At 10.1% CAGR, the Asia Pacific Loitering Munition Market is projected to be worth US$ 238.55 million by 2028, says The Business Market Insights

According to the Business Market Insights’ research, the Asia Pacific loitering munition market was valued at US$ 147.31 million in 2023 and is expected to reach US$ 238.55 million by 2028, registering a CAGR of 10.1 % 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 Asia Pacific loitering munition market expansion.

The loitering munitions market is expected to benefit from increased modularity, increased use of artificial intelligence (AI) and swarm technology, mission modules, and increased sensor capabilities over the forecast period. The rising adoption of unmanned systems is projected to offer various growth opportunities for the loitering munition market. Loitering munitions are engineered with seamless, persistent, and robust sensor-to-shooter links, ensuring the shortest loop between acquisition and targeting. Furthermore, integrating mission modules enables greater flexibility and a lower cost of operations, as intelligence, surveillance, and reconnaissance (ISR) roles can be fulfilled before a munition. Loitering munitions are anticipated to become a game-changer in artillery and fill the existing voids in surveillance-precision engagement capability between 40 and 200 km. Various countries are investing in enhancing their defense systems with advanced warfare technologies such as autonomous weapon systems. The purchase of an undisclosed number of loitering munitions is expected to be concluded in the first quarter of 2023. Such growing demand for advanced warfare technologies is projected to witness an upward trend over the forecast period.

On the contrary, threat of jamming and spoofing hurdles the growth of Asia Pacific loitering munition market.

Based on type, the Asia Pacific loitering munition market is segmented into fixed wing and rotary wing. The fixed wing segment held 89.2 % market share in 2023, amassing US$ 131.41 million. It is projected to garner US$ 241.44 million by 2028 to expand at 10.3% CAGR during 2023–2028.

Based on platform, the Asia Pacific loitering munition market is segmented into air, naval, and land. The land segment held 67.6% market share in 2023, amassing US$ 99.63 million. It is projected to garner US$ 160.31 million by 2028 to expand at 10.0% CAGR during 2023–2028.

Based on country, the Asia Pacific loitering munition market has been categorized into Australia, China, Japan, India, South Korea, and the Rest of Asia Pacific.  Our regional analysis states that the China captured 33.3% market share in 2023. It was assessed at US$ 49.06 million in 2023 and is likely to hit US$ 81.39 million by 2028, exhibiting a CAGR of 10.7% during the forecast period.     

Key players dominating the Asia Pacific loitering munition market are AVision Systems Pvt Ltd, Elbit Systems Ltd, Innovaero Pty Ltd, Israel Aerospace Industries Ltd, Lockheed Martin Corp, Rafael Advanced Defense Systems Ltd, and the UVision Air Ltd among others.   

• In 2021, The Indian army has contracted to procure over 100 explosive-laden drones for force multipliers in missions similar to the Balakot operation. The drones, with a range of about 100 km, will be manufactured in Bengaluru and supplied by a joint venture between Alpha Design and Israeli firm Elbit Security Systems. The contract, worth around Rs 100 crore, was signed on Wednesday under emergency procurement powers. The drones are categorized as "loitering munition" and will be used to boost the army's operational capabilities.  
• 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.

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