Selbyville, Delaware, March 24, 2020 (GLOBE NEWSWIRE) --
According to latest report “Unmanned Ground Vehicle Market by Commutation Type (Tracked, Wheeled, Legged, Hybrid), Application (Defense [Search and Rescue, Special Mission, Combat Support, Explosive Ordnance Disposal System], Commercial [Fire Fighting, Oil & Gas, Agriculture]), Size (Small, Medium, Large, Extra Large), Operation (Teleoperated, Semi-automatic, Automatic) Component (Navigation System, Communication System, Motors/Actuators, Power Systems), Regional Outlook, Competitive Market Share & Forecast 2026”, by Global Market Insights, Inc., the market valuation of unmanned ground vehicle (UGVs) will reach $7 billion by 2026.
The UGV market growth can be attributed to increasing defense expenditure and shift in investment trends of the defense budget. The U.S., Russia, China, Saudi Arabia and France contribute to over 50% of global market share. Australia, New Zealand, and Japan are some countries showing dominance in commercial UGV sector. Integration of various communication technologies and l advancement in sensor system is one of the major market drivers.
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The tracked segment in the unmanned ground vehicle market will capture over USD 1 billion in 2019 and is anticipated to experience CAGR of over 13% during the forecast timeframe. The rise in segment is owing to increasing demand of various defense UGV capable of performing operations on multiple terrain. Industry players are introducing technologically advanced UGV, allowing them to improve their market share.
The navigation and communication segments within component segment of unmanned ground vehicle (UGV) market will demonstrate maximum growth potential through 2026. Introduction of various communication technologies such as cloud computing, IoT and AI backed up by several powerful software will support the market growth. Moreover. development of UGV with capabilities to support open architecture will drive the segment growth.
North America unmanned ground vehicle market will witness a lucrative growth of over 10% from 2020 to 2026. The growth is driven by presence of major industry participants along with number of regional players. Active participation of industry players in different defense exhibitions is allowing the region to establish their global dominancy. Exponential rise in budget allocation in R&D of UGV is also one of the major market drivers.
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Companies in the market are focusing on developing new technologies undergoing R&D agreements with various industry participants, promoting market integration. For instance, in September 2019, a consortium of several companies submitted a proposal to European Commission’s European Defence Industrial Development Programme (EDIDP) for development of multi mission UGV system. The consortium was formed by 14 industry players having expertise in domain such as defense, communication and cybersecurity.
Some major findings of the unmanned ground vehicle (UGVs) market report include:
- The changing trend in defense budget allocation where significant importance is given to development and advancement of UGV.
- Focus of U.S. on development of centralized ground control system.
- Impacts of fourth industrial revolution on UGV market.
- Impact of Russia on existing market with their programs including URAN-9 and others
- Formulation of various government bodies dedicated towards the acquisition and advancement of Unmanned Ground Vehicles.
- Impact of AI, IoT, Cloud and other communication technologies on UGVs.
- Increasing requirement of Explosive Ordnance Device (EOD) system to military personals and homeland security.
- Rising commercial applications of UGV for mining and agriculture.
- Major unmanned ground vehicle (UGV) market players include BAE Systems, Cobham plc, Elbit Systems, General Dynamics Corporation, Northrop Grumman Corporation, QinetiQ Group Plc, Rheinmetall, and Lockheed Martin.
Table of Contents (ToC) of the report:
Chapter 3. Unmanned Ground Vehicle Market Insights
3.1. Introduction
3.2. Industry segmentation
3.3. Industry landscape, 2015 - 2026
3.4. Evolution of UGV technology
3.5. Industry ecosystem analysis
3.6. Technology & innovation landscape
3.7. Regulatory landscape
3.7.1. North America
3.7.2. Europe
3.7.3. APAC
3.7.4. LATAM
3.7.5. MEA
3.8. Industry impact forces
3.8.1. Growth drivers
3.8.2. Industry pitfalls & challenges
3.9. Growth potential analysis
3.10. Porter's analysis
3.11. PESTEL analysis
Browse Complete Table of Contents (ToC) @
https://www.gminsights.com/toc/detail/unmanned-ground-vehicles-ugv-market
About Global Market Insights, Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
GMIPulse, our business analytics platform offers an online, interactive option of exploring our proprietary industry research data in an easy-to-use and dynamic manner. Clients get to explore market intelligence across 11 top level categories and hundreds of industry segments within them, covering regional, company level and cross-sectional statistics that make our offering a stand-out for decision makers.