Europe Loitering Munition Market Forecast to 2028 -Regional Analysis by Type (Fixed Wing and Rotary Wing) and Platform (Air, Naval, and Land)

Europe Loitering Munition Market Forecast to 2028-Regional Analysis by Type (Fixed Wing and Rotary Wing) and Platform (Air, Naval, and Land)

The loitering munition market in Europe is expected to grow from US$ 171.84 million in 2023 to US$ 238.55 million by 2028. It is estimated to grow at a CAGR of 6.8% from 2022 to 2028.

Rise in Number of Contracts for Supply of Loitering Munition is Fueling Europe Loitering Munition Market

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. Moreover, the armed forces across different countries are investing heavily in procuring ammunition and munitions, which is another major factor aiding the growth of the loitering munition market. Further, the rising tension between the countries of different regions is another major factor driving the demand for loitering munitions. Hence, the armed forces of these countries are focusing on the procurement of smart munitions. Some of the contracts provided by different armed forces for loitering munitions are mentioned below:

In September 2022, Rheinmetall and UVision won a contract of an undisclosed amount to supply Hero loitering munitions to a NATO military force in Europe. Europe Loitering Munition Market Overview

The Europe loitering munition market is sub segmented into France, Germany, Italy, the UK, Russia, and the Rest of Europe. The rise in military expenditure across the European countries is one of the major factors catalyzing the loitering munition market expansion across the region. Russia increased its military spending from US$ 65,201.3 million in 2019 to US$ 86,373.1 million in 2022. Russia has used a large number of loitering munitions in its ongoing war against Ukraine. In October 2022, Russia used nearly 17 loitering munitions against Ukraine, along with a wave of around 83 cruise missiles. Such operations have compelled the European countries to strengthen their military forces. Russia is one of the early movers in the category of loitering munitions across Europe. The overall fleet of Russia’s loitering munitions includes products from the companies such as Elbit Systems, Rheinmetall AG, and Israel Aerospace Industries, as well as locally manufactured loitering munitions. Moreover, one of the major Kamikaze drones Russia has currently deployed in the ongoing war is Lancet-3 kamikaze drone; it destroyed a Ukrainian patrol boat on the Dnieper River in April 2023.

Europe loitering munition market Revenue and Forecast to 2028 (US$ Million)

Europe Loitering Munition Market Segmentation

The Europe loitering munition market is segmented into type, platform, and country.

Based on type, the loitering munition market is segmented into fixed wing and rotary wing. The fixed wing segment held the larger Europe loitering munition market share in 2023.

Based on platform, the loitering munition market is segmented into air, naval, and land. The land segment held the largest Europe loitering munition market share in 2023.

Based on country, the loitering munition market is segmented into the Germany, France, Italy, the UK, Russia, and the Rest of Europe. Russia dominated the Europe loitering munition market share in 2023

AeroVironment Inc; Elbit Systems Ltd; Israel Aerospace Industries Ltd; Lockheed Martin Corp; Rafael Advanced Defense Systems Ltd; UVision Air Ltd; and the WB Electronics SA are the leading companies operating in the loitering munition market in Europe.

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