In a seismic shift propelled by the Russo-Ukrainian conflict, the loitering munitions market is on the brink of unparalleled growth, with a staggering 525% surge anticipated between 2020 and 2024. Annual spending in this sector is projected to surpass $600 million in the coming years, according to a comprehensive report.
The report underscores the demand for agile and adaptable solutions, with Paramount’s N-Raven leading the way. Steve Griessel, Paramount’s Group CEO, stated, “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.”
The report reveals multiple interconnected revelations. Loitering munitions, prized for their versatility and cost-effectiveness, have played a pivotal role in the Russo-Ukrainian conflict. Both sides have harnessed this low-cost capability to target high-value assets at local and national levels, driving the market’s remarkable growth.
Between 2020 and 2024, the loitering munition market is expected to expand by 525%, with yearly spending forecasted to exceed $600 million in 2023, 2024, and 2025. This surge positions loitering munitions as the third-largest UAV market, maintaining over 8% market share of the entire UAV market until 2025.
Regionally, North America is poised to contribute significantly over the decade, but Europe’s expenditure on loitering munitions is set to skyrocket by over 2000%, surging from 1.39% to 36% between 2021 and 2023. The Russo-Ukrainian conflict has prompted many European nations to fortify their arsenals for potential future conflicts.
Procurements in response to the Ukraine conflict are characterized by short timelines. However, there’s emerging evidence that some customers are shifting towards long-term acquisitions, favoring domestically produced systems. This trend is expected to gain momentum in Spain, Germany, and France, and has already taken hold in Taiwan, India, and the UAE.
Ivor Ichikowitz, Founder of Paramount, commented, “This growth, particularly in Europe, aligns perfectly with our strategic direction. Paramount’s decades of experience in asymmetrical warfare position us as the solution provider the world needs today. We are focused on IP licensing and global partnerships, with a keen interest in pioneering these partnerships in Europe and the UK.”
Paramount’s N-Raven: The Future of Loitering Munitions:
In light of these revelations, Paramount’s N-Raven emerges as a pivotal solution. Designed with the evolving battlefield in mind, N-Raven bridges the gap in both asymmetrical and symmetrical warfare scenarios. This loitering munition system is engineered for rapid technology transfer, enabling in-country manufacturing.
Leveraging Paramount’s extensive experience and proven components from operational systems, the N-Raven enhances aerial reconnaissance, engagement, and precision strike capabilities, reducing direct soldier exposure to conflict.
Griessel concluded, “N-Raven, with its emphasis on portability and indigenous production, exemplifies our commitment to shaping collaborative defense solutions for today’s ever-changing scenarios. Our cutting-edge solution not only delivers advanced capabilities but also offers economic advantages in line with our report’s findings.”
Greek state-owned company Hellenic Defence Systems in May partnered with Paramount to produce its N-Raven as the Irix – this will be the first loitering munition manufactured in the Mediterranean country, for the Greek market as well as export customers. The partnership includes technology and skills transfer for local co-production of Irix as well as Hellenic Defence Systems’ ongoing participation in continued research and development of future Irix system upgrades.