Pune, India, July 19, 2022 (GLOBE NEWSWIRE) — The unmanned ground vehicles market is set to gain traction due to increased UGV-based military applications. Fortune Business Insights™ stated this in a report titled, “Unmanned Ground Vehicles Market, 2021-2028.” As per the report, the market size stood at USD 2.68 billion in 2020. It is projected to grow from 2.73 billion in 2021 to USD 4.34 billion by 2028 at a CAGR of 6.82% during the forecast period.
Imposition of Lockdown Hampered Market Trade
The COVID-19 outbreak has significantly impacted unmanned ground vehicles (UGVs) due to the delayed UGVs deliveries, supply chain disruption, and deferred export and import activities across nations. Another reason that hampers the product demand was decreased defense budget, resulting in reduced procurement contracts from defense forces.
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List of the Companies Profiled in the UGVs Market:
- Oshkosh Defense, LLC An Oshkosh Corporation Company (U.S.)
- L3Harris Technologies, Inc. (U.S.)
- General Dynamics Corporation (U.S.)
- Lockheed Martin Corporation (U.S.)
- Teledyne FLIR LLC (U.S.)
- Northrop Grumman (U.S.)
- BAE Systems (U.K.)
Report Scope & Segmentation:
|Market size value in 2021||USD 2.73 Billion|
|Revenue forecast in 2028||USD 4.34 Billion|
|Growth Rate||CAGR of almost 6.82% during 2021-2028|
|Forecast Years||2021- 2028|
|Segments Covered||By Mobility Analysis, By Mode of Operation Analysis, By System Analysis|
|Forecast Units||Value (USD Billion), and Volume (Units)|
|Quantitative Units||Revenue in USD million/billion and CAGR from 2021 to 2028|
|Regions Covered||North America, Europe, Asia Pacific, South America, and Middle East & Africa, and Rest of World|
|Countries Covered||Unites States, Canada, Mexico, Unites Kingdom, Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others|
|Number of Companies Covered||Oshkosh Defense, LLC An Oshkosh Corporation Company (U.S.), L3Harris Technologies, Inc. (U.S.), General Dynamics Corporation (U.S.), Lockheed Martin Corporation (U.S.), Teledyne FLIR LLC (U.S.), Northrop Grumman (U.S.), BAE Systems (U.K.) and Other key players|
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.|
|Customization Scope||Avail customized purchase options to meet your exact research needs.|
Growing Adoption of UGVs for Critical Mission to Fuel Wheeled Growth
On the basis of mobility, the market is classified into hybrid, legged, tracked, and wheeled. The wheeled segment is dominated during the forecast period as these vehicles are best suited for rough and unpredictable terrains.
Browse Summary of this Research Report:
Growing Adoption of UGVs for Combat Operation Bolstered Small Segment
Based on the size, the market is categorized into extremely large, very large, large, medium, and small. The small segment will dominate due to the growing adoption of intelligence, surveillance, reconnaissance activities, and other military applications.
Increased Investment in Developing Defense Applications Surges Tethered Segment
In terms of Operation, the market is divided into autonomous, teleoperated, and tethered. The tethered segment will gain traction due to increased investment in developing defense applications and where an uninterrupted power supply is needed.
Ease of Operating the UGVs System boosts Tethered Segment
With regards to the system, the market is fragmented into the navigation system, controller system, power systems, payload, and others. The tethered segment will dominate as it reduces operator workload using an intuitive image-based control system.
Rising Technological Advancements in Defense Operations Stimulate Military Segment
In terms of application, the market is fragmented into law enforcement, federal law enforcement, commercial, and military. The military segment will dominate due to the rising technological advancements in critical military operations.
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Detailed Table of Content:
- 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
- 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
The report provides insights into the regional analysis covering different regions, contributing to the market’s growth. The report includes qualitative and quantitative analysis of several factors, such as the key drivers and restraints that will impact the vertical farming market growth. The adoption of strategies by major players to introduce announce partnerships, collaboration, and new products will contribute to the market’s growth.
Drivers and Restraints
Rising Demand for UGVs Technology to Foster Growth
To avoid obstacles and follow other vehicles in convoy, the autonomous navigation system equipped with advanced technologies such as artificial intelligence and machine learning has bolstered the unmanned ground vehicles market growth. Another reason the demand for the product grows is its wide applications in irrigation management and the agriculture sector for soil sampling. However, reduced investment in r&d costs could hinder market growth.
Growing Adoption of Robotics and Automation in the Defence Sector Bolstered Growth in North America
North America held the significant unmanned ground vehicle market share and is projected to lead the global market during the forecast period. The development of next-generation robots and automation technologies in the defense sector fuel the region’s growth.
The Asia Pacific is projected to display remarkable growth in regions such as India and China during the forecast period. The increased investments in the defense sector have bolstered the need for UGV’s innovative system.
The middle East is expected to showcase significant growth due to the rise in collaboration with UGVs manufacturers, and the increase in military modernization programs has boosted the demand for the product.
Partnerships among Companies to Help Secure Brand Values in Global Market
Leading companies will likely invest in R&D activities, technological advancements, and product rollouts to expand their geographical presence. With soaring investments in innovation and advanced design, stakeholders could inject funds into mergers and acquisitions.
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Key Industry Development:
April 2021: The U.S. army signed an agreement with FLIR system to the Man Transportable Robot System Increment II (MTRS Inc. II) to identify, confirm, and dispose of concealed explosives.
April 2020: The People’s Liberation Army Ground Force (PLAGF) deployed UGVs to track and reconnaissance operations.
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