At 8.2% CAGR, the North America Loitering Munition Market is projected to be worth US$ 357.05 million by 2028, says The Business Market Insights

According to the Business Market Insights’ research, the North America loitering munition market was valued at US$ 240.85 million in 2023 and is expected to reach US$ 357.05 million by 2028, registering a CAGR of 8.2% 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 North America loitering munition market expansion.

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.  

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

Based on type, the North America loitering munition market is segmented into fixed wing and rotary wing. The fixed wing segment held 89.7% market share in 2023, amassing US$ 216.00 million. It is projected to garner US$ 323.07 million by 2028 to expand at 8.4% CAGR during 2023–2028.

Based on platform, the North America loitering munition market is segmented into air, naval, and land. The land segment held 61.7% market share in 2023, amassing US$ 148.71 million. It is projected to garner US$ 218.06 million by 2028 to expand at 8.0% CAGR during 2023–2028.

Based on country, the North America loitering munition market has been categorized into the US, Canada, and Mexico.  Our regional analysis states that the US captured 84.4% market share in 2023. It was assessed at US$ 203.33 million in 2023 and is likely to hit US$ 307.42 million by 2028, exhibiting a CAGR of 8.6% during the forecast period.      

Key players dominating the North America loitering munition market are AeroVironment Inc; Elbit Systems Ltd; Innovaero Pty Ltd; Israel Aerospace Industries Ltd; Lockheed Martin Corp; Rafael Advanced Defense Systems Ltd; and 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 2022, RAFAEL acquires U.S. based PVP AEO to expand in United States. The acquisition took place under the stock purchase agreement. transferring 100% of stock to Rafael and it was approved under CFIUS review authorization, governed by a national security agreement (NSA).

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