Pune, India, Nov. 10, 2021 (GLOBE NEWSWIRE) -- The global unmanned ground vehicle market size is expected to gain momentum by reaching USD 4.34 billion by 2028 while exhibiting a CAGR of 6.82% between 2021 to 2028. In its report titled “Unmanned Ground Vehicle Market, 2021-2028,” Fortune Business Insight mentions that the market stood at USD 2.68 billion in 2020.
Unmanned ground vehicles (UGVs) are the vehicles that are used for varied applications, such as reconnaissance work, search and rescue missions, monitoring buildings and infrastructures, border surveillance, and goods transport, as well as explosive ordnance disposal and mine clearance. These helps in controlling places which are dangerous, and are inconvenient for human operators. These are also UGVs and are extremely useful in carrying out military and civilian operations, which are critical.
List of Key Players Profiled in the Report
- ASELSAN A.S. (Turkey)
- BAE Systems (U.K.)
- General Dynamics Corporation (U.S.)
- L3Harris Technologies, Inc. (U.S.)
- Lockheed Martin Corporation (U.S.)
- Northrop Grumman (U.S.)
- Oshkosh Defense, LLC An Oshkosh Corporation Company (U.S.)
- QnetiQ (U.K.)
- Rheinmetall AG (Germany)
- Teledyne FLIR LLC (U.S.)
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COVID-19 Impact
The COVID-19 pandemic crippled the global economy, and this market was also negatively affected. For instance, several key players of the market such as General Dynamics Corporation, Rheinmetall AG, and others witnessed a fall in their revenues in 2020 as compared to previous years. Moreover, many countries such as India, South Korea, Russia, and Thailand also paused their defense expenditure amid COVID-19.
Market Segmentation:
By mobility, the market is divided into wheeled, tracked, legged, and hybrid. By size, the market is segmented into small, medium, large, very large, and extremely large. By mode of operation, the market is divided into tethered, teleoperated, and autonomous. By system the market is divided into payload, controller system, navigation system, power system, and others. By application, the market is divided into military, commercial, law enforcement, and federal law enforcement. Lastly, in terms of geography, the market is divided into North America, Europe, Asia Pacific and the rest of the world.
What does the Report Provide?
The market report for unmanned ground vehicle devices provides a detailed analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies to introduce new products, announce partnerships, and collaboration to contribute to the market growth.
Driving Factor
Development of Smart Robots to Perform Combat Operations Propels the Market Growth
Popularity of technologies such as machine learning, artificial intelligence, and advanced navigation system is fueling the unmanned ground vehicle market growth. These technologies allows unmanned vehicle to move from a preprogrammed location to another, without any obstacles.
Additionally, these smart robots are used for military applications such as fire and bomb fighting, security, search and rescue, ISR activities, and others drive the market growth rate. For instance, in October 2019, the Iranian Army came up with network-based smart robot, name Heydar-1. It is a six-wheel-drive vehicle with 360-degree rotating wheels that is used to deduce obstacles in its path. Such factors are propelling its demand.
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/unmanned-ground-vehicles-market-102525
Regional Insights
North America to Dominate Backed by Presence of Prominent Players
North America is expected to remain at the forefront and hold the largest position in the market during the forecast period. This is attributable to the increasing expenditure on defense sector in the region. Additionally, the presence of key players such as Oshkosh Defense, Northrop Grumman, Lockheed Martin Corporation, and General Dynamics are fueling the regional market. The region’s market stood at USD 903.3 million in 2020.
Asia Pacific is expected to showcase significant unmanned ground vehicle market share in upcoming years, owing to the increasing investments in defense sector from China, India, South Korea, and others. Furthermore, increasing procurement of advanced UGVs for strengthening the regional market.
Competitive Landscape
Key Players to Focus on New Launches & Acquisitions to Strengthen the Market Growth
The market is consolidated by major companies striving to maintain their position by focusing on new launches, collaborations & partnerships and acquisitions. Such strategies taken up by key players are expected to strengthen its market prospects.
Below is the industry development:
- January 2021 – The U.S. Army made a contract worth USD 30.1 million with FLIR Systems. This contract was made to come up with Man Transportable Robotic System Increment II and Common Robotic System-Heavy (CRS-H) UGV programs.
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments – Mergers, Acquisitions and Partnerships
- Latest technological Advancements
- Porters Five Forces Analysis
- Supply Chain Analysis
- Quantitative Insights- Impact of COVID-19 Pandemic on Unmanned Ground Vehicle Market
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- Impact of COVID-19 on Global Unmanned Ground Vehicle Market
- Steps Taken by Industry/Companies/Governments to Overcome the Impact
- Key Developments in The Industry in Response to COVD-19 Pandemic
- Potential Opportunities Due to COVID-19 Outbreak
- Global Unmanned Ground Vehicle Market Analysis, Insights and Forecast, 2017-2028
- Market Analysis, Insights and Forecast – By Mobility
- Wheeled
- Tracked
- Hybrid
- Legged
- Market Analysis, Insights and Forecast – By Size
- Small (10-200 lbs)
- Medium (200 - 500 lbs)
- Large (500 - 1000 lbs)
- Very Large (1000 – 2000 lbs)
- Extremely Large (>2000 lbs)
- Market Analysis, Insights and Forecast – By Mode of Operation
- Tethered
- Teleoperated
- Autonomous
- Market Analysis, Insights and Forecast – By System
- Payload
- Controller System
- Navigation System
- Power System
- Others
- Market Analysis, Insights and Forecast – By Application
- Military
- Commercial
- Law Enforcement
- Federal Law Enforcement
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia pacific
- The Middle East
- Rest of the world
- Market Analysis, Insights and Forecast – By Mobility
TOC Continued…!
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