North America Loitering Munition Market

The loitering munition market in North America is expected to grow from US$ 240.85 million in 2023 to US$ 357.05 million by 2028. It is estimated to grow at a CAGR of 8.2% from 2023 to 2028.

Continuous Growth of Défense Sectors is Fuelling North America Loitering Munition Market

The change in the modern warfare system has been urging governments across the North America 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 North America 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.

North America Loitering Munition Market Overview

The North America market for Loitering Munition is fragmented into three major regions, which include the US, Canada, and Mexico. North America is experiencing year-on-year growth in military expenditure. According to SIPRI, the military expenditure of the region was US$ 809,524.9 million in 2020; it increased to US$ 840,273.3 million in 2021 and reached US$ 912,375.0 million in 2022. The increased military expenditure helps the military to equip with the latest and advanced technologies to strengthen its military forces. In April 2022, US President, signed an additional US$ 29 million spending on the national budget and approved US$ 13.6 billion for humanitarian and emergency aid for Ukraine to combat Russia. Further, the US Department of Defense is offering contracts to loitering munitions manufacturers to provide their solutions to Ukraine. For instance, in September 2022, US Army awarded a US$ 20.60 million contract to AeroVironment, Inc. for the procurement of Switchblade 300 loitering munitions. It is scheduled to be delivered to its customers, including Ukraine, by July 2023. Such contracts for the procurement of loitering munitions propels the loitering munition market in North America.  

North America Loitering Munition Market Overview Revenue and Forecast to 2028 (US$ Million)

North America Loitering Munition Strategic Insights

Strategic insights for the North America Loitering Munition provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.

North America Loitering Munition Report Scope

North America Loitering Munition Regional Insights

The geographic scope of the North America Loitering Munition refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.

North America Loitering Munition Market Segmentation 

The North America 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 North America 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 North America loitering munition market share in 2023.

Based on country, the loitering munition market is segmented into the US, Canada, and Mexico. The US dominated the North America loitering munition market share in 2023.    

AeroVironment Inc; Elbit Systems Ltd; Innovaero Pty Ltd; Israel Aerospace Industries Ltd; Lockheed Martin Corp; Rafael Advanced Defense Systems Ltd; and UVision Air Ltd. Corporation are the leading companies operating in the loitering munition market in the North America.