Loitering Munition System Market to Hit USD 1.80 Billion by 2029 | At a CAGR of 8.43% by 2022-2029

Fortune Business Insights
Fortune Business Insights

Companies Covered in Loitering Munition System 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), Elbit Systems Ltd. (Israel) and Other key players

Pune, India, Dec. 08, 2022 (GLOBE NEWSWIRE) -- 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."

Segmentation-

The 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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Increasing Benefits of land forces Will Spur Market Growth

In terms of type, the market is categorized into land force, air force, and navy force. The land force segment will lead due to its benefits, such as lighter weight, readily carried into the battlefield, and being easy to control.

List of the Companies Profiled in the Global Loitering Munition System Market:

  • 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:

Report Coverage

Details

Forecast Period

2022-2029

Forecast CAGR

8.43%

2029 Value Projection

USD 1.80 Billion

Base Year

2021

Loitering Munition System Market Size in 2021

USD 0.91 Billion

Historical Data

2018-2020

No. of Pages

230

Segments Covered

By Type Analysis, By Application Analysis

Loitering Munition System Market Growth Drivers

Rising Investments on Precision Attacking Technologies Promotes Product Demand

Report Coverage

The report provides insights into the regional analysis covering different regions, contributing to the market's growth. The report includes qualitative and quantitative analysis of several factors, such as the key drivers and restraints that will impact the market. Adopting strategies by major players to introduce partnerships, collaboration, and new products will contribute to the market's growth.

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Drivers and Restraints

Rising Investments on Precision Attacking Technologies Promotes 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.

Regional Insights

Growing Investments in the Defense Sector Nurtures 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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Detailed Table of Content:

  • 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

  • Global Loitering Munition System Market Analysis, Insights and Forecast, 2018-2029

    • Key Findings / Definitions

    • Market Analysis, Insights and Forecast – By Type

      • Autonomous Identification and Positioning Loitering Munition System

      • Manual Positioning Loitering Munition 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

TOC Continued…!    

Competitive Landscape

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.

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Industry Developments:

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.

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