A loitering munition can vary considerably in design and operational role. The current technological development is increasing the complexity of the battlefield through extended engagement ranges and accelerated decision-making. The development is driven by increased availability of advanced sensors, as well as the growing demand for flexible and cost-effective military capabilities in an increasingly complex security environment. Tradespace Exploration (TSE) is a systems engineering method where digital models are developed to generate and evaluate alternative system concepts. This project aims to support ongoing acquisition and to ensure a robust long-term capability for loitering munition systems suitable for the Swedish Armed Forces. This demands an increased understanding of system design and intended operational use for different cost categories. To address this, FOI has conducted a TSE analysis of loitering munition systems with small to medium sized warheads for the time perspective 2035 and onwards. The work has focused on detailed development for the subsystems sensors, propulsion, and navigation, as well as on implementing terrain-based scenarios to place the loitering munition system in an operational context. The concepts were evaluated for a scenario involving a duel between a loitering munition and a main battle tank. Overall, the conducted TSE analysis has enabled a broad evaluation of loitering munition system concepts which has resulted in valuable insights for the design implications of specific design variables.