At 6.8% CAGR, the Europe 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 Europe loitering munition market was valued at US$ 171.84 million in 2023 and is expected to reach US$ 238.55 million by 2028, registering a CAGR of 6.8 % 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 Europe loitering munition market expansion. 

The change in the modern warfare system has been urging governments across the Europe to allocate higher funds toward respective military forces. The military budget allocation enables military forces to procure advanced technologies and equipment from domestic or international manufacturers. On the same lines, soldier and military vehicle modernization practices are on the rise across numerous countries. With the demand to strengthen military forces with advanced technologies, armaments, artilleries, and vehicles, among others, defense forces across the Europe are investing substantial amounts in the products mentioned above. The continuous urge to procure new technologies for combat and non-combat operations by defense forces is further boosting defense spending across country. Asymmetric warfare or modern battlefields require enormous amounts of information to carry out operations successfully. Defense forces in developed countries and developing nations are utilizing modern technologies to gather information about the enemy. In order to cope with the growing demand for loitering munition, various market players are focusing on enhancing their offerings through strategic alliances such as collaborations, partnerships, and agreements. The loitering munition market is still in its initial phases and is expected to grow at a higher rate in the coming years. Thus, various market players are expanding their market presence to enhance customer reach through strategic alliances. Due to the customer's secrecy clauses, the company did not disclose any other details of the agreement, including the number of munitions ordered. Furthermore, countries are involved in multiple defense agreements to enhance their allies' defense capabilities.  

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

Based on type, the Europe loitering munition market is segmented into fixed wing and rotary wing. The fixed wing segment held 89.9 % market share in 2023, amassing US$ 154.47 million. It is projected to garner US$ 216.01 million by 2028 to expand at 6.9 % CAGR during 2023–2028.

Based on platform, the Europe loitering munition market is segmented into air, naval, and land. The land segment held 65.3% market share in 2023, amassing US$ 112.16 million. It is projected to garner US$ 155.00 million by 2028 to expand at 6.7% CAGR during 2023–2028.

Based on country, the Europe loitering munition market has been categorized into France, Germany, the UK, Italy, Russia, and the Rest of Europe.  Our regional analysis states that Russia captured 30.9% market share in 2023. It was assessed at US$ 53.10 million in 2023 and is likely to hit US$ 70.30 million by 2028, exhibiting a CAGR of 5.8% during the forecast period.     

Key players dominating the Europe loitering munition market are AeroVironment Inc; Elbit Systems Ltd; Israel Aerospace Industries Ltd; Lockheed Martin Corp; Rafael Advanced Defense Systems Ltd; UVision Air Ltd; and WB Electronics SA among others.   

• In 2022, German-based Rheinmetall and Israel-based UVision in partnership won a contract to deliver Hero loitering munitions to a Nato military force in Europe. The delivery is planned in 2023.  
• 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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