The global Loitering Munition Market was valued at US$ 1.0 billion in 2022 and it is anticipated to grow up to US$ 3.4 billion by 2032, at a CAGR of 12.4% during the forecast period.
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Loitering munition, often known as remotely controlled airborne precision attack weapons, combines the effectiveness of unmanned aircraft systems with guided missiles. Such technologies equip frontline forces with improved intelligence-gathering capabilities, including the ability to deal with border tensions and acquire targets, as well as a more complete range of firepower, which is only feasible through sophisticated coordination among numerous units and echelons. Loitering munitions enable high-precision attack capabilities while minimizing collateral damage and providing a critical tactical advantage for operationally confirmed applications. Furthermore, loitering bombs are excellent for national and alliance defense, low-intensity conflicts, or peace stability activities, and they provide diversity and speed of operation.
Market Drivers and Trends
The rise in procurement of loitering munitions is driving the market growth. The US Navy inked a $15 million deal with Kratos Defence & Security Solutions, Inc. in January 2023 to purchase two XQ-58A Valkyrie drones. When necessary, these loitering bombs are outfitted with sensors and weapon system payloads for carrying out assaults. Furthermore, governments in the region are concentrating on purchasing stray weapons. The Canadian government issued a Request for Information in March 2023 to pick loitering munitions for the Canadian Armed Forces (CAF) based on their criteria. As a result, such planned purchases of loitering bombs by the regional government will stimulate demand in North America.
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Furthermore, increasing demand for the loitering munition in special operations is going to propel the Market Demand. One of the advantages of the loitering munition is the ability to respond quickly after detecting a target, particularly those that remain in the field of fire for a limited length of time, such as an approaching command vehicle or an antiaircraft missile launcher. Kamikaze drone equipment can be used to detect targets without exposing valuable people-operated platforms such as assault helicopters. These technologies are deployed against the target with no human fatalities, resulting in increased demand and market growth. For example, in its missions, Israel’s UVISION Company will give Hero -30 Loitering Ammunition to Italy’s Special Forces. The defence services have indicated that Tier 1 Special Forces deployed in active circumstances require instruments to protect themselves if they confront an enemy threat that poses a danger of harm. These drivers are likely to propel market expansion.
Market Restraints and Challenges
Increasing deployment of antiballistic missile and drone systems is going to hamper the Market. Anti-drone systems detect drones and neutralize the danger by blocking drone communication and tracking via passive monitoring. These technologies detect approaching drones fast and give actionable data to guard against them. As a result of the rising usage of these systems, market growth is hampered. Surface-to-air missiles developed to defeat missile defence are known as antiballistic missiles. Involving this technology in intercepting and neutralizing ballistic threats has a negative impact on market growth. South Holland’s Robin Radar System, for example, has developed the IRIS radar system for drone identification and tracking. This system was designed specifically to find micro drones and unmanned aerial vehicles with different functionalities, such as a 360-degree or 60-degree altitude range. Furthermore, it offers early warning of incoming drones in all directions, giving them enough time to respond. Hence, these factors are expected to restrain growth of the market during the forecast period.
Major Players in the Global Loitering Munition Market
The key players studied in the global Loitering Munition Market are 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) , and Elbit Systems. Ltd (Israel) among others.
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COVID-19 Impact
The COVID-19 issue slowed military manufacturing industry operations owing to measures implemented in these facilities to guarantee worker safety and avoid the spread of COVID-19, which had a direct influence on the import and export of loitering munitions. Companies in the loitering munitions industry had to make difficult decisions in order to survive the pandemic and the post-pandemic recovery phase.
The United States is the most technologically sophisticated country in North America, followed by Canada and Mexico. These nations temporarily halted efforts in the development and implementation of new loitering munitions technology due to the COVID-19 epidemic. Due to lengthier lockdowns enacted by governments in their different nations during the COVID-19 epidemic, military loitering weapons development, manufacture, and supply chain came to a standstill. In addition, supply chain interruptions caused delays in the fulfilment of numerous orders placed by consumers and contractors, resulting in revenue loss among important industry participants. However, during the COVID-19 recovery phase, nations in North America resumed purchase of loitering munitions since firms were permitted to negotiate contracts and agreements for the provision of loitering munitions and their corresponding accessories. For example, in March 2021, the US Department of Defence granted AeroVironment Inc. a US$ 44.96 million contract for the acquisition of Switchblade loitering munition units for the US Army. Such advances have aided the lingering munition market’s recovery from the COVID-19 pandemic’s losses.
Global Loitering Munition Market Segmentation
By Type
- Fixed Wing
- Rotary Wing
By Platform
- Airforce
- Naval
- Land
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