Surge in market for loitering munitions: Paramount exploits increasing interest

Hosting briefings at DSEI 2023 in London by Defence Insight on the surge in demand for loitering munitions inspired by the conflict in Ukraine, Paramount is highlighting its N-Raven – “not just a product but a full-fledged technology transfer platform,” according to Paramout Group CEO, Steve Griessel – as an agile, adaptable solution for aspiring operators.

The company’s report suggests the market sector is poised for growth in the order of 525% between 2020 and 2024, with an annual spend exceeding USD600 million. This rate of growth made loitering munitions the third-largest UAS market in 2021 and 2022 – it is forecast to maintain a market share of over 8% through at least 2025. While North America will continue to dominate expenditure on loitering munitions, European spending will increase by over 2,000%, according to the report, rising from just over 1% to 36% of sector spending. The principal driver is suggested to be prophylactic measures inspired by watching pertinent events in the Ukraine-Russian conflict – with short timelines dominating future operator demand profiles.

“This growth, especially in the European sector, aligns perfectly with our strategic direction,” said Paramount’s founder, Ivor Ichikovitz. “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”.

Paramount’s N-Raven fills the apparent gaps in both asymmetrical and symmetrical warfare scenarios. Engineered for rapid technology transfer, the loitering munition 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,” said Griessel.

Defence Insight is scheduled to give dedicated market briefings on 12 and 14 September at DSEI.

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(Image: N-Raven is “a full-fledged technology transfer platform,” according to Group CEO Steve Griessel. Credit: Paramount Group)

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