Unmanned Ground Vehicle Market is estimated To Grow at a Significant Rate owing to higher adoption in Defense Sector
Naufan Cmi
The unmanned ground vehicle market is used for applications in commercial, agriculture, defense, and other sectors. Unmanned ground vehicles or driverless ground vehicles offer various advantages like reduced casualties, enhanced situational awareness, improved mobility, and reliability in harsh environments. The global demand for unmanned systems is increasing owing to growing security threats and the need for improved border surveillance. The unmanned ground vehicles find extensive usage for defense applications like intelligence, surveillance, target acquisition & reconnaissance missions, explosive ordnance disposal, combat operations, and border patrol.
The Global unmanned ground vehicle market is estimated to be valued at US$ 2120.96 Mn in 2024 and is expected to exhibit a CAGR of 12.% over the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the unmanned ground vehicle market 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.
The market is expected to witness growth in opportunities from border security management, infrastructure monitoring, urban warfare, hazardous material handling, mining operations, and agricultural applications. The growing demand from defense forces worldwide is also expected to fuel the global expansion of the unmanned ground vehicle market during the forecast period.
The increasing R&D efforts for autonomous technologies and growing investments by key players to develop advanced unmanned ground vehicles will drive global expansion in regions like North America, Europe, Asia Pacific, Middle East & Africa and South America.
Market Drivers
The key driver for the Unmanned Ground Vehicle Market's Growth is the higher adoption in the defense sector. Unmanned ground vehicles help reduce casualties and enhance situational awareness for defense applications. They provide improved mobility and reliability in harsh terrain and hostile environments. The requirement for enhanced border security worldwide is also propelling the demand for unmanned ground vehicles in defense forces.
PEST Analysis
Political: Unmanned ground vehicles cannot operate without clear regulations and laws from regulatory bodies regarding their use and operation. Development of new regulations can impact their adoption.
Economic: Rising defense budgets globally are driving increased investment in unmanned technologies by military forces. Cost savings from the use of UGVs versus manned vehicles is also boosting their adoption across industries.
Social: Concerns around loss of jobs to automation could impact social acceptance of unmanned vehicles initially. However, their ability to perform hazardous tasks is increasing social acceptance.
Technological: Advancements in artificial intelligence, sensors, wireless technologies, miniaturization and power sources are improving the autonomy and capabilities of unmanned ground vehicles. 5G networks will further increase off-board communications abilities.
Geographical Regions of Concentration
In terms of value, the market for unmanned ground vehicles is currently concentrated in North America and Europe. Major defense spending by countries such as the US, UK, France and Germany is driving adoption across military applications including border surveillance and IED detection. Commercial uses are also growing across industries like mining, construction and public utilities.
Fastest Growing Region
The Asia Pacific region is anticipated to be the fastest growing market for unmanned ground vehicles during the forecast period due to increasing defense modernization programs and expansion of commercial drone delivery programs. Countries such as India, Japan, South Korea and China are significantly increasing their defense budgets to procure advanced unmanned systems.
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About Author:
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)
