According to a new market intelligence report titled "Global Unmanned Ground Vehicle Market - Analysis and Forecast 2019-2024", the unmanned ground vehicle market registered revenue of $1.01 billion in 2018 and is projected to grow at a CAGR of 19.26% during the forecast period from 2019 to 2024. The market is expected to reach $2.86 billion by 2024.
The market is currently witnessing a high growth rate, owing to the rising expenditure and modernization of the defense industry. Furthermore, the increasing capital investment for robotics technologies, especially in the developing economies, is propelling their demand. Defense and security and commercial end users have witnessed an increase in demand for unmanned ground vehicles due to the rising number of terrorist activities around the globe.
In addition, the acceleration in venture capital investment for robotics technologies and the introduction of Industry 4.0 across multiple sectors are some of the major factors expected to create lucrative opportunities for the global unmanned ground vehicle market in the coming five years.
According to Sudheer Uniyal, Lead Analyst, “The increasing demand for unmanned ground vehicle across different end users is forcing the UGV manufacturers to develop products with more advanced technologies. Moreover, the increasing demand for operational efficiency, growth in terrorist activities around the world, and demand for autonomous control systems are expected to drive the market.”
The market report provides a detailed analysis of the recent trends influencing the market, along with a comprehensive study of the future trends and technological developments. It also includes a competitive analysis of the leading players in the industry, including company overview, financial summary, and SWOT analysis. The overall market has been segmented into technology, applications, platforms, end users, and region. The report also includes a comprehensive section on the regional analysis for North America, Europe, Asia-Pacific, and Rest-of-the-World.
Some of the key players in the global unmanned ground vehicle market are General Dynamics, Lockheed Martin Corporation, Northrop Grumman Corporation, Rheinmetall Group, Israel Aerospace Industries Ltd., ECA Group, Endeavor, Harris Corporation, Thales Group, QinetiQ Group, Clearpath Robotics, Oshkosh Corporation, Redsquared, and Seegrid.
Key Questions Answered in the Report:
Source: ASDReports - Market Research
Date: Oct 11, 2019