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ISRAEL AEROSPACE INDUSTRIES, UVISION, ELBIT SYSTEMS, AEROVIRONMENT, AND RHEINMETALL AG ARE AMONG THE KEY MARKET PLAYERS OPERATING IN THE LOITERING MUNITION MARKET.

Loitering munitions are well equipped and designed to break through into the target location despite being well-protected with armored vehicles and attacking tanks. These munitions are a mix of drones and cruise missiles. Loitering munitions can be launched through small infantry bodies, giving them their precision-guided indirect firepower. It is equipped with electro-optic sensors and a battery or fueled powered mini drone, which can loiter in the air relaying imagery to troops on the ground. Once the troops see an expected target, they can order the drone to detonate at the target location.
The growing demand for the usage of loitering munitions by different armed forces for their respective missions is one of the major factors supporting the procurement of loitering munitions worldwide. In November 2022, Russian forces used a Lancet loitering munition to strike a Ukrainian Gyruza-M-class patrol boat. Also, several other types of loitering munitions had been used during the Russia–Ukraine war in recent scenarios. In December 2022, the Ministry of Defense (MOD) of Lithuanian announced that it signed a contract with the US to procure American-made Switchblade 300 and Switchblade 600 loitering munitions designed and manufactured by AeroVironment. The contract value was ~US$ 47.90 million (€45 million). Such developments are catalyzing the growth of the loitering munition market.
Further, other key factors supporting the growth of the loitering munition market are growth in the military expenditure by various countries, an increasing number of contracts to procure loitering munitions, and rising awareness for deploying smart munitions into armed forces. Such factors encourage market vendors to develop new and innovative products to cater to the growing market demand for loitering munitions across the global defense sector. In addition, a few emerging or developing nations, such as India, Taiwan, and Indonesia, focus on the in-house manufacturing of loitering munitions. For instance, in July 2022, DAHANA launched a loitering munition called Rajata. Rajata is a novel technology and the first to be manufactured in Southeast Asia.
Moreover, various new players are manufacturing loitering munition to secure their share in such a growing market. For instance, in April 2022, Solar Group (a globally recognized industrial explosives manufacturer in India) was close to offering its drone-fired loitering munition systems to the armed forces under the Make II model. Similarly, in February 2023, Paramount Aerospace Systems (PAS) (a subsidiary of Paramount Group company) announced that its N-Raven loitering munition would start production in the first quarter of 2023, with first deliveries in October, to meet urgent requirements of armed forces across the world. Thus, the emergence of new market players is anticipated to offer promising opportunities for the market.
The loitering munition market is segmented into five major regions—North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). In 2022, MEA led the market with a substantial revenue share in the loitering munition market, followed by North America and Europe.

Report: https://www.theinsightpartners.....com/reports/loiteri