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Micro Tactical Ground Robot Market Size, Share Insights And Forecast 2024-2033
Micro Tactical Ground Robot Market Size
According to The Business Research Company's, The micro tactical ground robot market size has grown rapidly in recent years. It will grow from $4.46 billion in 2023 to $5.09 billion in 2024 at a compound annual growth rate (CAGR) of 14.3%. The growth in the historic period can be attributed to military modernization, counter-terrorism operation, urban warfare needs, increase in law enforcement applications, budget allocations.
The micro tactical ground robot market size is expected to see rapid growth in the next few years. It will grow to $8.46 billion in 2028 at a compound annual growth rate (CAGR) of 13.5%. The growth in the forecast period can be attributed to humanitarian and disaster response, investment in r&d, rise in law enforcement applications, security and surveillance needs, urbanization challenges. Major trends in the forecast period include miniaturization and portability, increased autonomy, multi-mission capabilities, enhanced sensor technology, interoperability and connectivity.
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Market Drivers and Trends:
An increase in defense expenditure is expected to propel the growth of the micro tactical ground robot market going forward. The defense budget is the amount of the federal budget devoted to defense, which pays for personnel, training, and medical expenses, in addition to the maintenance and acquisition of weapons and equipment. The increased defense spending can lead to increased investment in military technology, such as micro tactical ground robots, which can lead to increased demand for such robots. For instance, in April 2022, according to a report published by the Stockholm International Peace Research Institute (SIPRI), a Sweden-based international research institute, global military spending surpasses $2 trillion. Total global military spending increased by 0.7% in real terms in 2021, reaching $2113 billion. In 2021, spending will rise for the seventh consecutive year. Russia upped its military budget by 2.9% to $65.9 billion in 2021 as it strengthened its forces along the Ukrainian border. China is expected to spend $293 billion on its military forces in 2021, a 4.7% increase over the previous year. Therefore, an increase in defense expenditure is driving the growth of the micro tactical ground robot market.
Product innovations are a key trend for gaining popularity in the micro tactical ground robot market. Major companies operating in the micro tactical ground robot market are focused on developing innovative solutions to strengthen their position in the market. For instance, in June 2022, Elbit Systems Ltd., an Israel-based defense electronics firm involved in a wide range of defense, homeland security, and commercial programs, introduced COPAS-L, a new electro-optical (EO) payload for intelligence, surveillance, target acquisition, and reconnaissance (ISTAR). The new product has compact dimensions and weighs just 40 kg, and it enables light platforms with AFV-level ISTAR capabilities and cameras with infrared lasers, such as light tactical vehicles, UGVs, and surface boats. This device is unique by its artificial intelligence video analytics, which enable Automatic Target Recognition and Classification, Video Motion Detection, and better image processing.
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Major Key Players of the Market:
The Boeing Company; Clearpath Robotics Inc.; iRobot Corporation; Northrop Grumman Corporation; Perrone Robotics Inc.; QinetiQ Group plc; ReconRobotics Inc.; Robo-Team Ltd.; Robotnik Automation S.L.L.; Thales SA; BAE Systems plc; Elbit Systems Ltd.; Cobham Ltd.; Endeavor Robotics Inc.; General Dynamics Corporation; Lockheed Martin Corporation; Telerob GmbH; ECA Group; MacroUSA Corporation; SuperDroid Robots Inc.; Autonomous Solutions Inc.; Robotic Research LLC; Milrem Robotics; Nexter Robotics; Rheinmetall AG; Safran Electronics & Defense; FLIR Systems Inc.; L3Harris Technologies Inc.; Textron Systems Corporation; Oshkosh Corporation
Micro Tactical Ground Robot Market 2024 Key Insights:
• The micro tactical ground robot market will grow to $8.46 billion in 2028 at a compound annual growth rate (CAGR) of 13.5%.
• Rising Defense Expenditure Drives The Micro Tactical Ground Robot Market
• Product Innovations Propelling Growth In The Micro Tactical Ground Robot Market
• North America was the largest region in the micro tactical ground robot market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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