Unmanned Ground Vehicles Market to Reach USD 7 Billion by 2026
According to Global Market Insights, Unmanned Ground Vehicles Market is expected to exceed USD 7 billion by 2026. Increasing political instability and cross border tension is a major factor propelling advancements in unmanned ground vehicle market trends. Rise in defense expenditure and heavy investments made towards upgrading defense fleet by the governments across the globe will also support the Unmanned Ground Vehicles (UGV) Market outlook.
Many countries are considerably investing towards the improvement in their defense capabilities, influencing the need for a robust military sector. The unmanned ground vehicle or UGV is used in several defense applications ranging from search and rescue and transportation to combat support, among various others.
Countries like Russia, China, France, the U.S. and Saudi Arabia account for more than 50% of the global defense spending. While, New Zealand, Japan and Australia are leading the commercial UGV industry. The combination of several communication technologies and the development in sensor systems will complement unmanned ground vehicles market forecast.
The presence of prominent industry players in North America will support regional industry growth. Interest taken by the market players to improve the defense offerings will outline UGV landscape over the period of study. Reports estimate that North America unmanned ground vehicles market will register notable CAGR of more than 10% through 2026.
The government is heavily investing towards R&D of innovative, reliable and advanced unmanned ground vehicles. The total budget allocation to carry out R&D of UGV in the region was recorded at USD 343 million in the year 2019 which accounts for close to 70% of the total UGV budget. Various crucial sectors of the economy such as, healthcare, education, construction and transportation across the globe are undergoing technological advancements in order to render enhanced outputs.
Recent introduction of cloud computing technology, IoT and AI which is supported by strong software systems is increasingly being deployed in the defense sector. The deployment of latest technologies in the UGV to enhance navigation and communication systems will positively influence the unmanned ground vehicles market outlook.
Unmanned ground vehicles manufacturers are constantly aiming at advancing their product portfolios to increase their customer base as well as maximize their profit margin. Prominent companies include, General Dynamics Corporation, BAE Systems, Rheinmetall, Elbit Systems and Northrop Grumman Corporation, among various others.
UGV carries the ability to perform in various geographical terrains making them a viable choice when carrying out various defense operations. The tracked segment in unmanned ground vehicles market will showcase a CAGR of more than 13% in the near future. The development is mainly attributed to the surging need for UGV to perform in different types of geographical areas with high reliability.
Many key market players are adopting advanced technologies to upgrade the product as well as increase their presence in the industry. Estonia based Milrem robotics launched the fifth generation THeMIS UGV at Singapore Airshow in February 2020 improving its product offering. The need for a strong defense sector and consequent initiatives taken by governments in both developed and developing countries by way of investments and acquisition of UGV will augment global unmanned ground vehicles market.
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