New York, May 22, 2023 (GLOBE NEWSWIRE) -- According to the report published by Next Move Strategy Consulting, the global Unmanned Ground Vehicle Market generated USD 2.24 billion in 2022, and is projected to reach USD 4.08 billion by 2030, at a CAGR of 7.8% from 2023 to 2030.
The research offers a detailed analysis regarding drivers, restraints, and opportunities to highlight changing market dynamics of the industry. Moreover, the research provides an extensive analysis of major segments and their sub-segments to determine fastest-growing and highest revenue-generating segments.
Equipping the extensive analysis of each and every aspect of the market in 550 pages, accompanied by 423 tables and 425 figures, the report aims to become a source of guidance for market players, investors, and startups as they device strategies for next few years to achieve sustainable growth.
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| Report Coverage | Details |
| Forecast Period | 2023–2030 |
| Base Year | 2022 |
| Market Size in 2022 | USD 2.24 Billion |
| Market Size in 2030 | USD 4.08 Billion |
| CAGR | 7.8% |
| No. of Pages | 550 |
| Tables | 423 |
| Figures | 425 |
| Segments covered | Mode of Operation, Mode of Locomotion, Size, End-User Industry and Geography |
| Drivers | Increasing adoption of UGVs in military and defense |
| Growing use of UGVs in commercial and industrial applications | |
| Increased demand for automation in various industries | |
| Opportunities | Development of Intelligent UGVs that are integrated with AI & ML |
The report offers a comprehensive analysis of the unmanned ground vehicle market dynamics based on drivers, restraining factors, and opportunities. The increased demand for automation in various industries, such as manufacturing, agriculture, and logistics, is increasing the adoption of UGVs as a solution to improve efficiency & reduce costs, which in turn drives the global UGV industry. However, the high cost of UGV and lack of standardization of UGVs restrain the market growth.
Identifying the opportunities that leading players can take leverage to increase their market share, Next Move Strategy Consulting’s Lead Analyst for Aerospace & Defense at Next Move Strategy Consulting, stated, “The development of intelligent UGVs equipped with advanced technology such as AI, sensors, and advanced communication capabilities presents a significant opportunity for the unmanned ground vehicle market to revolutionize various industries, increase efficiency, reduce labor, and improve safety. This paves the way for growth opportunities and innovation in the market in the coming years.”
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North America holds the largest market share of the UGV industry in 2022, and is expected to maintain its dominance throughout the forecast period. This is attributed to the increased expenditure of military sectors in countries such as the US and Canada. As countries invest more resources in their military capabilities, there is a corresponding increase in demand for UGVs for various military applications such as surveillance, reconnaissance, and explosive ordnance disposal. However, Asia-Pacific is projected to register a steady growth rate throughout the forecast period, owing to the increased government initiative and investments in research & development for UGV projects, which has helped companies in the countries of this region to develop advanced UGV technology.
The research offers an analysis of each region and its countries based on segments and their sub-segments to outline steps to be taken to consolidate presence in the unmanned ground vehicle industry. This analysis is also helpful in determining highest-revenue generating and fastest-growing segments and taking the next steps accordingly.
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The report offers a detailed analysis of leading market players of the global unmanned ground vehicle market trends. Leading players analyzed in the research include QinetiQ Group, Elbit System, Rheinmetall AG, General Dynamics Corporation, Teledyne FLIR LLC, L3Harris Technologies, Inc., Textron Systems (Howe & Howe Technologies), Boston Dynamics, Milrem robotics, and Clearpath Robotics.
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