by The Unmanned Ground Vehicle market is estimated to be valued at US$ 1880.78 Mn in 2023 and is expected to exhibit a CAGR of 12% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The unmanned ground vehicle market comprises unmanned vehicles that operate on the ground without a human operator. These vehicles are used in military and commercial applications such as surveillance, explosive detection, border security, firefighting, search & rescue, and pipeline inspection. The growing focus on military modernization initiatives to equip defense forces with advanced technologies is driving the growth of the market.
Market Dynamics:
The unmanned ground vehicle market growth is attributed to the rising demand for military applications and increasing investment in border security. The growing investment in defense modernization initiatives by countries to equip their defense forces with advanced technologies coupled with increasing focus on border security will drive the growth of unmanned ground vehicles over the forecast period. For instance, according to Stockholm International Peace Research Institute (SIPRI), the global military expenditure reached US$ 2,113 billion in 2021. Moreover, UGVs are being used increasingly by firefighting and emergency response teams to carry out hazardous operations safely. Ongoing research and development in the fields of robotics and autonomous technologies are also contributing to the development of more advanced unmanned ground vehicles.
SWOT Analysis
Strength: Unmanned ground vehicles offer enhanced operational safety by reducing risks to human lives. They can operate in hazardous environments like war zones, nuclear plants etc. Unmanned ground vehicles provide cost-effective solution for tasks like area monitoring, perimeter protection, material handling etc.
Weakness: Dependence on technology for autonomous navigation poses challenges in cluttered or changing environments. Higher initial investments are required for procuring these vehicles and related capabilities.
Opportunity: Increasing defense budgets globally is promoting adoption of unmanned systems for military modernization programs. Emerging applications in commercial sectors like agriculture, mining, logistics is widening the market scope.
Threats: Ethical and legal concerns around autonomous weapons and lethal applications pose regulatory challenges. Technology disruptions from newer alternatives can impact demand.
Key Takeaways
Global Unmanned Ground Vehicle Market Size is expected to witness high growth, exhibiting CAGR of 12% over the forecast period, due to increasing defense modernization programs and commercial applications adoption.
Regional analysis: North America dominates the market currently, due to significant defense spending and technologically advanced economies. However, Asia Pacific is expected to witness highest growth during the forecast period supported by increasing defense budgets in China and India.
Key players operating in the unmanned ground vehicle industry are Northrop Grumman Corporation, BAE Systems, Lockheed Martin Corporation, Clearpath Robotics Inc., John Bean Technologies Corporation, ECA Group, Israel Aerospace Industries Ltd., Endeavor (Now a part of FLIR system), Harris Corporation, and General Dynamics. Emerging applications of UGVs in commercial sectors and defense collaboration programs between nations will intensify competiton in future.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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