamper the market growth during the forecast period.
Regional Insights-
High demand for manual positioning system Drive the Market in Asia Pacific
North America led the market share in 2022 due to the increasing number of research, development, and application of these systems.
Asia Pacific will be the fastest-growing region in the market over 2023-2030. The high demand for manual positioning systems is driving the market in the Asia Pacific region during the forecast period.
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Detailed Table of Contents:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments – Key Contracts & Agreements, Mergers, Acquisitions and Partnerships
- Impact of Russia-Ukraine War on Global Loitering Munition System Market System Market
- Global Loitering Munition System Market Analysis, Insights and Forecast, 2019-2030
- Key Findings / Definitions
- Market Analysis, Insights and Forecast – By Type
- Autonomous Identification and Positioning Loitering Munition System Market System
- Manual Positioning Loitering Munition System Market System
- Market Analysis, Insights and Forecast – By Application
- Navy Force
- Land Force
- Air Force
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia-pacific
- Latin America
- The Middle East & Africa
- North America Loitering Munition System Market Analysis, Insights and Forecast, 2019-2030
- Market Analysis, Insights and Forecast – By Type
- Autonomous Identification and Positioning Loitering Munition System Market System
- Manual Positioning Loitering Munition System Market System
- Market Analysis, Insights and Forecast – By Application
- Navy Force
- Land Force
- Air Force
- Market Analysis – By Country
- The U.S.
- Market Analysis, Insights and Forecast – By Type
- Autonomous Identification and Positioning Loitering Munition System Market System
- Manual Positioning Loitering Munition System Market System
- Market Analysis, Insights and Forecast – By Type
- Canada
- Market Analysis, Insights and Forecast – By Type
- Autonomous Identification and Positioning Loitering Munition System Market System
- Manual Positioning Loitering Munition System Market System
- Market Analysis, Insights and Forecast – By Type
- The U.S.
- Market Analysis, Insights and Forecast – By Type
TOC Continued…!
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Competitive Landscape-
Mergers & Acquisitions and Partnerships between Key Players to Aid Market Growth
Rising mergers & acquisitions between key industry players are driving the loitering munition system market growth during the forecast period. In April 2021, Elbit Systems Ltd.’s U.S. subsidiary, Elbit Systems of America, LLC, acquired Sparton Corporation, which will drive the growth of the U.S. market globally.
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