Pune, India, Feb. 07, 2023 (GLOBE NEWSWIRE) -- According to Fortune Business Insights™, the global military robots market size is expected to reach USD 25.66 billion by 2027, exhibiting a CAGR of 10.15% during the forecast period. The market size stood at USD 13.87 billion. The growing adoption of advanced aerial robots in military operations, including attacking, rescue activities, surveillance, and others will have a tremendous impact on the global market.
The increasing military expenditure coupled with robust homeland security will have an excellent impact on the military robots market growth in the region. Furthermore, the growing focus of companies on designing and developing small robots capable of transmitting images and videos to the ground-based station for assisting soldiers to make real-time decisions on battlefields will subsequently augur well for the global military robots market during the forecast period.
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List of Companies Covered in the Military Robots Market:
- Northrop Grumman Corporation (The U.S.)
- Thales Group (France)
- FLIR Systems, Inc. (The U.S.)
- Clearpath Robotics Inc. (Canada)
- Cobham Limited (The U.K.)
- QinetiQ (The U.K.)
- AeroVironment, Inc. (The U.S.)
- BAE Systems. (The U.K.)
- Elbit Systems Ltd. (Israel)
- Raytheon Technologies (The U.S.)
Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2020-2027 |
| Forecast CAGR | 10.15% |
| 2027 Value Projection | USD 25.66 Billion |
| Base Year | 2019 |
| Historical Data | 2016-2018 |
| No. of Pages | 200 |
| Segments Covered | By Mode of Operation, By Application, By Platform |
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Combination of Cutting-edge Technologies in Military Robots to Aid Growth
The amalgamation of technologies such as artificial intelligence, real-time data monitoring, and the Internet of Things (IoT) has accelerated the demand for these robots in modern warfare, thus aiding the market. These robots can track, record, and perform required counter-attacks on the targets located far away from the soldiers, hence easily identifying enemies on the ground, sea, or air. The increasing utilization of robots for intelligence, surveillance, and reconnaissance (ISR) activities will bolster the healthy growth of the market.
COVID-19 Pandemic: Suspended Deliveries of Military Robots to Restrict Market Growth
The pandemic has considerably affected the production and delivery of military robots, which, in turn, will diminish the growth of the market. Stringent government norms have disrupted the import and export of robots, resulting in delayed deliveries. The halt in operations has critically thwarted the production in manufacturing processes. The prominent companies situated in the U.S., the U.K., Germany, and France have experienced enormous losses due to the outbreak. However, companies are implementing strategies to recover from the financial damage caused by the coronavirus, which, in turn, can improve the market scenario.
Presence of Major Manufacturing Companies to Boost Development in Europe
Europe is expected to experience a rapid growth rate during the forecast period owing to the presence of prominent manufacturers in the region. According to The World Robotics 2019, 700 service robot manufacturing companies are identified across the globe, out of which 307 companies are operating in Europe. The increasing trend for advanced robots with features such as speech and haptics-based human-machine interface, navigation, collision avoidance, motion, and task planning will further propel the growth of the market in Europe.
Browse Detailed Summary of Research Report with TOC:
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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 Emerging Trends in Global Military Robots Market
- Latest Technological Advancements
- Insights on Regulatory Scenario
- Porters Five Forces Analysis
- Key developments: Acquisition, Collaboration, Strategic Partnership, and Joint Venture
- Report Scope and Segmentation
- By Platform (Airborne, Land, Naval)
- By Mode of Operation (Semi-Autonomous and Autonomous)
- By Mode of Propulsion (Manual, Electric, and Hybrid)
- By Application (Intelligence, Airborne Surveillance, and Reconnaissance, Search and Rescue, Combat Support, Transportation, and Others)
- Regional Forecast, 2020-2027
TOC Continued…!
Key Development in the last Few Years:
October 2019: BAE Systems, a British multinational defense, security, and aerospace company developed Robotic Technology Demonstrator (RTD) as a program to showcase the latest in robotic combat systems.
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