Report : South & Central America Loitering Munition Market Forecast to 2028 - COVID-19 Impact and Regional Analysis by Type (Fixed Wing and Rotary Wing) and Platform (Air, Naval, and Land)
At 5.1% CAGR, the South & Central America Loitering Munition Market is speculated to be worth US$ 26.16 million by 2028, says The Business Market Insights
According to the Business Market Insights’ research, the South & Central America loitering munition market was valued at US$ 20.38 million in 2023 and is expected to reach US$ 26.16 million by 2028, registering a CAGR of 5.1 % from 2023 to 2028. Rise in number of contracts for supply of loitering munition and continuous growth of defense sectors are the critical factors attributed to the South & Central America loitering munition market expansion.
The utilization of artificial intelligence (AI) in the military produces new and smart systems that redefine how the combat force is projected on a battlefield. Weapon systems are increasingly getting smaller, more flexible, more precise, more intelligent, and more robust. Autonomous weapon systems have several operational advantages, including speed and agility. They can make decisions faster than human operators, and they do not need to constantly communicate with human operators to function. As smart loitering munition does not involve human operators’ cognitive and physical limitations, it becomes more accurate and resilient than those operators. As a result, the defense industry is witnessing a rising trend of autonomous weapon systems. In order to adopt the growing trend of autonomous weapon systems, various market players are launching smart loitering munitions, a fully autonomous weapon system that can search, identify, decide, and engage targets independently without any human intervention. It is capable of operating day and night, and it will be effective against mobile or stationary targets, on land or at sea, radar and communication systems, light armored land and sea vehicles, critical facilities such as command centers, personnel, and targets of opportunity. It offers an operational radius of 60 kilometers, an endurance of more than 60 minutes, and can be used individually or in swarm configurations. Hence, the deployment of smart loitering munitions is expected to be a prominent market trend over the forecast period.
On the contrary, threat of jamming and spoofing hurdles the growth of South & Central America loitering munition market.
Based on type, the South & Central America loitering munition market is segmented into fixed wing and rotary wing. The fixed wing segment held 95.0 % market share in 2023, amassing US$ 19.37 million. It is projected to garner US$ 24.95 million by 2028 to expand at 5.2% CAGR during 2023–2028.
Based on platform, the South & Central America loitering munition market is segmented into air, naval, and land. The land segment held 68.5% market share in 2023, amassing US$ 13.95 million. It is projected to garner US$ 17.87 million by 2028 to expand at 5.1% CAGR during 2023–2028.
Based on country, the South & Central America loitering munition market has been categorized into Brazil, and the Rest of South & Central America. Our regional analysis states that the Brazil captured 86.2% market share in 2023. It was assessed at US$ 17.56 million in 2023 and is likely to hit US$ 22.76 million by 2028, exhibiting a CAGR of 5.3% during the forecast period.
Key players dominating the South & Central America loitering munition market are Elbit Systems Ltd; Israel Aerospace Industries Ltd; Lockheed Martin Corp; Rafael Advanced Defense Systems Ltd; and the UVision Air Ltd among others.
- In 2023, Innovaero Pty Ltd partners with BAE Systems to develop Strix unmanned aerial system and is also working independently to develop a next-generation extended-range autonomous loitering munition named Owl.
- In 2021, Lockheed Martin recently revealed a C-UAS interceptor to take on combat drones and drone swarms on land, air, and sea. The defense manufacturer stated that the MORFIUS interceptor framework depends on powerful microwave technology and can simultaneously kill various focuses.
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