According to our latest study on "Loitering Munition Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Type and Platform," the market was valued at US$ 972.44 million in 2022 and is expected to reach US$ 1,539.02 million by 2028; it is anticipated to register a CAGR of 8.4% from 2023 to 2028.
The key stakeholders in the loitering munition market are raw material suppliers, component suppliers, loitering munition manufacturers & software integrators, and end users. As material sourcing and operations of raw material suppliers were affected due to COVID-19 pandemic, the demand and supply gap increased among the raw material suppliers and component manufacturers. The raw material suppliers faced several supply chain challenges in procuring transportation services, internal production operations were largely interrupted due to factors such as lack of manpower and other resources, along with several remote operational challenges, during the pandemic. All these factors increased the demand and supply gap between raw material suppliers and loitering munition manufacturers worldwide in 2020. Further, the market witnessed gradual revival from COVID-19 supply chain disruption from Q2 of 2020. However, the loitering munition market growth witnessed a decline in 2020 due to the COVID-19 pandemic.
Raw material supplier provides lithium, polymers, nickel alloys, silicon, phosphorus, boron, formaldehyde metal alloys, porous ammonium nitrate, emulsion matrix, diesel oil, sensitizing agent and composite materials to loitering munition component manufacturers to produce different components of loitering munitions. Loitering munition manufacturing companies utilize these components to assemble and integrate with different types of software suites to produce the final loitering munition products. A few of the key global loitering munition market players operating worldwide are Lockheed Martin Corporation, WB Group, IAI, UVision Air Ltd, Elbit Systems Ltd, STM Savunma Teknolojileri Mühendislik ve Ticaret AŞ, AVision Systems Pvt Ltd, Aeronautics Ltd, Rafael Advanced Defense Systems, and Thales Group.
In addition to the above-mentioned key players, several other peripheral stakeholders are involved in the loitering munition market. A few of these stakeholders are government agencies, defense organization, and regulatory bodies. Governments and defense organizations of various countries across the globe support the development and adoption of efficient autonomous defense technologies. The global loitering munition market growth is predominantly driven by the end users such as ground, naval, and air forces worldwide.
The loitering munition market is segmented on the basis of type and platform. Based on type, the loitering munition market is divided into fixed wing and rotary wing. The fixed wing segment held a larger loitering munition market share in 2022. Based on platform, the loitering munition market is segmented into air, naval, and land. The land segment contributed the largest loitering munition market share in 2022.
Key Findings of Market Study:
Israel Aerospace Industries, UVision, Elbit Systems, AeroVironment, and Rheinmetall AG are the five key loitering munition market players operating worldwide. The listing of key loitering munition market players is derived by considering multiple parameters such as overall revenue, brand image, drone contracts, current military drones portfolio in terms of number of models, technology integration & product enhancements, geographic reach, new product/feature launches, market initiatives, mergers & acquisitions, and other market-related activities. In addition to these players, multiple other leading global and regional market players, emerging companies, market disruptors and niche market players operating in the loitering munition market ecosystem were also studied and analyzed during this study.
The vendors operating in the loitering munitions market are majorly focusing on collaborating with different governments and armed forces to understand their respective demands and provide them with reliable solutions. The armed forces of various countries are also providing several contracts to the loitering munition manufacturers for the procurement of munition products.
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