By Staff Correspondent
The loitering munitions sector has witnessed an eye-popping surge of 525% from 2020 to 2024, largely attributed to the ongoing Russo-Ukrainian hostilities, with annual expenditures poised to breach the $600 million mark in the next few years, a recent study elucidated.
Steve Griessel, Group CEO of defence behemoth, Paramount, remarked on the firm’s flagship N-Raven, touting it as more than just a product. “N-Raven isn’t merely an equipment offering; it’s a transformative technology transfer model, underlining the significance of swift and localised production,” he stated.
Insights From The Study
- The efficacy and cost-effectiveness of loitering munitions became abundantly clear during the Russo-Ukrainian conflict, with both sides leveraging these budget-friendly systems to target high-value assets.
- This burgeoning demand propelled loitering munitions to the third position in the UAV market hierarchy for 2021 and 2022. The sector is anticipated to retain over an 8% market chunk through to 2025.
- Geographically, while North America remains a dominant spender, Europe’s allocations to loitering munitions are slated to witness a staggering 2000% jump, increasing from 1.39% to 36% between 2021 and 2023. This European spike is intrinsically tied to the Russo-Ukrainian conflict, prompting nations to bolster their defences against prospective threats.
- Interestingly, recent data indicates a tilt towards longer procurement timelines, favouring domestically produced systems. Such trends are discernible in nations like Spain, Germany, France, Taiwan, India, and the UAE.
Paramount’s founder, Ivor Ichikowitz, commented on this European trajectory, “This growth trajectory dovetails seamlessly with our strategic aspirations. Paramount, fortified by decades of experience in asymmetrical warfare, is primed to offer the solutions that the world seeks. Our focus is not just on manufacturing, but on intellectual property licensing and fostering global synergies, with Europe and the UK being primary targets.”
A Glimpse Into N-Raven:
Paramount’s N-Raven is touted as a game-changer in the current defence landscape, conceived for both asymmetrical and conventional warfare scenarios. Its design ethos underscores swift technology transfers, enabling in-country production. The system accentuates aerial surveillance, engagement, and surgical strikes, minimizing soldier exposure to direct confrontations.
Griessel reiterated Paramount’s commitment, “N-Raven mirrors our ethos of nurturing collaborative defence paradigms for the dynamic contemporary landscape. Our avant-garde offering not just elevates capabilities but is also economically attuned to our joint market study.”
Paramount stands tall as a global defence titan with a rich legacy spanning 29 years, dedicated to fostering peace and progress. The firm champions indigenous defence industrial capabilities, facilitating governments with technology transfers and expeditious in-country manufacturing. Paramount has a footprint in 25 nations, establishing defence capabilities worldwide.