In a seismic shift driven by the Russo-Ukrainian conflict, the loitering munitions market is poised for an unprecedented 525% explosion in growth between 2020 and 2024, with annual spending set to exceed $600 million in the coming years, according to a new report.
“Our report on the Loitering Munitions market underscores the need for agile, adaptable solutions. That’s why Paramount’s N-Raven is revolutionary – it’s not just a product but a full-fledged technology transfer platform. It can be produced domestically within a year, fully embracing the idea of portable and indigenous production,” said Steve Griessel, Group CEO of Paramount.
The report highlights multiple, often interlocking, revelations. Loitering munitions are strategically beneficial due to their versatility and economic efficiency, as seen by both participants of the Russo-Ukrainian War utilising the low-cost capability to strike high-cost targets at the local and national levels.
On the back of these advantages, the loitering munition market is forecasted to expand by 525% between 2020 and 2024, with yearly spending on the capability expected to surpass $600 million in 2023, 2024 and 2025. This growth made loitering munitions the third-largest UAV market in 2021 and 2022 and is forecasted to maintain its over 8% market share of the entire UAV market until 2025.
Regionally, North America is expected to contribute the most expenditure over the decade, but Europe’s expenditure on loitering munitions is forecasted to increase by over 2000%, rising from 1.39% to 36% between 2021 and 2023. Most of the continent’s spending can be traced to the Russo-Ukrainian War, with many nations taking short- or long-term measures to arm themselves for any possible future conflict.
Due to the conflict in Ukraine, short timelines primarily characterise procurements that have contributed to this expansion.
However, evidence is emerging that some customers are moving to longer-term acquisitions, programmes more often awarded to domestically produced systems, the producers of which are taking market share of incumbent suppliers. This situation is forecast to occur in Spain, Germany, and France and has already happened in Taiwan, India, and the UAE.
“This growth, especially in the European sector, aligns perfectly with our strategic direction. Paramount has decades of experience in asymmetrical warfare, and we’ve been shaping the solutions the world is looking for today. We’re at DSEI because we’re more than a manufacturer; we’re focused on IP licensing and global partnerships. Our eyes are set on Europe and the UK for pioneering these partnerships,” commented Ivor Ichikowitz, Founder of Paramount.
Paramount’s N-Raven: The Future of Loitering Munitions
In the wake of these revelations, Paramount’s N-Raven emerges as a crucial solution.
A loitering munition system designed with the evolving battlefield in mind, Paramount’s N-Raven fills the gap in both asymmetrical and symmetrical warfare scenarios. The N-Raven is engineered for quick technology transfer, enabling domestic manufacturing within the customer country.
Drawing from the company’s extensive experience and leveraging proven components from operational systems, the N-Raven enhances aerial reconnaissance, engagement, and precision strike capabilities, effectively keeping soldiers out of direct conflict.
“N-Raven, with its focus on portability and indigenous production, exemplifies our commitment to shaping collaborative defence solutions for today’s rapidly changing scenarios. Our cutting-edge solution provides not just advanced capabilities but also offers economic advantages that align perfectly with the findings of our collaborative report,” Griessel concluded.
Paramount is a leading global defence company with a 29-year track record of developing solutions in challenging environments. At Paramount we believe that peace is the foundation of all human progress. We are committed to enabling governments to defend their countries, protect territorial sovereignty, and maintain peace and stability to support and protect their resources and citizens.
Paramount creates independent, indigenous defence industrial capability by establishing capabilities for governments through licensing its IP developed over 29 years, transferring technology to them, and implementing quick remote manufacturing in their countries.
The company has established its best-of-breed strategic partnership programme to further broaden its solutions to the governments with whom it partners. Paramount currently trades in 25 countries and has built defence capabilities on every continent of the globe.