Press release
Military Robotic and Autonomous System (RAS) Market Report 2024: Strategies And Recent Developments | RTX Corporation, The Boeing Company, Lockheed Martin Corporation, Hanwha Group
Military Robotic and Autonomous System (RAS) Market Characteristics
The Business Research Company offers in-depth market insights through Military Robotic and Autonomous System (RAS) Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The military robotic and autonomous system (ras) market size has grown steadily in recent years. It will grow from $18.62 billion in 2023 to $19.05 billion in 2024 at a compound annual growth rate (CAGR) of 2.3%. The growth in the historic period can be attributed to growing need for enhancing battlefield situational awareness, generating mass and scalable effects through human-machine teaming.
The military robotic and autonomous system (ras) market size is expected to see marginal growth in the next few years. It will grow to $20.45 billion in 2028 at a compound annual growth rate (CAGR) of 1.8%. The growth in the forecast period can be attributed to growing defense budget, rising demand for reducing human involvement in battlefield activities. Major trends in the forecast period include increasing innovations in the field of artificial intelligence (AI), innovations in military robotics, strategic investments in military robotic and autonomous system a competitive edge for leading companies.
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Market Segmentation:
The military robotic and autonomous system (ras) market covered in this report is segmented -
1) By Platform: Unmanned Aircraft Systems, Unmanned Ground and Robotic Systems, Unmanned Maritime Systems
2) By Operation: Remote Controlled, Semi-Autonomous, Fully Autonomous
3) By Application: Intelligence, Surveillance, And Reconnaissance (ISR), Combat Operation, Target Acquisition, Logistics, Mine Clearance, Explosive Ordnance Disposal (EOD), and Chemical, Biological, Radiological, and Nuclear (CBRN), Infantry Support, Other Applications
Major Driver - Rise in Defense Budget Fueling Growth in the Robotic and Autonomous Systems (RAS) Market
The rise in the defense budget is expected to propel the growth of the military robotic and autonomous systems (RAS) market going forward. A defense budget refers to the financial plan and resources allocated to a country's military forces for various purposes, such as research, development, acquisition, and sustainment of military equipment, technologies, and capabilities. The defense budget includes funding for the development, integration, and procurement of RAS technologies to enhance military capabilities and improve operational efficiency. For instance, in December 2022, according to the European Defense Agency, a Belgium-based defense agency, member states are spending a record amount of $53.4 billion(€52 billion) on the purchase of defense equipment, a rise of 16% in 2022 compared to 2020. Further, total European defense spending reached a new high of $228.6 billion(€214 billion) in 2022, up 6% from 2020 and continuing a seven-year trend of expansion. Therefore, the defense budget is driving the growth of the military robotic and autonomous systems (RAS) market.
Competitive Landscape:
Major companies operating in the military robotic and autonomous system (ras) market report are RTX Corporation, The Boeing Company, Lockheed Martin Corporation, Hanwha Group, General Dynamics Corporation, Northrop Grumman Corporation, BAE Systems plc, SZ DJI Technology Co. Ltd., Thales Group, L3Harris Technologies Inc., Leonardo SpA, Elbit Systems Ltd., Teledyne Technologies Inc., Israel Aerospace Industries Ltd., Saab AB, General Atomics, Cobham Ltd., QinetiQ Group PLC, iRobot Corporation, Kratos Defense & Security Solutions Inc., AeroVironment Inc., Exail Technologies- Groupe Gorge, Anduril Industries Inc., Parrot Drone SAS, Skydio Inc., Boston Dynamics, Milrem Robotics, Auterion AG, AutoNaut Ltd., Saildrone Inc.
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Top Trend - Strategic Investments In Military Robotic And Autonomous Systems A Competitive Edge For Leading Companies
Major companies operating in military robotic and autonomous systems (RAS) are investing in various fields of military including robotic and autonomous systems to gain a competitive edge in the market. Military RAS can enhance operational effectiveness by performing tasks that are dangerous, tedious, or time-consuming for human soldiers. Investments in RAS can lead to the creation of systems that can conduct surveillance, reconnaissance, and other critical missions with increased efficiency and reduced risk to human personnel. For instance, in August 2022, Kratos Defense & Security Solutions, a US-based company that manufactures military robotic and autonomous systems secured a $14 million contract to supply its tactical jet drone system. This system comprises the XQ-58A Valkyrie, UTAP-22 Mako, and X-61A Gremlin, and it is intended for use by the U.S. military. Additionally, in December 2022, Lockheed Martin Corporation, a US-based military corporation was awarded an initial $158 million (£129 million) contract by the U.K. Ministry of Defense to deliver more than 250 mini drones.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Military Robotic and Autonomous System (RAS) Market Characteristics
3. Military Robotic and Autonomous System (RAS) Market Trends And Strategies
4. Military Robotic and Autonomous System (RAS) Market - Macro Economic Scenario
5. Military Robotic and Autonomous System (RAS) Market Size And Growth
…..
27. Military Robotic and Autonomous System (RAS) Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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