London: The seismic shift driven by the Russo-Ukrainian conflict means 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, says a new report published by defence company Paramount.
According to Paramount’s report, North America is expected to contribute the most expenditure over the decade, but Europe’s expenditure on loitering munitions is forecast 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.
The report by Paramount however, says that the emerging evidence in markets like Spain, Germany and France suggest that some customers are moving to longer-term acquisitions, with programmes more often awarded to domestically produced systems, the producers of which are taking market share off incumbent suppliers.
Founder of Paramount, Ivor Ichikowitz commented, “This growth, especially in the European sector, aligns perfectly with our strategic direction. 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.”
Paramount’s report on Loitering Munitions underscores the need for agile, adaptable solutions, says Steve Griessel, Group CEO of Paramount. He also took the opportunity to announce the company’s N-Raven 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, he added.
“N-Raven, with its focus on portability and indigenous production, exemplifies our commitment to shaping collaborative defence solutions for today’s rapidly changing scenarios,” said Steve Griessel. “Our solution provides not just advanced capabilities but also offers economic advantages that align perfectly with the findings of our collaborative report.”